Frontier Bank Headquartered in Everett Sold to East Coast Company.

After reporting a $50 million dollar net loss a short time ago, it has been announced that the Everett based Frontier Bank has been sold to SP Acquisition Holdings Inc.  The deal for $24.4 in stock and warrants was announced Friday comes after a 10 month search for new capital to fund the bank.

Like many banks across the country, local Washington banks are struggling to find capital to offset their losses.  As of June 30, $818.8 million of Frontier's nearly $4 billion in assets — 20.5 percent — were considered nonperforming. Of that amount, $535 million were construction or development loans.  With numbers like those it is easy to see why many banks are failing, or are being sold off at pennies on the dollar.

Currently, little is visibly going to change at Frontier Bank, though they have laid off about 150 workers company wide since last year.