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Alaska InvestNet is incorporating as a nonprofit organization in the state of Alaska. Alaska InvestNet plans to introduce private capital to entrepreneurs to boost the Alaska economy. Offices are located in Juneau and Anchorage. The Juneau office is located at One Sealaska Plaza, Suite 303. The telephone number is 907-586-1929, and the fax number is 907-586-1570. The Anchorage office is located at 3201 C St., Suite 406. The telephone number is 907-565-5633, and the fax number is 907-565-5646. Alaska InvestNET Web address is (www.alaskainvestnet.com) or e-mail Deborah Marshall, director, at (dmarshall@alaskainvestnet.org).
Credit Union 1 recently established a new investment services program at all of its branches. Members can invest in mutual funds, stocks, bonds, tax-deferred annuities or other options. The program is offered in conjunction with Financial Network Investment Corp., a national securities brokerage firm. Both individual and business members can purchase long-term investments, as well as life and long-term care insurance offered through the program. John Powers, financial consultant, has been hired to manage the service. Powers is based at Credit Union 1's South Anchorage branch, located at 8935 Old Seward Highway. The telephone number is 907-339-8308.
Yvette Milne and Lori Davey have opened a new firm, Alaska Marketing Consultants Inc., in Anchorage. Milne is president, and Davey serves as vice president of the firm that offers professional marketing services to businesses and organizations. Alaska Marketing Consultants will augment existing marketing departments for short-term projects or offer full marketing support on contract. The firm provides marketing services in the following areas: strategic marketing design and implementation, market research, product development, public relations and internal management strategies, and special event planning and execution. The telephone number is 907-348-6051, and the fax number is 907-348-6052. The e-mail address is (Davey@gci.net).
State Farm Bank products are now available to customers through participating State Farm agents in Alaska. According to a company release, State Farm Bank's concept eliminates retail branch offices but relies on its agency force consisting of more than 16,000 agents throughout the country to assist customers. The bank is also accessible through the Internet, by telephone and through the mail. For more information, a toll-free number, 877-734-2265, is provided.
Matanuska Electric Association members will receive $1.5 million in capital credit checks and bill credits as a result of action taken by the cooperative's board Jan. 14. Acting on the recommendation of the board's finance committee, directors voted unanimously to authorize a special supplemental capital credits distribution to take place by March 31. The capital credit retirement is the co-op's 20th consecutive annual distribution of capital credits.
The University of Alaska Anchorage opened its $8 million parking garage Jan. 14. The 297-parking spot, three-story garage is part of the $44.8 million library expansion program approved by the UA Board of Regents in August 1998. The prime contractor is Neeser Construction Inc. Construction of the 195,000-square-foot library is scheduled to begin in May and slated for completion in 2004.
Sundries
First National Bank recently reported the bank's 2001 net income was the highest in the bank's 80-year history, up 24 percent from the same time last year. According to D.H. Cuddy, president and chairman, continued loan growth during fourth quarter 2001 generated a 19 percent increase in earnings from fourth quarter last year. First National Bank's net income for 2001 increased to $38.8 million compared to $31.3 million in 2000. Fourth quarter 2001 earnings were $10.9 million, up from $8.8 million for fourth quarter 2000. Outstanding loans climbed to $915 million, an increase of $147 million since year-end 2000 when outstanding loans totaled $768 million. Total assets reached $1.79 billion at year-end 2001, compared to $1.67 billion at year-end 2000.
Northrim BanCorp Inc.'s board of directors announced Jan. 15 a 5 cent per share dividend for shareholders of record at the close of business on Jan. 28 to be paid on Feb. 8. This is Northrim's 28th consecutive quarterly cash dividend. Northrim BanCorp also reported Jan. 16 its net income in 2001 increased by 22 percent to $7.1 million, compared to $5.8 million in 2000. For the fourth quarter ended Dec. 31, net income increased to $1.9 million from $1.7 million in the same quarter a year ago. Total assets at Dec. 31 were $621 million, up 13 percent from $547 million a year ago. On Dec. 31, Northrim Bank completed a reorganization of the bank into a wholly-owned subsidiary of Northrim BanCorp Inc.
