Oct. 23 / Avista offers buyouts, seeks rate increase

Avista Corp., of Spokane, told about 900 workers that it will offer buyouts in an effort to reduce its workforce and cut about $14 million from its 2013 budget. The company didn't extend the voluntary severance offer to about 600 union workers. All of those employees taking the buyout will leave the company before Jan. 1, 2013. Separately, Avista filed requests with the Idaho Public Utilities Commission earlier this month to increase electric and natural gas rates in Idaho. If approved as requested, an average residential electric customer in Idaho would see a 5.3 percent increase, or $4.20 a month. An average natural gas customer would see a 7.8 percent increase, or $4.12 a month.

Oct. 22 / Potlatch's net income falls

Potlatch Corp., of Spokane, reported third-quarter net income of $18.6 million, or 46 cents a diluted share, down from $25.6 million, or 63 cents a share, in the 2011 third quarter. Potlatch Chairman, President, and CEO Michael Covey said he nevertheless was "very pleased" with the company's operating results for the quarter, which he said exceeded expectations. He particularly cited the continued strong demand for manufactured wood products, saying, "Our Wood Products segment has now had two consecutive quarters of their highest quarterly operating income in over five years."

Oct. 17 / DSP, fired president agree to terms

The Downtown Spokane Partnership said it reached a financial settlement with Mike Tedesco, who it fired without cause last month after less than a year on the job. Todd Woodard, the DSP board's vice chairman, said both sides agreed to keep the terms of the settlement private. Tedesco had a two-year contract with the organization and was to earn $95,000 a year.

Oct. 16 / Pearson Packaging acquires LA company

Pearson Packaging Systems, of Spokane, said it has acquired Moen Industries, a Los Angeles-based producer of packaging equipment and corrugated packaging designs. Terms of the transaction weren't disclosed. Pearson said it plans to move the acquired manufacturing operations to its Spokane plant and begin making the equipment here in 2013. Pearson President and CEO Michael A. Senske said the company plans to hire 10 to 12 people in Spokane to handle the additional work within the next year.

Oct. 16 / Total Wine & More to open first store here

Total Wine & More, which claims to be the nation's largest independent retailer of fine wine, spirits, and beer, said it will open its first Eastern Washington outlet in Spokane's Northpointe Plaza shopping center on Nov. 2. The 25,000-square-foot store at 9980 N. Newport Highway will be the chain's 87th store overall. This will be its third outlet in Washington state, after opening its first, in Bellevue, in June and its second, in Tukwila, earlier this month.

Oct. 15 / Sale of Sterling's Montana branches gets nod

Helena, Mont.-based Eagle Bancorp Montana Inc., parent company of American Federal Savings Bank, said it has received regulatory approval to purchase seven bank branches from Sterling Financial Corp., Spokane-based parent of Sterling Bank. Under the terms of the transaction, which is expected to be completed Nov. 30, Eagle will pay about $7.3 million to acquire about $187 million in deposits. Also, the Montana company will receive about $44 million in performing loans.

Corrections & Amplifications

Amanda Day, of Amanda Day Events, previously worked planning events for the Amway Corp., in Grand Rapids, Mich. The location was stated incorrectly in the Journal's Oct. 11 edition.

Randi Oien, a new member of Leadership Spokane's Class of 2013, is with the Spokane Humane Society. The name of the organization was stated incorrectly in the Journal's Oct. 11 edition.