SP Acquisition Holdings Announces Signing of Agreement to Merge With and Recapitalize Frontier Financial Corporation

EVERETT, WA and NEW YORK, NY--(Marketwire - July 31, 2009) - Frontier Financial Corporation (NASDAQ: FTBK) ("Frontier") and SP Acquisition Holdings, Inc. (NYSE Amex: DSP) ("SPAH") today jointly announced that they have entered into an Agreement and Plan of Merger, pursuant to which Frontier will merge with, and into, SPAH. The merger is expected to close in the fourth quarter of 2009.

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