Layoffs at Frontier Bank
The parent company of Frontier Bank announced Thursday that 46 bank employees were laid off this week, an attempt to absorb the impact of economic recession. About 6 percent of the bank’s 760 employees were let go Wednesday, said Patrick Fahey, chairman and CEO of the Everett-based Frontier Financial Corp. The layoffs didn’t target any one area of bank operations and included senior-level managers as well as clerical workers. “This has been a difficult decision in difficult times, after having taken a number of actions over the past several months to lessen the size of a necessary reduction,” Fahey said. Frontier’s first-quarter losses for this year totaled $33.8 million, largely due to defaulting loans.
Jet forecast: The Boeing Co. has lowered its 20-year forecast for the commercial airplane market for the first time in at least a decade as the recession and fluctuating fuel prices take hold. But the company maintains that demand remains solid, forecasting demand for 29,000 rather than 29,400 planes through 2028. In a report released Thursday, Boeing retained the $3.2 trillion value it placed on the market, despite seeing a demand for 400 fewer aircraft. The dollar value is unchanged due to anticipated higher prices.
SonoSite acquisition: Bothell’s SonoSite Inc., which makes portable ultrasound equipment, has purchased a California company that helps doctors assess and treat heart disease. SonoSite offered $12.3 million in cash and debt for CardioDynamics International Corp., which trades on the Nasdaq exchange under the symbol CDIC. The company reported revenues of $24.5 million in 2008, a year when it lost $3.32 million. The company is developing a technology called impedance cardiography with a product line used in doctor’s offices, outpatient clinics and hospitals.
From Herald staff
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