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FRIDAY, SEPTEMBER 28, 2012
Vol. CXXIII, No. 189
OFFICIAL NEWSPAPER OF THE CITY OF TACOMA Devoted to the Courts, Real Estate, Finance, Industrial Activities, and Publication of Legal Notices
Published Since 1890
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LEGAL NOTICES BANKRUPTCIES LIENS ORDERS FEDERAL COURT AUDITORS OFFICE NEW BUSINESSES editor@tacomadailyindex.com
McCarthy seeks to trim county budget by $1.6M, cut 49 positions Posted online Tues., Sept. 25 Pierce County Executive Pat McCarthy proposes spending less on general government services in 2013 than is budgeted for this year, according to a budget proposal presented to Pierce County Council Tuesday. McCarthy wants to cut $1.6 million from the county's General Fund, which receives undesignated revenues that finance the majority of traditional services associated with county government. Under McCarthy's plan, General Fund spending would drop from $275.6 million this year to $274 million in 2013. Approximately 79 percent of the General Fund would be dedicated to public safety, the same percentage as this year. Total spending would increase by nearly $45 million to $884 million. The increase is primarily due to work on the expansion of the Chambers Creek Wastewater Treatment Plant, which is needed to accommodate growth, replace aging infrastructure and protect Puget Sound, according to McCarthy. A total of 49 full-time equivalent (FTE) positions would be cut, including 33 in the General Fund. At least half would come from vacancies through retirements or departures. If these reductions are approved, the county will have cut 514 positions, nearly 15 percent of its workforce, since 2008. "We are not relying on grants or bailouts or wishes for better times. This is a stable and sustainable budget," McCarthy said. "It relies on realistic revenue assumptions, builds on our goal of enhancing customer service, and continues investments in key areas that help our economy and communities grow and prosper." The Executive noted that negotiations continue with all 23 of the county's labor units, so decisions have not been made regarding 2013 salaries and benefits. The Executive's budget proposal is available online at co.pierce.wa.us/pc/abtus/ourorg/bnf/ bud_div.htm. Next month, Pierce County Council will hold a series of budget hearings that will be televised on Pierce County TV (channel 22 on Comcast and Click!) as well as streamed live and archived at www.piercecountytv.org. The Council will announce the hearings schedule as soon as dates are confirmed. Final approval of a 2013 budget is expected in November.
Tacoma's Columbia Bank merges with Oregon bank Posted online Weds., Sept. 26 File Photo By Todd Matthews, Editor Officials at Tacoma-based Columbia Bank and Lake Oswego, Ore.-based West Coast Bancorp jointly announced Wednesday that the companies have agreed to combine their two Pacific Northwest community bank franchises in a transaction valued at approximately $506 million. The combined company will have approximately $7.2 billion in assets with over 150 branches throughout Washington and Oregon. "We are very pleased that West Coast has agreed to join and grow with Columbia," said Melanie J. Dressel, President and Chief Executive Officer of Columbia Bank. "We see this as an exciting opportunity for both companies, our shareholders, customers and employees to create the premier community banking franchise in the Pacific Northwest. On a combined basis, we will have extensive coverage throughout Washington and Oregon." Robert D. Sznewajs, President and Chief Executive Officer of West Coast commented, "This merger
is a rare fit of two high quality organizations with similar business models, cultures and values. We think the transaction will provide outstanding benefits to our customers, communities, shareholders, and other constituencies, along with enhancing our proven approach to community banking." The transaction is expected to be completed in the first quarter of 2013, after obtaining the approval of the shareholders of each company and receipt of necessary regulatory approvals. The agreement was unanimously approved by the Board of Directors of each company. Headquartered in Tacoma, Wash., Columbia Banking System, Inc. is the holding company of Columbia State Bank, a Washington state-chartered full-service commercial bank. Columbia Banking System has 101 banking offices, including 76 branches in Washington State and 25 branches in Oregon. Columbia Bank does business under the Bank of Astoria name in Astoria, Warrenton, Seaside, Cannon Beach, Manzanita and Tillamook in Oregon. More information about Columbia can be found online at columbiabank.com. West Coast Bancorp is a publicly held, Northwest bank holding company headquartered in Oregon with $2.4 billion in assets, and the parent company of West Coast Bank and West Coast Trust Company, Inc. West Coast Bank operates 58 branches in Oregon and Washington. More information about West Coast Bancorp can be found online at wcb.com.