Several of the South Sound's most prominent real estate developers are spending more time in court than on construction, as banks and other lenders seek to resolve non-performing loans.
Hyun J. Um and Thomas A. Price, principals of Prium Inc. and related entities, both filed for personal bankruptcy protection Aug. 17 under provisions of Chapter 11, which contemplates reorganization of their finances. A number of their corporate units also are active as defendants within Pierce County Superior Court.
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Sep. 2, 2010 at 2:23pm Many developers in courtPosted in Banking/Financial Services, BE Daily, Building, Law and Legislation, Pierce County, Thurston County by Mike Boyd
Email Mike Sep. 2, 2010 at 12:43pm People on the MovePromotions, hires and recognitions in South SoundDr. Patrick J. Halpin and Dr. Joseph P. Clabots have joined the board of directors of Puget Sound Health Partners. Halpin is an orthopedic surgeon and managing partner of Olympia Orthopaedic Associates. Clabots is a thoracic surgery specialist practicing in Lakewood. David McDermott has joined Sound Credit Union as a financial advisor for CUSO Financial Services. He has more than 12 years of experience as a registered broker. Posted in Banking/Financial Services, BE Daily, Health care, Lacey, Tacoma, Tourism, Retail and Hospitality by Mike Boyd
Email Mike Sep. 2, 2010 at 8:08am Heritage Bank selected among best places to workHeritage Bank has been selected as the Bronze Award winner in the Large Business Category of Washington's Best Workplaces by Puget Sound Business Journal. Finalists were chosen in five categories: Small Business, Medium Business, Large Business, Extra Large Business and Nonprofit Organization. Heritage Bank has been in business for more than 80 years and is a part of Olympia-based Heritage Financial Corp., which also operates Central Valley Bank. Aug. 26, 2010 at 12:32pm People on the MovePromotions, hires and recognitions in South SoundJustin Fisher of Moss Adams Wealth Advisors LLC has been awarded the Accredited Investment Fiduciary Analyst designation from Fiduciary360. The AIFA designation signifies the ability to perform fiduciary assessments measuring how well investment fiduciaries are fulfilling their duties to a defined standard of care. Fisher is a financial adviser in Tacoma. Michael T. Anthony has joined Doty, Beardsley, Rosengren & Co. P.S. as tax manager. He is a certified public accountant and has more than 10 years of public accounting experience. He earned a bachelor's degree from The Evergreen State College and an accounting certificate from Pacific Lutheran University. He also has a master's degree in taxation from Golden Gate University. Aug. 24, 2010 at 1:12pm State revokes Olympia CPA's credentialsThe Washington State Board of Accountancy has revoked Lance M. Avery's Certified Public Accounting certificate and eligibility to renew his license to practice as a CPA. The board said the decision was based on his failure to complete client engagements or return their records, a felony judgment and sentencing of unlawful possession of a controlled substance with intent to deliver and assault in the third degree, and failure to respond to the board's inquiry. Aug. 24, 2010 at 12:49pm Redefault rates on loan modifications droppingA multi-state coalition of attorneys general and banking regulators say they've seen improvements in programs designed to help homeowners. But they're concerned that foreclosures continue to outpace loan modifications, and note that most modifications increase the loan balance. According to a report issued today by the State Foreclosure Prevention Working Group, recent loan modifications are performing better. Modifications can include reduced interest rates and other changes to terms that result in smaller payments and, in some cases, lower outstanding balances. Aug. 24, 2010 at 9:37am ACU buys Venture Bank buildingAmerica's Credit Union has purchased the former Venture Bank building at 1495 Wilmington Drive in DuPont. ACU, which is the official credit union of Joint Base Lewis-McChord, expects to move into the 54,000-square-foot building by the end of the year. Aug. 19, 2010 at 9:50am More than $1 million in Washington Mutual funds returnedIn less than a month, more than $1 million in unclaimed funds from failed Washington Mutual Bank has been returned to the bank's former customers. Since the Federal Deposit Insurance Corp. turned over $9.8 million to the state in July, the Washington State Department of Revenue has paid 448 claims and is processing another 179. Aug. 17, 2010 at 12:19pm People on the MovePromotions, hires and recognitions in South SoundDr. Germaine R. Johnson has joined Medical Imaging Northwest/Diagnostic Imaging Northwest. His special interests include nuclear medicine, PET, diagnostic radiology and emergency radiology. Johnson is a member of the Radiologic Society of North America, Society of Nuclear Medicine and The Pierce County Medical Society. Frank Elliott III, division manager for Geiger Northwest/Seattle & Tacoma, has received the Division Of The Year award. He also was recognized for 45 years of service. Posted in Banking/Financial Services, BE Daily, Health care, Olympia, South King County by Mike Boyd
Email Mike Aug. 12, 2010 at 2:41pm People on the MovePromotions, hires and recognitions in South SoundSeveral residential loan officers have joined HomeStreet Bank and are located in the South Sound region. They include: Dan Hartung, Tacoma; Christopher "Chad" Duke, Federal Way; Tamra Marlowe, Olympia; John Smith, Olympia; and Jennifer "Jen" Condon, Olympia. John A. Clees has joined Worth Law Group. He is a graduate of the University of Washington and the University of Washington Law School. John's practice focuses on tax and estate planning for high-net worth individuals and their businesses. Posted in Banking/Financial Services, BE Daily, Law and Legislation, Olympia, South King County, Tacoma, Tourism, Retail and Hospitality by Mike Boyd
Email Mike Aug. 12, 2010 at 8:25am Columbia Banking System repays $76.9 million in CPP fundsColumbia Banking System Inc. has redeemed all 76,898 shares of Series A preferred stock originally issued to the U.S. Department of Treasury on Nov. 21, 2008, for about $76.9 million in capital under its Capital Purchase Program. On Aug. 11, 2010, Columbia paid $77.8 million to the Treasury Department, consisting of $76.9 million in principal and $918,504 in accrued and unpaid dividends. Aug. 11, 2010 at 12:12pm Heritage Bank opening Puyallup branchHeritage Bank is opening a new branch in Puyallup. The branch will be the bank's 24th location, including the recent acquisition of nine branches of Cowlitz Bank. The South Hill Branch is expected to open next month at 4627 South Meridian in Puyallup and will be a full service facility. Aug. 10, 2010 at 8:10am People on the MovePromotions, hires and recognitions in South SoundJoel Shabel has joined GVA Kidder Mathews' Tacoma brokerage division as an associate vice president. He previously worked for Colliers International, where he completed more than $40 million in commercial real estate transactions. Shabel specializes in office properties. Shannon King-Wilson has joined John L. Scott Graham as managing broker. She has many years of business and real estate experience. Posted in Banking/Financial Services, BE Daily, Building, Education, Health care, Retirement and Investing by Mike Boyd
Email Mike Aug. 2, 2010 at 9:19am Heritage Financial posts earnings, acquires CowlitzHeritage Financial Corp. reported net income for the quarter ended June 30 of $855,000 compared to net income of $91,000 for the quarter ended June 30, 2009. Including preferred stock dividends, the net income applicable to common shareholders for the quarter was $523,000, or 5 cents per diluted common share, compared with a net loss applicable to common shareholders of $239,000, or 4 cents per diluted common share for the quarter ended June 30, 2009. Jul. 29, 2010 at 9:13am Columbia Banking System reports $3.9 million Q2 profitColumbia Banking System Inc. is reporting net income of $3.9 million for the second quarter of 2010, compared to a net loss of $6.6 million for the same quarter of 2009. On a diluted per common share basis, net income for the quarter was 11 cents, compared to a net loss of 37 cents for the second quarter of 2009. Jul. 28, 2010 at 1:49pm Northwest Commercial Bank swings back to blackNorthwest Commercial Bank reported a $154,000 net profit for the quarter ended June 30, compared with a net loss of $160,000 for the same period during 2009. Net interest income for the Lakewood-based bank jumped from $1.34 million for the second quarter of 2009 to $1.71 million for the corresponding quarter this year. Posted in Banking/Financial Services, BE Daily, Lakewood, Pierce County, South King County by Mike Boyd
Email Mike Jul. 28, 2010 at 9:31am Small business owners cautiously optimisticSmall business owners are signaling confidence in their own businesses despite their belief that the economic recession will continue into 2011, according to results of the 2010 U.S. Bank Small Business Annual Survey. "The results prove a truth we all embrace, that American small business owners are resilient and they are survivors," said Rick Hartnack, vice chairman at U.S. Bancorp and head of consumer banking. "There is no question that this sector will be central to our economic recovery." Jul. 27, 2010 at 1:24pm People on the MovePromotions, hires and recognitions in South SoundSuellyn Maserk R.N. has been appointed by Gov. Chris Gregoire to sit on the Washington State Department of Health Nursing Care Quality Assurance Commission. She is a perioperative services nurse at Providence St. Peter Hospital. The commission monitors and enforces nurse licensing, and ensures consistent standards of practice. Maserk is a 23-year Army veteran and has served in both Gulf Wars, Desert Storm and Operation Iraqi Freedom, and has held the title of Division Nurse for the 25th Infantry Division. Barbara McDowell has joined Wells Fargo Home Mortgage in Lacey as a reverse mortgage loan consultant. She has worked in the reverse mortgage loan industry since 2005 and previously worked in the estate planning and insurance industry. Jul. 23, 2010 at 1:44pm Thurston First Bank receives four-star ratingThurston First Bank has been awarded four stars in Bankrate.com's Safe & Sound Ratings Service for the quarter ended March 31. Bankrate's Safe & Sound ratings are comparisons to both industry peer norms and standards. Jul. 21, 2010 at 2:31pm Washington Business Bank's income declines sharplyWashington Business Bank posted a net income of $41,725 for the quarter ended June 30, a substantial decline from net income of $118,743 during the first quarter of 2010. The bank also reported that deposits grew 14.3 percent compared to the end of 2009, but loans declined 3.85 percent for the same period. Plenty more in the Archives Older Entries » |
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