Shareholders of Washington Banking Co., parent of Whidbey Island Bank, have approved the bank’s purchase by Everett-based Frontier Financial Corp. Shareholders owning 73 percent of Washington Banking’s shares voted in favor of the merger, representing 95 percent of the voted shares. About 3 percent of the bank’s shares were cast in opposition. Regulatory approval still is needed to complete the $191 million acquisition.
Skagit State Bank buys back shares
Skagit State Bancorp. has bought back more than 85,000 of its shares owned by Frontier Financial. The Burlington-based parent of Skagit State Bank paid $180 per share — or about $15.3 million — to repurchase the shares. Frontier had first begun acquiring a stake in Skagit State four years ago.
Bothell biotech advances tests
Seattle Genetics Inc. has launched a second clinical trial of SGN-35 in patients with Hodgkin’s disease and other related cancers. The study will look at the safety and potency of the antibody-drug conjugate, which is designed to specially target cancer cells. Later on, it will test SGN-35’s effectiveness when given with Gemzar, a chemotherapy agent. The first phase 1 study of SGN-35’s anti-tumor activity was launched in 2006.
Starbucks to fight court’s tip ruling
Starbucks Corp. says it will not pay its California baristas for tips they shared with shift supervisors, defying a San Diego Superior Court ruling last week. “The ruling would take away the right of shift supervisors to receive the tips they earn for providing superior customer service,” said Chief Executive Howard Schultz, in a voicemail message to employees Wednesday night. “I want you to know that we strongly believe that this ruling is extremely unfair and beyond reason.”
“We would never condone any type of behavior that would lead anyone to conclude that we would take money from our people,” he added.
Spending level worst in 17 months
Consumers turned in the weakest spending performance in 17 months in February, while their confidence dropped to the lowest level in 16 years, raising further fears of a recession. The Commerce Department said Friday that consumer spending edged up by just 0.1 percent last month, the poorest showing since September 2006. And if the effects of inflation are removed, spending was flat in February, the third consecutive month of sluggish activity. Meanwhile, a second report showed the slump in housing, rising job layoffs, soaring energy costs and a credit crisis are taking their toll on consumer confidence.
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