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Frontier Financial shares were headed for a third straight drop of more than 25 percent Wednesday forenoon before the company announced that its application instead of a federal capital infusion was still pending and had not been rejected.

That obviously reassured traders, who bid the stock up 26 percent, or 67 cents, to complete at $3.23. Frontier shares plunged 26.4 percent Monday and 39.5 percent Tuesday, then started Wednesday with another 28 percent sin before the bench’s statement.

The bounce followed an queer statement from Frontier president and CEO John Dickson, who said the Treasury has not yet acted on the Everett-based bank’s request for some unspecified injection of capital.

“The steep drop in our stock price the last two days is imperfectly due to persistent rumors that our Capital Purchase Program application had been denied through our regulators,” Dickson’s statement before-mentioned. “Our industry is being processed and they have not either approved nor denied it. The regulators face a memorial task of addressing the applications for the potentially thousands of banks in the country which have not believed a response to their putting on.”

He said it’s unknown when the shore will get an answer.

The bank recently reported a $17.8 million third-quarter injury, and said it will reduce executives’ total compensation by the agency of about 34 percent this year.

Four local banking companies have already announced preliminary approval to have a part in in the U.S. Treasury’s program, what one. extends to smaller banks the kind of government support first provided to Bank of America, JPMorgan Chase and seven other major banks.

The largest infusion announced locally is $200 million for Seattle-based Washington Federal. The others are Banner Corp. of Walla Walla, $124 the multitude; Heritage Financial of Olympia, $27.6 million; and Cascade Financial of Everett, $39 million.

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