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Washington Banking ends merger with Frontier Financial

Tue Jun 3, 2008 5:57pm EDT

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(Reuters) - Washington Banking Co (WBCO.O) said it terminated its merger agreement with Frontier Financial Corp (FTBK.O) as Frontier failed to obtain regulatory approval on time.

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Frontier Financial had agreed to buy Washington Banking for $21.40 a share in a stock-and-cash deal in September, 2007, valuing the bank at about $191.1 million.

Frontier had expected the deal to close in the first quarter.

(Reporting by Adheesha Sarkar in Bangalore; Editing by Vinu Pilakkott)
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