AmericanWest Bank to sell Kellogg branch
AmericanWest Bank, based in Spokane, has entered an agreement to sell its Kellogg branch to Bank CDA, a North Idaho community bank.
The deal, once completed, will give Bank CDA a third North Idaho branch. It has branches in Coeur d’Alene and Hayden.
Exact terms of the deal have not been disclosed.
The agreement provides that Bank CDA will acquire roughly $25 million of deposits, about $3 million in active loans and an undisclosed amount of liabilities, according to a news release.
This is the second bank divestiture announced by AmericanWest this month.
Earlier, AmericanWest said it would sell eight branches in central and southern Utah to Cache Valley Bank. A community bank with a business focus, AmericanWest is shedding branches to better focus on its core mission, according to CEO and President Scott Kisting.
Both deals must first be approved by federal banking regulators. They are expected to be completed this fall.
Starbucks expands no-smoking policy
NEW YORK – Starbucks customers will soon have to stamp out their cigarettes before approaching the cafes.
The Seattle-based chain says it will start banning smoking within 25 feet of its stores beginning today. A Starbucks spokeswoman said the intent is to expand the indoor no-smoking policy to the outdoor seating areas.
The rule will apply to the 7,000 cafes owned and operated by Starbucks Corp., regardless of whether they have outdoor seating areas.
Jobless rate at new high across European Union
BRUSSELS – Unemployment across the 17 European Union countries that use the euro has hit another record high, the latest in a series of ignominious landmarks for the ailing single-currency zone.
Eurostat, the EU’s statistics office, said Friday that unemployment rose to 12.2 percent in April from the previous record of 12.1 percent the month before. Another 95,000 people joined the ranks of the unemployed, taking the total to 19.38 million.
The figures mask big disparities among countries. While more than one in four people are unemployed in Greece and Spain, Germany’s rate is at 5.4 percent.
Test wheat from U.S., EU advises members
BERLIN – The European Union is urging its 27 member states to test wheat shipments from the United States after unauthorized genetically modified grains were found in Oregon.
Tokyo on Thursday halted imports of certain types of wheat from the U.S. following the discovery of an experimental strain that was tested by Monsanto but never approved.
The European Union imports more than 1.1 million tons of U.S. wheat each year, mostly to Spain.
Advisory panel worried about Fed policies
WASHINGTON – Some members of a Federal Reserve banking advisory committee expressed concerns this month that the Fed’s low interest-rate policies could be creating an “unsustainable bubble” in stock and bond markets.
The discussion among members of the banking advisory group and officials at the Federal Reserve showed the advisory panel believed that the Fed’s policies have provided support for a slow economic recovery. But some advisory members worry that the policies may also lead to higher inflation or market instability.
The group is made up of private bankers from each of the Fed’s 12 banking districts.