Government regulators have started its Friday afternoon closures with a small bank in Florida. Details are below. I’ll add new posts if there are more bank failures later today.

Commerce Bank of Southwest Fla. in Fort Myers was closed, then taken over by Central Bank of Stillwater, Minn. There was just one branch. Estimated cost to the FDIC: $23.6 million.

It’s the 124th U.S. bank closure this year.

Here’s an interesting story from the Associated Press (pasted below) about Alcoa having to idle some smelters in Italy because of trouble securing low electricity rates. It sounds very similar to what’s been happening in Ferndale the past 10 years. If the EU maintains this position, I wonder what kind of impact it would have for other commissions across the globe negotiating future rates. Would it show utility agencies that Alcoa is serious about shutting down, or would more follow the lead of the European Commission?

NEW YORK (AP) - Aluminum producer Alcoa Inc. said Thursday it will temporarily idle production at its two smelters in Italy, affecting about 2,000 workers, after a decision by the European Union left the company’s ability to secure electricity for the plants at low rates uncertain.

Italy for 10 years gave energy-intensive industries a break on power prices. The tariff was approved by the European Commission in 1995, when Alcoa purchased the smelters. Without that subsidy, Alcoa said the smelters - which employ 1,000 and another 1,000 workers indirectly, can’t make money at current Italian power rates.

But the EU ruled Thursday that Italy’s extension of electricity subsidies after 2005 did not comply with regulations, and is demanding that Alcoa repay those benefits to the state. Alcoa is appealing the decision.

“The EC is sending a signal to investors and workers that heavy industry is no longer a priority,” said Alcoa President and CEO Klaus Kleinfeld, in a statement. “The EC’s decision, which was not based on a complaint by a competitor or any third-party, will effectively shut down Italian aluminum production and make the European aluminum industry less competitive in the worldwide markets.”

The smelters will be wound down by the second half of December. Alcoa’s rolling mill in the town of Fusina, which is adjacent to the smelter, is not directly impacted by this action.

“We will continue to use every lever in an attempt to gain access to competitive power so that we can get our people back to work,” said Marcos Ramos, president of Alcoa Primary Products Europe.

Pittsburgh-based Alcoa, which has about 63,000 employees globally, said it will book a pretax charge of $300 million to $500 million in the fourth quarter related to stopping production at the Italian smelters.

Alcoa shares fell 54 cents, or 4 percent, to close at $13.22.

According to The Lynden Tribune, Fairway Country Furnishings in Lynden began a going-out-of-business sale today. The two owners, Joe Branion and Ardelle Kooy, are retiring after operating the store for 20 years. Here is the (Link) to the Tribune story. The business is scheduled to close at the end of December.

With Black Friday fast approaching, I’m looking for die-hard shoppers for an upcoming story.

Black Friday is the day-after Thanksgiving event where shoppers roll out of bed at some crazy early-morning hours to participate in store sales. The upcoming story will look at strategies involved in getting the best deals, what the expectationss are for this season and why so many people participate.

If you’re an avid Black Friday shopper, or know someone who is, let me know. I’m at 715-2269 or dave.gallagher@bellinghamherald.com. Thanks!

Whatcom County’s total property sales saw a significant jump in October, according to data collected from First American Title of Bellingham.

In Bellingham there were 182 property sales in October, up from 140 in October 2008, which was the first month following the national financial meltdown. Total property sales included residential, commercial, industrial and undeveloped properties. Year-to-date, there have been 1,475 property transactions in Bellingham, down 17.7 percent compared to the same period in 2008.

In Ferndale, Lynden and Blaine there were 174 sales last month, up from 137 in October 2008.  Year-to-date, there have been 1,342 transactions, down 14.8 percent compared to the same period as last year.

It’s been an interesting trend to watch… total property sales were extremely slow in the first few months of 2009, but in the last couple of months it has been trending ahead of 2008. In Bellingham last month, used single family homes, multi-family buildings, condos and commercial property were tracking ahead of the October 2008 numbers.

The Bellingham/Whatcom Chamber of Commerce & Industry has kicked off its fall membership driving with special deals for new members. There are also prizes for current members who bring in a new member.

The chamber is also putting on “Embrace the New Marketplace” workshop where a speaker will be talking about ways to improve a business Web site’s presence. There are four free sessions, which will be held on Wednesday, Nov. 18 at the BIA building in the Irongate area. The sessions are at 7 a.m., 9:30 a.m., noon and 2:30 p.m.

The chamber also has a Business-After-Business event on Thursday, Nov. 19 at the downtown Bank of the Pacific office (100 Grand Ave., near Henderson Books). The event will be held from 5:30 p.m. to 7:30 p.m. It’s a networking event which will give potential new members a chance to learn more about the chamber and its members.

For details about these two events or about the chamber, go to Bellingham.com or call 734-1330.

TheStreet.com regularly puts together a list of the most undercapitalized banks. Here is the latest (list,), through Sept. 30. This list of banks is grouped by state on this link, but it can be ranked by Tier 1 leveraged ratio. Horizon is ranked 7th highest on the list, one behind Orion Bank, which was closed on Friday, Nov. 13. Everett-based Frontier Bank is ranked 45th in the U.S.

Here’s a press release from Horizon about the resignation of Steven L. Hoekstra, head of commercial lending operations. It’s an area that has been severely curtailed because of its recent overall lending troubles:

Horizon Financial Corp. (Nasdaq:HRZB), the bank holding company for Horizon Bank (”Bank”), today reported that the Bank has accepted the resignation of Steven L. Hoekstra, Executive Vice President and Chief Lending Officer, on November 13, 2009. Hoekstra was responsible for the Bank’s commercial lending operations from June 2002 to the present. The members of the current management have assumed the duties of this position.

Horizon Financial Corp. is a $1.30 billion, bank holding company headquartered in Bellingham, Washington. Its primary subsidiary, Horizon Bank, maintains a regional banking presence that has been serving customers for 87 years, and operates 18 full-service offices, four commercial loan centers and four real estate loan centers throughout Whatcom, Skagit, Snohomish and Pierce Counties in Washington.

Pacific Coast National Bank of San Celmente, Calif. was closed, then taken over by Sunwest Bank of Tustin, Calif. Pacific Coast had two branches. Estimated cost to the FDIC: $27.4 million.

Here’s a press release about a Chicago firm offering to donate $30,000 in marketing services to a tourism-based non-profit:

LOMBARD, ILL. Nov. 13, 2009 – In an effort to give back to an industry that has helped Stevens & Tate Marketing/Endora Digital Solutions thrive in these challenging economic times, the agency will be donating $30,000 in marketing services to one travel and tourism-based non-profit organization. The program, called the “Lend-A-Hand Marketing Giveaway,” was launched this fall and is intended to be an annual pro bono initiative for Stevens & Tate.

Dan Gartlan, president of Stevens & Tate, said, “Time and time again, we have offered pro bono services, allowing us to infuse our shop with meaningful work. This time, we decided to pool our pro bono time and help one non-profit organization take their business to the next level.”

Gartlan explained that the winning candidate will be one that “not only demonstrates strong leadership skills in its industry and in the region it serves, but one we feel could benefit most from our services and has the best potential to implement the final creative project.

            “As the economy shifts, the message an organization goes to market with needs to change. And, unfortunately, all too often, many organizations have cut back on creative messaging altogether. We believe we are in a position to help,” said Gartlan.

Entries must be received by Nov. 20. A judging panel made up of Stevens & Tate directors will review all of the applications in late November. Finalists will be selected, notified and interviewed in mid-December. The winner will be notified and announced the week of Dec. 18.

The judging team will place strong emphasis on three criteria:

·         A vision for the organization.  The agency would need to get a strong sense of “what’s next” as it relates to the winning organization’s mission.

·         Strong leadership, which clearly defines the review procedure to expedite the approval process. 

·         Financial ability to execute what is created. For instance, an ad campaign would necessitate a media budget to follow-through with any creative developed. 

The Lend-A-Hand Marketing Giveaway call for nominations is being shared with non-profit organizations throughout major U.S. markets. Eligible candidates are asked to fill out a short online form, which can be found at: www.stevens-tate.com/lendahand  For more information about the Lend-A-Hand Marketing Giveaway or the application process, call 630-627-5200.

            Stevens & Tate Marketing/Endora Digital Solutions has developed a reputation for advertising excellence and has acquired a diverse client base, specializing in the real estate, senior living, hotel and travel, and food industries. Located just west of Chicago, Stevens & Tate/Endora Digital provides clients with innovative, on-strategy creative, all while providing trackable results. For more information, visit www.stevens-tate.com or call 630-627-5200.