The parent company of locally based Golf Savings Bank, Lynnwood Financial Group, and Sterling Financial Corp. announced Thursday that Lynnwood’s shareholders have approved their bank’s acquisition by Sterling. The merger is expected to close July 5. Under the terms of the merger agreement, Lynnwood shareholders will receive 1.8 million shares of Sterling common stock and $15.75 million in cash.
Mukilteo firm gets more backing
Acacia Research Corp., the California-based parent of CombiMatrix Corp. in Mukilteo, said Cornell Capital Partners LP will provide up to $50 million in financing for CombiMatrix over the next two years. In return, Cornell will be receive shares of CombiMattrix’s stock at a 2.5 percent discount. CombiMatrix, which offers DNA analysis tools and services, also announced a new marketing agreement with Alpha Innotech Corp. of California.
Amazon customers can buy groceries
Customers shopping for books, DVDs, clothing and toys on Internet powerhouse Amazon.com can now add groceries such as canned tuna to their shopping cart. The Seattle-based company, which began testing the grocery site on May 25, is offering 15,000 nonperishable items, about half of which are organic products. The offerings range from Kellogg’s Special K cereal to StarKist’s canned tuna and Tide detergent. Customers who order $25 or more or are members of the “Amazon Prime” free shipping program can get free standard shipping.
Factory slowdowns could sap economy
Industrial production unexpectedly fell in May, reflecting weakness in manufacturing, as the economy flashed more signals of a spring slowdown. The Federal Reserve reported Thursday that output at the nation’s factories, mines and utilities dropped by 0.1 percent last month following an increase of 0.8 percent in April. Analysts had been expecting a small 0.2 percent rise.
Adobe acquisitions sap profit picture
Adobe Systems Inc., which makes software such as Acrobat for creating digital documents, reported an 18 percent drop in second-quarter profit as acquisition costs negated higher sales. Also Thursday, the San Jose-based company forecast profit and revenue for the current quarter and remainder of the year that were below Wall Street’s current forecast. Net income for the three months ending June 2 fell to $123.1 million, or 20 cents a share, from $149.8 million, or 29 cents, in the same quarter of last year.
From Herald staff and news services