Cascade Bank directors have approved a dividend of 9 cents per share that will be paid on July 28 to shareholders of record on July 14. The dividend is the same as the amount approved for the previous quarter. Bank officials said they expect to announce quarterly results July 22 and will discuss them July 23 in a conference call at 11 a.m. Investors may listen to a replay at www.cascadebank.com.
Visa debit cards to skip receipts
Consumers can now use Visa debit cards for smaller purchases without entering a personal identification number, the same way they can skip signing receipts. Visa said Tuesday it is no longer requiring merchants to treat its debit cards differently when customers use them as PIN-debit cards, as opposed to signature cards. The move prompted the Justice Department to drop an antitrust investigation of the practice. Visa has allowed banks to permit merchants to waive the signature requirement when customers use Visa debit cards, usually on purchases below $25, the department said.
Damaged section may delay 787
A damaged fuselage section could set back flight testing of the Boeing Co.’s new 787 Dreamliner. A worker of Boeing’s 787 partner, Alenia Aeronautica, failed to follow procedures and cause damage to the section of Boeing’s fourth 787, a Boeing spokeswoman said Monday. The company is assessing how the setback will affect the flight-testing schedule, which Boeing had slated to begin in the fourth quarter. Roughly 15 months behind schedule, Boeing plans to deliver the first 787 in the third quarter of 2009.
Bank finishes Countrywide buy
Bank of America Corp. completed its purchase of Countrywide Financial Corp. Tuesday, making the Charlotte-based bank the nation’s leading mortgage originator and servicer. The Federal Reserve and Countrywide’s shareholders cleared the way for the acquisition last month. As of Tuesday’s close, Bank of America controls between 20 percent and 25 percent of the country’s home loan market. Bank of America agreed in January to purchase the California-based mortgage lender in an all-stock deal valued at roughly $4 billion, exchanging 0.1822 shares of Bank of America for each share of Countrywide outstanding.
Northwest pilots to get Delta stake
Northwest Airlines Corp. pilots stand to get a nearly 2.4 percent equity stake in Delta Air Lines Inc. after the combination of the two companies is completed, according to a joint contract agreement reached between both carriers. The agreement, together with a previous one reached between Delta pilots and management, also calls for compounded raises for pilots of over 18 percent over four years, the summary provided to Delta pilots on Monday says. Delta and Northwest pilots must approve the joint collective bargaining agreement for it to become final. Separately, the pilots have agreed to submit to binding arbitration to help them craft an integrated seniority list.
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