Cascade Financial Corp. this week will open its 15th bank branch, in Bellevue. The new Cascade Bank branch will be in Bellevue’s Crossroads area, inside the Top Food &Drug store at 15751 N.E. 15th St. It will be Cascade’s second Bellevue branch. Mary Kay Reynolds will be the branch manager. Besides Bellevue, Everett-based Cascade has branches in Arlington, Clearview, Issaquah, Lake Stevens, Marysville, Mukilteo and Woodinville.
The Treasury Department sold three-month bills at a discount rate of 3.660 percent, down from 3.885 percent last week. Six-month bills sold at 3.620 percent, down from 3.860 percent. The new discount rates understate the actual return to investors – 3.745 percent for three-month bills with a $10,000 bill selling for $9,907.50 and 3.738 percent for a six-month bill selling for $9,817.00. The average yield for one-year constant maturity Treasury bills, the most popular index for making changes in adjustable rate mortgages, rose to 3.90 percent last week from 3.82 percent the previous week.
RealNetworks employees who performed well this year will get raises, but they’ll be getting them about a month later than expected. At a companywide meeting on Thursday, executives said annual raises will be retroactive to the beginning of May, rather than the beginning of April as planned. The company’s approximately two dozen executives will forgo raises altogether, RealNetworks spokesman David Brotherton said. Based in Seattle, RealNetworks makes software to play sound and video on the Web.
Microsoft Corp. on Monday announced a deal to provide banks with software designed to make their Internet transactions ultrasecure. The technology, which works in the Windows 2000 operating system, is designed to allow banks to be sure of whom they’re dealing with on the Internet. It matches a security framework designed by Identrus, an alliance of 150 of the world’s largest banks. The deal involves Microsoft, Unisys Corp. of Blue Bell, Pa., and Baltimore Technologies.
Beleaguered network equipment maker 3Com Corp. plans to cut another 3,000 jobs, or nearly a third of its workforce, in its quest to return to profitability, the company said Monday. The latest reduction comes less than three months after 3Com released 1,200 full-time and contract workers. In all, the company has shed more than 40 percent of its workforce this year in an effort to save $1 billion annually.
From Herald news services