The board of directors of Frontier Financial Corp., the parent company of Everett-based Frontier Bank, has suspended payment of the company’s quarterly cash dividend for its common stock. Patrick Fahey, corporation CEO, said board members decided it was important to preserve capital “in light of current economic conditions.” “The corporation believes that this is the best course for the corporation over the long term,” he said in a news release. “The board and management are committed to successfully managing credit risk and to maintaining adequate levels of capital and liquidity in the current challenging economic environment.” The company recently shuffled its management team and announced plans to focus on business banking to help balance a loan portfolio based heavily on home construction.
Intermec Corp. hires new CFO
Everett-based Intermec Corp. has named Robert Driessnack a senior vice president and the company’s chief financial officer. Driessnack has more than 25 years’ experience with public and private businesses, including global electronics manufacturing. He will assume his new position at Intermec in late January. Driessnack was previously vice president and controller at HNI Corp. Before that, he was a division chief financial officer for NCR Corp. “Bob brings extensive global financial and business expertise and technology industry experience to Intermec,” said Intermec CEO Patrick Byrne. “His knowledge and experience will be a great addition to our executive leadership team.”
Mall owner offers landmarks for sale
General Growth Properties, the troubled operator of Lynnwood’s Alderwood mall and many others, is putting some prominent retail centers in Boston, New York and Baltimore up for sale in a desperate attempt to shore up its finances. New York brokerage DTZ Rockwood LLC said Thursday it has been retained to sell off New York’s South Street Seaport, Boston’s Faneuil Hall Marketplace and Baltimore’s Harborplace &The Gallery, all prominent tourist destinations.
Retailer CarMax announces loss
Auto retailer CarMax Inc. said Friday it swung to a $21.9 million loss in the third quarter due to slumping sales and store traffic, and loan loss write-downs in its auto finance arm. The Richmond, Va.-based company says it lost 10 cents per share in the quarter that ended Nov. 30. The company reported earnings of $29.8 million, or 14 cents per share, in the same quarter last year. CarMax also said it has imposed a hiring freeze at the home office and temporarily suspended store growth to conserve cash, and it will further reduce store staffing by natural attrition.
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