Briefcase

Sterling buys assets of Vancouver-area bank

Sterling Financial Corp. intends to buy most of the assets of Vancouver, Wash.-based First Independent Bank.

The agreement announced Monday is an attempt by Sterling to bolster its position in the Portland and Vancouver market.

Sterling will pay an $8 million premium in addition to the net value of the assets and assumed liabilities it is buying. Spokane-based Sterling also has agreed to pay First Independent an additional premium of up to $17 million in the 18 months after the deal closes, based on the performance of the purchased loans.

First Independent is 101 years old and has 14 branches. Sterling is not buying about $49 million in existing loans nor about $34 million of assets.

The deal is expected to be completed early next year.

Sterling chief executive officer Greg Seibly said the purchase will help the bank grow in wake of its 2010 recapitalization.

John Stucke

Hecla considers reopening Star Mine

Hecla Mining Co. is studying the possibility of reopening the historic Star Mine and will release two feasibility studies next year, officials said Monday.

The Star operated from 1890 to 1992, producing millions of ounces of silver. With silver trading near $34 per ounce, Hecla is taking another look at the 8,000-foot deep mine in Burke Canyon near Wallace.

Early next year, Hecla expects to release a report on the feasibility of reopening parts of the mine that aren’t flooded. The work so far “suggests potential” to define 25 million ounces of silver above the water table, with significant zinc and lead resources, according to a Hecla press release.

A second study, looking at deeper levels of the mine, will be out during the third quarter, officials said. That study will look at what it would take to de-water the Star’s lower levels, including shaft and electrical work and repairing or replacing the hoist.

Hecla expects to spend $800,000 on the Star’s pre-development work before the end of the year.

Becky Kramer

HSSA seeks proposals for $10 million in projects

Spokane County’s Health Sciences and Services Authority wants to invest $10 million and is inviting proposals.

The HSSA was established to capture local tax dollars and spend the money to spur research and economic development.

In this latest round of proposals, the HSSA seeks proposals in three research areas, including human capital to accelerate research, expediting commercialization and job growth, and support of innovative research.

For details, go to www.hssaspokane.org

John Stucke

eBay launches site for celebrity auctions

NEW YORK – The online auction site eBay has learned from experience what kind of excitement a lock of Justin Bieber’s hair can cause.

Earlier this year, a bit of Bieber’s famous bangs raised $40,668 for an animal rescue organization in an eBay auction.

On Monday, eBay launched eBay.com/Celebrity as a gathering place for such auctions. Beginning participants include Brad Pitt, Katy Perry, Sienna Miller, Cher, Jeff Bridges and Hayden Panettiere, all of whom will auction items to raise money for their individually chosen charities.

Richelle Parham, chief marketing officer of eBay North America, says eBay’s charitable arm, eBay Giving Works, has raised more than $51 million for charities this year and $278 million altogether.

EBay won’t take a percentage of these charity auctions.

Associated Press