Profits rise in 2003 for Snohomish bank

A surge of commercial lending led to increased profits for First Heritage Bank, its officers said. The Snohomish-based bank reported a yearend profit of $1.42 million for 2003, an increase of 7 percent compared to its profit of $1.35 million the year before. The bank’s fourth quarter net income was up 24 percent, to $550,000 from $424,000. The bank announced it will pay holders of its stock a 26-cent-a-share dividend. First Heritage is a closely held bank whose shares are not traded on public stock markets.

Borders Books &Music said its new store at Lynnwood’s Alderwood Mall is scheduled to open in August. The Michigan-based bookstore chain’s new 25,000-square-foot store will be located in The Villages, an open-air area being built at the mall. It will be the seventh Borders store in the Puget Sound area, according to the company.

Federal Reserve policymakers, who have promised to be patient in raising interest rates, will honor that commitment at their meeting this week, economists predicted on Monday. Analysts pointed to continued weak hiring as a primary reason that Federal Reserve Chairman Alan Greenspan and his colleagues will leave the target for the federal funds rate, the rate that banks charge each other, at a 45-year low of 1 percent.

Safeco Corp. said Monday it had struck two deals to sell its life insurance and investment businesses for an estimated $1.44 billion. The Seattle insurer said an investor group led by Warren Buffett’s Berkshire Hathaway and Bermuda-based White Mountains Insurance Group would buy Safeco’s life insurance, group insurance, annuities and mutual fund businesses. Safeco said the purchase price is $1.35 billion, but could increase depending on that unit’s earnings over the next few months.

The Treasury Department sold three-month bills at a discount rate of 0.945 percent, up from 0.93 percent last week. Six-month bills sold at a rate of 0.99 percent, up from 0.975 percent. The six-month rate was the highest since Feb. 23 when the rate was 0.995 percent. The new discount rates understate the return to investors – 0.961 percent for three-month bills with a $10,000 bill selling for $9,976.10 and 1.008 percent for a six-month bill selling for $9,950.00. The Federal Reserve said Monday that the average yield for one-year constant maturity Treasury bills, a popular index for changing adjustable rate mortgages, fell to 1.16 percent last week.

From Herald staff

and news services

Talk to us

More in Herald Business Journal

Members of Gravitics' team and U.S. Rep. Rick Larsen stand in front of a mockup of a space module interior on Thursday, August 17, 2023 at Gravitics' Marysville facility. Left to right: Mark Tiner, government affairs representative; Jiral Shah, business development; U.S. Rep. Rick Larsen; Mike DeRosa, marketing; Scott Macklin, lead engineer. (Gravitics.)
Marysville startup prepares for space — the financial frontier

Gravitics is building space station module prototypes to one day house space travelers and researchers.

Orca Mobility designer Mike Lowell, left, and CEO Bill Messing at their office on Wednesday, Aug. 16, 2023 in Granite Falls, Washington. (Olivia Vanni / The Herald)
Could a Granite Falls startup’s three-wheeler revolutionize delivery?

Orca Mobility’s battery-powered, three-wheel truck is built on a motorcycle frame. Now, they aim to make it self-driving.

Catherine Robinweiler leads the class during a lab session at Edmonds College on April 29, 2021. (Kevin Clark / The Herald)
Grant aids apprenticeship program in Mukilteo and elsewhere

A $5.6 million U.S. Department of Labor grant will boost apprenticeships for special education teachers and nurses.

Peoples Bank is placing piggy banks with $30 around Washington starting Aug. 1.
(Peoples Bank)
Peoples Bank grant program seeks proposals from nonprofits

Peoples Bank offers up to $35,000 in Impact Grants aimed at helping communities. Applications due Sept. 15.

Workers build the first all-electric commuter plane, the Eviation Alice, at Eviation's plant on Wednesday, Sept. 8, 2021 in Arlington, Washington.  (Andy Bronson / The Herald)
Arlington’s Eviation selects Seattle firm to configure production plane

TLG Aerospace chosen to configure Eviation Aircraft’s all-electric commuter plane for mass production.

Jim Simpson leans on Blue Ray III, one of his designs, in his shop on Friday, August 25, 2023, in Clinton, Washington. (Ryan Berry / The Herald)
Whidbey Island master mechanic building dream car from “Speed Racer”

Jim Simpson, 68, of Clinton, is using his knowledge of sports cars to assemble his own Mach Five.

Inside the new Boeing 737 simulator at Simulation Flight in Mukilteo, Washington on Wednesday, Sept. 20, 2023. (Annie Barker / The Herald)
New Boeing 737 simulator takes ‘flight’ in Mukilteo

Pilots can test their flying skills or up their game at Simulation Flight in Mukilteo.

An Amazon worker transfers and organizes items at the new PAE2 Amazon Fulfillment Center on Thursday, Sept. 14, 2023, in Arlington, Washington. (Ryan Berry / The Herald)
Amazon cuts ribbon on colossal $355M fulfillment center in Arlington

At 2.8 million square feet, the facility is the largest of its kind in Washington. It can hold 40 million “units” of inventory.

A computer rendering of the North Creek Commerce Center industrial park in development at 18712 Bothell-Everett Highway. (Kidder Mathews)
Developer breaks ground on new Bothell industrial park

The North Creek Commerce Center on Bothell Everett Highway will provide warehouse and office space in three buildings.

Dan Bates / The Herald
Funko president, Brian Mariotti is excited about the growth that has led his company to need a 62,000 square foot facility in Lynnwood.
Photo Taken: 102312
Former Funko CEO resigns from the Everett company

Brian Mariotti resigned Sept. 1, six weeks after announcing he was taking a six-month sabbatical from the company.

Cash is used for a purchase at Molly Moon's Ice Cream in Edmonds, Washington on Wednesday, Aug. 30, 2023. (Annie Barker / The Herald)
Paper or plastic? Snohomish County may require businesses to take cash

County Council member Nate Nehring proposed an ordinance to ban cashless sales under $200. He hopes cities will follow suit.

A crowd begins to form before a large reception for the opening of Fisherman Jack’s at the Port of Everett on Wednesday, August 30, 2023, in Everett, Washington. (Ryan Berry / The Herald)
Seafood with a view: Fisherman Jack’s opens at Port of Everett

“The port is booming!” The new restaurant is the first to open on “restaurant row” at the port’s Waterfront Place.