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.
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