Polar Tankers Inc., a subsidiary of ConocoPhillips Co., has agreed to pay $588,000 to help compensate the public for environmental harm caused by the October 2004 crude oil spill into Puget Sound's Dalco Passage near Tacoma.

The payment would come under a proposed settlement agreement or consent decree filed this week in U.S. District Court, Western Washington Division involving Polar Tankers and the United States, state of Washington, Muckleshoot Indian Tribe and Puyallup Tribe of Indians. A consent decree in federal court makes no finding of guilt or innocence.

The Washington Department of Financial Institutions closed Rainier Pacific Bank at 6 p.m. Friday, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corp. as receiver of Rainier Pacific Bank.

The FDIC immediately entered into a purchase and assumption agreement with Umpqua Bank, headquartered in Roseburg. The Oregon-based unit will assume all deposits and certain assets of Rainier Pacific Bank, except certain brokered deposits, which will be paid out by the FDIC.

The State Senate has unanimously passed Senate Bill 6524, which would ease the penalty for businesses that fail to pay their unemployment insurance (UI) tax in a timely manner.

The bill's sponsor, Sen. Curtis King, R-Yakima, said reducing that burden will help small businesses that are struggling to survive.

Mason General Hospital Foundation has completed its funding of new digital mammography equipment by meeting a goal of $475,000 in 2010.

The goal was reached due to the generosity of  community members, event steering committees, volunteers, and MGH Foundation affiliate organizations --  Sherwood Hospital Guild, Centennial Hospital Guild, and the Karen Hilburn Breast and Cervical Cancer Fund.

World-wide attention to the 2010 Olympic Winter Games in Vancouver, B.C. mean business for the "other Olympics" across the international border within Washington state.

Communities on the Olympic Peninsula are inviting visitors to take the "Olympic Loop" between Seattle and Vancouver.

Community leaders in Federal Way are still digesting plans announced for a mixed-use multi-story construction project in their downtown.

The project will leverage the "Regional Center" designation successfully secured by the developer with support from the City of Federal Way, to tap into international revenue sources in order to stimulate the local economy and create jobs in the area.

The Producer Price Index for Finished Goods rose 1.4 percent in January, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This increase followed a 0.4 percent advance in December and a 1.5 percent rise in November.

About three-fourths of the broad-based January advance in prices can be traced to higher prices for energy goods, which jumped 5.1 percent. The indexes for finished goods, less foods and energy, and for finished consumer foods also contributed to the finished goods increase, rising 0.3 percent and 0.4 percent, respectively.

A new study found that tenants in green buildings experience increased productivity and fewer sick days. The research also found that that green buildings have lower vacancy rates and higher rents than non-green counterparts.

The study, conducted by the University of San Diego and commercial real estate broker CB Richard Ellis Group, found that tenants in green buildings are more productive based on two measures: number of tenant sick days and productivity.

Greg Jones has been promoted to executive vice president/credit administrator of Valley Bank. He has been with the bank for 19 years and has 32 years of banking experience.

Valley Bank has also promoted Leo Dreith to executive vice president managing wholesale operations in South King and Pierce counties. He has been with the bank for 18 years.

Brooke Johnson has joined Columbia Bank as a financial consultant with CB Financial Services. She previously was a registered client service associate at Morgan Stanley Smith Barney.

Toray Composites America Inc., a Boeing composites supplier at Frederickson Industrial Park, is the 2009 recipient of the John D. Spellman Safety Award from Evergreen Safety Council.

In 2009, Toray refocused its efforts on safety by establishing an emphasis on associate involvement, hazard identification, and the tracking and completion of corrective actions. The result was a huge reduction in OSHA reportable safety incidents.

In the first formal visit by the city's top elected for eight years, Mayor Marilyn Strickland told directors of Tacoma Pierce County Chamber this morning that she wants their help to study the local Business & Occupation tax.

"We don't have a reputation as a good place to do business," said Strickland, "and it's time for us to sit down and look at how we can change that."

She also stressed the importance of improving the perception of Tacoma's public school system because that tends to send homebuyers to surrounding communities, instead of locating within the city limits.

Puyallup/Sumner Chamber of Commerce held its annual meeting this morning and awarded special recognition half a dozen local businesses and individuals.

Rock Creek Gardens, an events venue that opened in mid-2008, was named Small Business of the Year. The Old Cannery Furniture Warehouse of Sumner earned honors in the Medium-sized Business category.

Washington State Nurses Association, representing more than 750 registered nurses at Tacoma General Hospital, has planned informational picketing today to highlight issues critical to patient safety and nurse retention.

The labor organization wants the hospital to do more to protect nurse and patient safety, and keep wages and benefits competitive with other hospitals in the area.

The Pierce County Mentoring Partnership this morning recognized Superior Court Judge Frank Cuthbertson as 2010 Champion of Mentoring.

The jurist's efforts professionally, as presiding judge for Juvenile Court, and personally, as a parent, community member and mentor, were cited at the event marking January as National Mentoring Month.

In 2010, Northwest Sinfonietta will add Puyallup to its list of residencies that includes Tacoma's Rialto Theater and Seattle's Benaroya Hall.

Pioneer Park Pavilion in downtown Puyallup will be home to the city's new professional resident orchestra, a partnership announced by Puyallup City Manager Gary McLean and NWS Board President James Sorensen.

With legislators assembled in Olympia to solve the state's budget deficit, business and labor interests are joining the discussions about where to find new tax revenue. Venerable observer Richard Davis has an opening blog with many links.

Washington State Labor Council has this "Blood in the Water" blog viewpoint going into the session. It argues strongly for new revenues (i.e., taxes) from business.

Tacoma Pierce County Chamber's blog offers some useful links to help businesspersons and all citizens keep track of what the legislature is considering, to encourage the sharing of citizens' opinions with lawmakers.

Because of reductions in compensation from the State of Washington to pharmacies filling DSHS/Medicaid prescriptions, Bartell Drugs will discontinue filling Medicaid prescriptions at 15 of its 57 stores, including 12 in metropolitan Seattle and east King County, and three in Snohomish County, effective Feb. 1.

The Washington state insurance commissioner's office has issued a cease-and-desist order against an Ohio company that's selling unauthorized vehicle service contracts.

The Department of Licensing has redesigned the agency's Web site to make it easier for customers to find and use online service options, including a new way for drivers to buy a copy of their driving records.

The Washington State Department of Transportation has completed the 2010-2030 Freight Rail Plan as directed by the legislature.