Feb. 18 / Fed orders Bank of Whitman to raise capital
The Federal Reserve System board ordered Colfax-based Bank of Whitman to raise more capital, be acquired by another bank, or merge with another bank within 90 days. In July, the bank had made an agreement with the Fed to submit a capital restoration plan within 60 days. The bank failed to submit a plan, the Fed said, which prompted the new directive. Bank of Whitman listed assets of $681.8 million for the fourth quarter of 2010, compared with $847 million in the year-earlier quarter. The bank is pursuing capital options and has begun looking for a new CEO to replace James Tribett, who resigned in January, said William Knox, the bank's president.

Feb. 17 / Avista's net income rises
Avista Corp., of Spokane, reported fourth-quarter net income of $25.7 million, or 45 cents a diluted share, up from $22.1 million, or 40 cents a share, in the year-earlier quarter. For all of 2010, the company posted net income of $92.4 million, or $1.65 a diluted share, up from $87.1 million, or $1.58 a share, in 2009. The company said an increase in earnings at Advantage IQ, a subsidiary that helps businesses manage their energy use, coupled with a decrease in the net loss from other businesses, contributed to its growth in earnings.

Feb. 17 / Itron's earnings jump
Itron Inc., the Liberty Lake-based manufacturer of automated meter-reading technology, announced fourth-quarter earnings of $26.6 million, or 65 cents a diluted share, up sharply from $5.2 million, or 13 cents a share, in the year-earlier quarter. For all of 2010, the company reported net income of $104.8 million, or $2.56 a diluted share, up from a net loss of $2.2 million, or 6 cents a share, in 2009. The company said it had record quarterly and full-year revenues of $620.7 million and $2. 26 billion, respectively, and expects revenues this year of between $2.15 billion and $2.3 billion.

Feb. 15 / City approves vehicle tab fee
The Spokane City Council voted 4-3 to institute a $20 annual fee on each vehicle registered in the city, beginning in August. The Washington state Department of Licensing said about 132,000 cars are registered in Spokane. The city said this would generate about $2.4 million in annual revenue for street maintenance and about $265,000 for pedestrian improvements.

Feb. 14 / Eliassen named Red Lion president, CEO
Red Lion Hotels Corp., of Spokane, announced that Jon E. Eliassen was named president and CEO of the company. He served as interim president and CEO of Red Lion for about a year, replacing Anupam Narayan, who had been CEO for two years. Eliassen has been a member of Red Lion's board since 2003. He also is Itron Corp.'s board chairman, a board member of IT Lifeline Inc., of Liberty Lake, and principal of Terrapin Capital Group LLC, of Otis Orchards.

Feb. 9 / Ambassadors posts quarterly loss, yearly gain
Ambassadors Group Inc., a Spokane international-travel program provider, reported a fourth-quarter net loss of $6.7 million, or 36 cents a diluted share, compared with a net loss of $6.1 million, or 32 cents a share, for the year-earlier quarter. For all of 2010, the company reported net income of $8.1 million, or 42 cents a diluted share, down from $20.3 million, or $1.05 a share, in 2009. The company said increases in air travel and marketing costs, low advertising revenues, and equipment write-offs contributed to net loss.

Correction
Construction of the Sirti Building at the Riverpoint Higher Education Park, now known as the Riverpoint Campus, was completed in 1994. A time line in the Journal's Feb. 10 issue listed the year incorrectly.