June 28, 2012 in Business, Idaho

Idaho bank to ‘go dark’

From Staff And Wire Reports

Idaho Independent Bank announced Wednesday it plans to “go dark,” or voluntarily deregister its common stock.

The Coeur d’Alene-based bank said it is taking the step to save money. Deregistration will be effective within 90 days, the bank predicted. Idaho Independent Bank will no longer have to submit the many reports it’s currently required to file with the Federal Deposit Insurance Corp.

According to a news release, the bank is eligible to make the move because it has fewer than 1,200 shareholders of its common stock.

The bank’s shares are traded on the OTC Bulletin Board, which will continue following deregistration. Audits will be performed each year and the bank will file quarterly financial “call reports” with the FDIC, according to the news release.

Idaho Independent Bank opened in 1993 and has a dozen branches throughout Idaho. The bank lost $486,000, or 6 cents a share, in the first quarter, which ended March 31, compared with a loss of $956,000, or 15 cents a share, in the year-earlier period. It listed $451.5 million in assets.

Magner Sanborn finalist

Spokane advertising agency Magner Sanborn has been named one of the finalists in Advertising Age magazine’s small agencies of the year awards.

The company said on its Facebook page that the magazine’s winners, in three different categories, will be announced on July 26 in Minneapolis.

The magazine’s awards recognize innovative agencies from across the U.S. and globally. This year’s awards recognize three categories based on number of employees.

Started by principals Dennis Magner and Jeff Sanborn, Magner Sanborn has produced two ads in the past three years for the Super Bowl.

Its national clients have included Amtrak, Amp’d Mobile, Qualcomm, Clearwire, Boost Mobile and others. Regional clients include Thomas Hammer Coffee, Yoke’s Fresh Markets, Providence Health and Gonzaga University.

Airbus plans Alabama plant

European plane maker Airbus intends to build its first U.S. plant in Mobile, Ala., a person with knowledge of its plans told the Associated Press on Wednesday.

The person, who requested anonymity because a public announcement has not been made, says the company would build A320s there.

The A320 is a widely-used plane flown by U.S. airlines, including Delta and US Airways. An Alabama plant would have Airbus building planes squarely in the territory of archrival Boeing.

The plan was first reported by the New York Times, citing anonymous sources, who said that an announcement could come as soon as Monday.

Boeing settles satellite suit

A global communications company has settled its multimillion-dollar lawsuit against Boeing over a failed effort to launch a fleet of satellites.

ICO Global Communications Ltd. announced this week that Boeing Co. has agreed to pay $10 million and waive appellate legal costs. The move averted a protracted battle to win review by the California Supreme Court.

The initial lawsuit stems from ICO’s decade-old plan to launch a fleet of satellites that would provide mobile telephone and Internet service. Chicago-based Boeing had the contract for the project, but it was never completed. ICO sued for breach of contract and a Los Angeles jury awarded $603 million in 2008.

An appellate court later reversed the award in its entirety, favoring Boeing.

ICO is a subsidiary of Kirkland, Wash.-based Pendrell Corp.

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