July 16/ Schweitzer Engineering to open Valley office

Schweitzer Engineering Laboratories Inc., of Pullman, said it will open an office in Spokane Valley this fall. The manufacturer of energy protection devices and systems that employs 2,500-plus people, said it has leased and will renovate a 7,100-square-foot office space in the Spokane Business & Industrial Park, at 3808 N. Sullivan. That office will accommodate up to 48 people, but the precise number of employees who will be assigned to that office is still being determined, the company said.

July 11/ Ambassadors Group moves to declassify board

Ambassadors Group Inc., the Spokane-based education-travel provider that has weathered criticism in recent months from disgruntled investors, said its board of directors has approved an amendment to the company's certificate of incorporation that will declassify the board. Subject to shareholder approval at the company's 2013 annual meeting, the declassification will make it so each board member is re-elected annually, rather than every three years.

July 9/ Anthony's building to go up for bid

The Spokane City Council voted to declare as surplus property a 34,000-square-foot site where Anthony's Restaurants, inside an 11,000-square-foot building with a view of the Spokane Falls, has operated since 2004. City officials said they intend to accept bids on the property, located at 520 N. Lincoln, which the city bought 15 years ago for $2.8 million for a bridge project that never materialized. Anthony's reportedly plans to make an offer on the site, which has an assessed value of $1.9 million.

July 9/ Coldwater Creek receives private equity loan

Sandpoint-based Coldwater Creek Inc., a specialty women's apparel and accessories retailer, announced it received a five-year, $65 million loan from San Francisco-based private equity firm Golden Gate Capital. Coldwater Creek said it used its inventory and assets as loan collateral, and also issued convertible preferred stock to an affiliate of Golden Gate, which gives that firm the option of buying up to 19.9 percent of the company's common stock at an exercise price of 85 cents per share. Golden Gate received the right to have two directors on the company's board. Coldwater Creek Chairman and CEO Dennis Pence asserted the investment is an endorsement of the retailer's brand and turnaround strategy.

July 6 / Airport boardings decline; cargo jumps

Spokane International Airport reported that 132,154 passengers boarded planes there during June, a 2.8 percent decrease compared with June 2011. Through the first half of this year, the airport handled 712,447 passengers, a 1.7 percent decrease from the year-earlier period. During the month of June, nearly 5,000 tons of cargo went through the airport, up 23 percent from June 2011. Through the first half of the year, nearly 30,500 tons of cargo were handled there, up 32 percent from the year-earlier period.

July 2/ Sterling to sell Montana operations

Spokane-based Sterling Financial Corp. announced that its principal operating subsidiary, Sterling Bank, has agreed to sell its Montana operations, which include seven retail branches, to Eagle Bancorp Montana Inc. and its subsidiary, American Federal Savings Bank of Helena. Sterling said Eagle Bancorp will pay about $7.3 million to acquire $187 million of deposits and $44 million of loans and other assets and liabilities under the transaction that's expected to be completed during the fourth quarter of 2012.

Corrections & Amplifications

A front-page photo cutline in the Journal's July 5 issue misidentified an Avro RJ85, a type of four-engine jet that Aero-Flite Inc., of Kingman, Ariz., is converting into a next-generation air tanker for the U.S. Forest Service to use in wildfire suppression. Aero-Flite, which plans to establish operations at Spokane International Airport, also claims to be the largest private operator of CL-215 water-scooping aircraft.