Business briefly: Lynnwood bank halts dividends

The board members of Lynnwood-based City Bank have suspended its cash dividends to shareholders to conserve capital, officials said Friday. In a news release, bank officials said the suspension was the best course of action in the long-term interest of the bank as it tries to maintain its capital and cash reserves during the economic downtown. City Bank, which had invested its money heavily in the home construction and mortgage industries, has seen its number of defaulted loans grow during the bad economy. During its most recent quarter, the company posted a loss of nearly $40 million, or $2.53 a share. The year 2008 was the first annual loss in the bank’s 34-year history.

Apartment group offers Landlord 101

The Snohomish County Apartment Operators Association is offering a three-part series to teach people how to become landlords. The first part of Landlording 101 will begin at an association meeting at 6 p.m. Wednesday at Shawn O’Donnell’s restaurant, 122 128th St. SE. Networking and a buffet dinner will precede a program with two speakers, which starts at 7 p.m. and looks at licensing, taxes and insurance for rental properties. Cost is $22 for members and $35 for nonmembers, $30 if paid by Friday. Call 425-353-6929 for information or reservations.

Seminar covers fixer-upper homes

A free seminar for people interested in buying a home that’s a fixer upper will be offered today by Windermere Real Estate. Paul Rogers will talk about the federal 203(k) program for buying or refinancing a home that needs work from noon to 2 p.m. at 9502 19th Ave. SE, Suite A, Everett.

Fiat/Chrysler deal awaits federal OK

The deal for Italian automaker Fiat SpA to take a 35 percent stake in Chrysler LLC will not be finished until after Chrysler submits a restructuring plan to the federal government, a Chrysler official said Friday. The plan must be provided to the Treasury Department by Tuesday and will show how Chrysler can be viable as an independent company as with Fiat taking a stake. Chrysler has $4 billion in government loans and would get $3 billion more in its plan is approved. The Fiat deal is contingent upon that approval.

PepsiCo profits fall in quarter

PepsiCo, the world’s second-biggest beverage maker, says its fourth-quarter profit fell partly on restructuring and impairment charges, but adjusted results met analysts’ expectations. Earnings fell to $719 million, or 46 cents per share, from $1.26 billion, or 77 cents per share, a year earlier. Excluding restructuring and impairment charges and other items, net income was $1.39 billion, or 88 cents per share.

Talk to us

More in Herald Business Journal

Members of Gravitics' team and U.S. Rep. Rick Larsen stand in front of a mockup of a space module interior on Thursday, August 17, 2023 at Gravitics' Marysville facility. Left to right: Mark Tiner, government affairs representative; Jiral Shah, business development; U.S. Rep. Rick Larsen; Mike DeRosa, marketing; Scott Macklin, lead engineer. (Gravitics.)
Marysville startup prepares for space — the financial frontier

Gravitics is building space station module prototypes to one day house space travelers and researchers.

Orca Mobility designer Mike Lowell, left, and CEO Bill Messing at their office on Wednesday, Aug. 16, 2023 in Granite Falls, Washington. (Olivia Vanni / The Herald)
Could a Granite Falls startup’s three-wheeler revolutionize delivery?

Orca Mobility’s battery-powered, three-wheel truck is built on a motorcycle frame. Now, they aim to make it self-driving.

Catherine Robinweiler leads the class during a lab session at Edmonds College on April 29, 2021. (Kevin Clark / The Herald)
Grant aids apprenticeship program in Mukilteo and elsewhere

A $5.6 million U.S. Department of Labor grant will boost apprenticeships for special education teachers and nurses.

Peoples Bank is placing piggy banks with $30 around Washington starting Aug. 1.
(Peoples Bank)
Peoples Bank grant program seeks proposals from nonprofits

Peoples Bank offers up to $35,000 in Impact Grants aimed at helping communities. Applications due Sept. 15.

Workers build the first all-electric commuter plane, the Eviation Alice, at Eviation's plant on Wednesday, Sept. 8, 2021 in Arlington, Washington.  (Andy Bronson / The Herald)
Arlington’s Eviation selects Seattle firm to configure production plane

TLG Aerospace chosen to configure Eviation Aircraft’s all-electric commuter plane for mass production.

Jim Simpson leans on Blue Ray III, one of his designs, in his shop on Friday, August 25, 2023, in Clinton, Washington. (Ryan Berry / The Herald)
Whidbey Island master mechanic building dream car from “Speed Racer”

Jim Simpson, 68, of Clinton, is using his knowledge of sports cars to assemble his own Mach Five.

Inside the new Boeing 737 simulator at Simulation Flight in Mukilteo, Washington on Wednesday, Sept. 20, 2023. (Annie Barker / The Herald)
New Boeing 737 simulator takes ‘flight’ in Mukilteo

Pilots can test their flying skills or up their game at Simulation Flight in Mukilteo.

An Amazon worker transfers and organizes items at the new PAE2 Amazon Fulfillment Center on Thursday, Sept. 14, 2023, in Arlington, Washington. (Ryan Berry / The Herald)
Amazon cuts ribbon on colossal $355M fulfillment center in Arlington

At 2.8 million square feet, the facility is the largest of its kind in Washington. It can hold 40 million “units” of inventory.

A computer rendering of the North Creek Commerce Center industrial park in development at 18712 Bothell-Everett Highway. (Kidder Mathews)
Developer breaks ground on new Bothell industrial park

The North Creek Commerce Center on Bothell Everett Highway will provide warehouse and office space in three buildings.

Dan Bates / The Herald
Funko president, Brian Mariotti is excited about the growth that has led his company to need a 62,000 square foot facility in Lynnwood.
Photo Taken: 102312
Former Funko CEO resigns from the Everett company

Brian Mariotti resigned Sept. 1, six weeks after announcing he was taking a six-month sabbatical from the company.

Cash is used for a purchase at Molly Moon's Ice Cream in Edmonds, Washington on Wednesday, Aug. 30, 2023. (Annie Barker / The Herald)
Paper or plastic? Snohomish County may require businesses to take cash

County Council member Nate Nehring proposed an ordinance to ban cashless sales under $200. He hopes cities will follow suit.

A crowd begins to form before a large reception for the opening of Fisherman Jack’s at the Port of Everett on Wednesday, August 30, 2023, in Everett, Washington. (Ryan Berry / The Herald)
Seafood with a view: Fisherman Jack’s opens at Port of Everett

“The port is booming!” The new restaurant is the first to open on “restaurant row” at the port’s Waterfront Place.