Frontier Financial not to raise offer for Washington Banking

March 26 (Reuters) - Frontier Financial Corp (FTBK.O) said it will not raise the offer price for Washington Banking Co (WBCO.O), which it agreed to acquire in September last for about $21.40 per share in a cash and stock deal.

The merger agreement called for Frontier Financial to increase the merger consideration if its average stock price for the 10 day period, which ends on the sixth day before the special shareholder meeting, was less than $21.00 per share, Frontier said in a statement.

Washington Banking board has affirmed that it continues to support the merger and intends to recommend to vote in favor of the deal at the special shareholder meet, the statement said. (Reporting by Amulya Nagaraj in Bangalore; Editing by Gopakumar Warrier)