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EVERETT, WA-Frontier Financial Corp., based here, has announced plans to acquire Interbancorp Inc. of Duvall for $11 million in stock. Under the agreement, Frontier will exchange 0.75 shares of its common stock for each share of Interbancorp Inc.

Interbancorp, founded in 1990, is a commercial bank that has two branches, one operating as the Valley Community Bank in Duvall, the other as Kirkland Bank of Commerce in Kirkland. The bank holding company has $75 million in assets and has received regulator approval to open a third branch in Totem Lake.

The acquisition, which is the seventh merger for Frontier, will increase Frontier’s total assets to more than $1.7 billion. Frontier will have approximately 525 employees and 36 branches located throughout Western Washington when the acquisition is completed. The deal is expected to close early next year.

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