Frontier Bank declares 6-cent dividend
Published 11:03 pm Monday, September 22, 2008
Frontier Financial Corp.’s board of directors has declared a 6 cents per share fourth-quarter dividend to the bank’s shareholders of record as of Oct. 7. The cash dividend will be paid out Oct. 21. Everett-based Frontier Financial is the holding company for Frontier Bank, which operates more than 47 offices. Frontier’s shares closed Monday trading at $16.75, down $1.85, or 10 percent.
Mukilteo company keeps defense work
CombiMatrix Corp. reported that the proposed 2009 Defense Appropriations Bill includes $2 million for development of a health surveillance system by the Mukilteo company. The system, which would be developed under the management of the U.S. Air Force Research Laboratory, would use CombiMatrix’s technology for tools that could detect changes in body chemistry as a result of trauma. The appropriations bill still needs approval from Congress.
Technology exports rise in Washington
AeA, the nation’s largest technology trade association, reported that tech exports from Washington state grew by $43 million from 2006 to 2007. Washington ranked sixth nationwide for consumer electronics exports, which have increased 26 percent since 2001. Nationally, the AeA reported that U.S. high-tech goods exports decreased by 3 percent last year, totaling $214 billion, representing 18 percent of all U.S. exports. High-tech imports totaled $333 billion in 2007, up by 3 percent.
Circuit City CEO replaced by board
The top executive at Circuit City Stores Inc. stepped down Monday and was replaced by a board member appointed to defuse a fierce proxy battle as the struggling electronics retailer continues its turnaround effort. Philip Schoonover, Circuit City’s chief executive, chairman and president, had joined the company in 2004. The 48-year-old will be replaced by board member James Marcum, who will stand in as the chain’s interim president and chief executive. Meanwhile, former tobacco executive Allen King will become Circuit City’s new chairman. Marcum, 49, was an executive at merchant banking firm Tri-Artisan Capital Partners and was one of three directors elected this summer.
T-bill rates rise in Monday auction
The Treasury Department auctioned three-month bills at a rate of 1.42 percent, up from 1.05 percent last week. Six-month bills were auctioned at a rate of 1.79 percent, up from 1.55 percent last week. The three-month rate was the highest since these bills averaged 1.69 percent on Sept. 8. The six-month rate was the highest since 1.9 percent on Sept. 8. For a $10,000 bill, the three-month price was $9,963.71 while a six-month bill sold for $9,909.51. That would equal an annualized rate of 1.445 percent for the three-month bills and 1.831 percent for the six-month bills. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for changing adjustable-rate mortgages, fell to 1.69 percent last week from 2.05 percent.
From Herald staff and news services
