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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Office Hours archive for May 2010

THURSDAY, MAY 27, 2010


Treasury OKs Sterling investments

The U.S. Treasury has approved agreements that will inject almost $280 million in private equity investment into Sterling Financial Corp.Warburg Pincus Private Equity X, L.P. and Thomas H. Lee Partners L.P. will each invest $139 million in Sterling, which has undertaken a $720 million recapitalization…

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TUESDAY, MAY 25, 2010

Tax deduction boon to Washington homeowners

Washington homeowners are among the largest beneficiaries of the federal income tax deduction for mortgage interest payments, according to a new study by the Tax Foundation.The average deduction for Washington residents who claimed the deduction in 2008 was $14,262, fourth highest among the states and…

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MONDAY, MAY 24, 2010

Sterling adds investor

A Wall Street private equity firm has agreed to invest $139 million in Sterling Financial Corp. as the Spokane bank holding company continues its recapitalization effort.Warburg Pincus Private Equity X, L.P. would own 20.5 percent of Sterling if the company successfully completes its $720 million…

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FRIDAY, MAY 21, 2010

Pear Tree Inn is out of Manito Shopping Center

Many rumors drifted across the metro in recent weeks prior to Thursday's announcement about the new tenant in Manito Shopping Center.We heard it would be good ol' Trader Joe's, the trendy California food and beverage retailer, who has toyed with our affections before. (see this…

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THURSDAY, MAY 20, 2010


New Rite Aid to open in Valley

A 16,000-square-foot Rite Aid store will open at a high-traffic Spokane Valley intersection on Thursday. Rite Aid used what it calls a "customer world" design for the new store, which the Harrisburg, Penn.-based company launched five years ago based on meetings with focus groups. "Customers…

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TUESDAY, MAY 18, 2010

Clearwater expanding tissue production

Clearwater Paper Co. will build a new paper machine in the Southeast to expand sales of its private label tissue. The new machine and seven converting lines will produce bathroom tissue and paper towels for East Coast markets, officials announced Tuesday. The new facility will…

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Wind farm will power 100,000 homes

POMEROY, Wash. – Puget Sound Energy has started construction on a 343-megawatt wind farm in Garfield County that will provide power for more than 100,000 homes. The Lower Snake River Wind Project will be built on nearly 40,000 acres of leased farmland. Ninety-eight percent of…

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County employment surges

Spokane County employers hired almost 4,000 workers last month, dropping the unemployment rate almost two percent in the process.From 214,300 workers in March, the employment rolls increased to 218,200. A year ago, total employment was 220,140.The unemployment rate fell to 8.8 percent from 10.7 percent…

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MONDAY, MAY 17, 2010

Sterling announces new chairman

Sterling Financial Corp. today announced the appointment of a former Wells Fargo & Co. executive as chairman of the board.The appintment of Leslie "Les" S. Biller must be approved by Sterling regulators, and is subject to completion of its $720 million recapitalization effort.Biller is the…

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FRIDAY, MAY 14, 2010

Downtown Eddie Bauer store closes

Outdoor clothing retailer Eddie Bauer closed its downtown Spokane retail store recently, leaving only an outlet store in the Spokane Valley, the Bellevue-based company said Friday.Spokeswoman Sarah Redgrave said Eddie Bauer does not comment on store closures or openings. She declined to say if a…

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THURSDAY, MAY 13, 2010

Tourism award winners announced

The Spokane Regional Convention & Visitors Bureau Board of Directors has named Jack Lucas, president of TicketsWest and WestCoast Entertainment, the bureau’s 2010 Extraordinary Leadership in Tourism Excellence Award winner. Lucas was honored Thursday at the Inland Northwest Tourism Awards.Lucas began his career three decades…

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Ambassadors posts quarterly dividend 

If you own 1,000 shares of Spokane travel company Ambassadors Group, you just made $60. (Not $600 as originally posted.) The company's directors Thursday declared a quarterly dividend of $.06 per share, to be paid on June 10, 2010 to shareholders of record on May…

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Cascade Windows plans aggressive expansion

Spokane Valley window and door maker Cascade Windows has signed a marketing deal with Portland-based Bradshaw Advertising to create a new look for the brand.A company release said the goal is helping direct a consumer-focused campaign that will take the Cascade brand to a wider…

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Area companies recognized for community service 

The Association of Washington Business Tuesday recognized the volunteerism and community service efforts of 21 Washington companies, including five based in Eastern Washington.The Spokane-area corporate winners were: Associated Industries, for its Bright Promise Scholarship program; PAML, for raising $339,527 for charities such as Shriners Hospital…

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TUESDAY, MAY 11, 2010

Dishman Dodge adds Chrysler

Dishman Dodge has acquired the assets of Spokane Chrysler, and consolidated the two dealerships at Dishman's 7614 and 7700 East Sprague Ave. locations.Dishman Owner Marti Hollenback said Chyrsler Friday approved the purchase from former owner Jay Lee after months of review. The Spokane Chyrsler premises…

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MONDAY, MAY 10, 2010

Almost 7,000 county homeowners under water

Almost 7,000 Spokane County homeowners were under water at the end of the first quarter of 2010, and another 5,500 had less than five percent equity.CoreLogic, which compiles property information for consumers and industry, said 7.1 percent of county homeowners owed more on their mortgages…

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State home prices off 3 percent

Home prices in Washington slipped three percent in the first quarter compared with 2009, helping affordability remain at the highest levels in more than a decade.The Washington Center for Real Estate Research also found median prices in Spokane County were off 5.6 percent, to $170,200,…

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IT-Lifeline secures Oregon bank endorsement

Liberty Lake based IT-Lifeline announced it's become certified as a recovery and continuity solution provider for the Oregon Bankers Association. It's the first group to get that OBA certification, said IT-Lifeline's COO Jim Sandford. IT-Lifeline will work with OBA subsidiary BancSource to offer banks recovery…

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The Spokesman-Review business team follows economic development in Spokane and the Inland Northwest.

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