Banking & Finance

End of Metropolitan Mortgage saga is in sight

Final distribution likely by late September

April 9, 2020

Investors who lost huge sums when Spokane-based Metropolitan Mortgage & Securities Co. and affiliate Summit Securities Inc. shut down about a decade and a half ago should recoup a final, small portion of their money by this fall.

State ABLE programs helps disabled people save for future

Special savings accounts don't risk federal benefits

April 9, 2020

Natasha Nellis

Washington state has added another tool to its roster to provide financial independence for those with disabilities and is engaged in a statewide push to increase awareness of its new ABLE program.

Preparing for CARES: Businesses line up for Paycheck Protection Program loans

Forgivable loans available to small companies that keep, rehire employees

April 9, 2020

Virginia Thomas

Spokane-area small-business owners are looking into taking advantage of aid offered to them through the CARES Act, says Sheryl McGrath, Spokane-based associate state director of the Washington Small Business Development Center.

ICM Asset Management prevails in arbitration over investor's claims

Panel says 'sloppiness' wasn't fraud or neglect

April 9, 2020

Kevin Blocker

A three-person panel of arbitrators has ruled that a long-time Spokane investment company and its owner didn't breach its fiduciary duties, nor did it commit fraud, as claimed by a Spokane businessman who had invested in the company.

Market volatility presents opportunity for investors

Retirees should consider lower monthly distributions

April 9, 2020

Virginia Thomas

Retirees and those planning to retire soon may have been shaken by the volatile behavior of the U.S. stock market in recent weeks, but experts here say it's not time to panic.

State accuses Spokane adviser of bilking clients of $2.9M-plus

Findings follow ban of Hannes by federal regulatory group

April 8, 2020

Kevin Blocker

The Washington State Department of Financial Institutions has accused a former Spokane financial planner of swindling millions from at least 19 clients over a 16-year period, starting in 2003.

Stimulus loan program gets off to rocky start, is important lifeline nonetheless

Lenders work to connect customers with Paycheck Protection Program

April 7, 2020

Ezra Eckhardt

When the year began, business was booming, and the biggest challenge for many employers was finding qualified job applicants. Suddenly, we're in an economic environment no one anticipated.

Spokane-area small businesses look to benefit from CARES Act

Relief slated to be available starting April 3

March 31, 2020

Virginia Thomas

Spokane-area small-business owners are looking into taking advantage of aid offered to them through the CARES Act, says Sheryl McGrath, Spokane-based associate state director of the Washington Small Business Development Center.

Survey launched by chambers, others shows some businesses are tentative about finances

Regional impact survey is gauging sentiments in current conditions

March 26, 2020

Kevin Blocker

In a new, continuing survey of Spokane-area business owners and operators, 45% say they're 'tentativeâ€ about their ability to withstand the economic impact of the current coronavirus pandemic effectively.

State investigates former financial planner in Spokane

Probe comes on heels of ban issued by federal regulatory authority

March 26, 2020

Kevin Blocker

The Washington State Department of Financial Institutions has opened a formal investigation into a one-time financial planner in Spokane recently banned from working in that capacity.