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Tue., July 13, 2010, 12:12 p.m.

Index of area stocks down nearly 9 percent

An index of Inland Northwest stocks fell 8.9 percent during the second quarter, but nevertheless outperformed the S&P 500 Index, according to Hart Capital Management.

The Spokane investment firm said a rebound in the value of two Spokane banks — Northwest Bancorporation, up 30.5 percent, and W.T.B. Financial Corp., up 25 percent — helped offset setbacks for Coldwater Creek, down 51.4 percent, and Idaho Independent Bank, down 30.8 percent.

The Hart Capital Inland Northwest Index tracks the stocks of 15 area companies. W.T.B. Financial replaced Nighthawk Radiology Holdings in the group during the quarter because Nighthawk moved its headquarters to Scottsdale, Ariz., in March, although most of its employees remain in Coeur d’Alene.

W.T.B. is the parent of Washington Trust Bank. Its stock is not listed on any major exchange, but can be traded through brokerages that make a market for the stock, said Hart Capital President Craig Hart.

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Bert Caldwell
Bert Caldwell oversees production of the opinion pages, including writing editorials, and editing and selecting letters, columns and cartoons.