Cascade Financial Corp., the parent company for Cascade Bank, has received its $39 million from the federal capital purchase program, increasing the amount it has available to loan. The government received 38,970 shares of preferred stock in the company and a warrant to purchase 863,442 shorts of the company’s common stock at $6.77 a share. “This additional capital infusion enables us to expand our ability to provide increased credit to businesses and consumers in our market area,” said Carol Nelson, the company’s chief executive officer.
Port commissioners OK property tax
The Port of Everett has approved a $29.8 million operating budget for 2009 that continues the agency’s property tax levy. The levy is nearly 27 cents per $1,000 of assessed property value. The taxes will be paid by the district’s property owners, which include nearly all of Everett and half of Mukilteo. The average home price in the district is $323,000, meaning the average property owner will pay $87 for port taxes. The vote was 2-1, with commissioner Phil Bannan voting no and commissioners Connie Niva and Michael Hoffmann voting yes.
Ships plan visits to Everett port
Vessels set to come to the Port of Everett in the coming weeks include: Friday, the Bright State, operated by ECL/Fesco; Dec. 2, the West Rainier, operated by Westwood; Dec. 9, the Sevilla, operated by Westwood; Dec. 11, the Pacific Friend, operated by Fesco; Dec. 16, the West Victoria, operated by Westwood; Dec. 20, the Mega Lima, operated by ECL; and Dec. 22, the San Amerigo, operated by Westwood.
Deere Co. profits drop 18 percent
Deere &Co.’s quarterly profit fell 18 percent as weaker results in its small equipment and credit divisions, coupled with higher expenses, overwhelmed strong sales of farm machinery. The world’s largest maker of agricultural equipment also forecast lower earnings next year, citing the global economic downturn, with equipment sales remaining virtually flat. Still, shares of Deere, known for its green-and-yellow tractors and harvesting machines, rose $1.90, or 5.7 percent, to $35 in late trading. The stock, which has fallen about 63 percent since the beginning of the calendar year and opened sharply lower, rose with the broader market starting in the late morning Wednesday after President-elect Barack Obama soothed investors by pledging to deal with the nation’s economic crisis.
Chrysler needs ‘minimal layoffs’
Chrysler LLC says it expects minimal involuntary layoffs will be needed to reach its goal of cutting 25 percent of its salaried and contract work forces. The deadline for white-collar workers to accept the company’s buyout and early retirement offers is Wednesday. Spokeswoman Shawn Morgan wouldn’t say how many workers have taken the offers so far because they have until Sunday to change their minds. For those who take the offers, their last day will be Wednesday. Chrysler recently announced plans to cut 5,000 white-collar and contract workers.
From Herald staff and news services
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