It didn’t take long for the Nasdaq Hearings Panel to make a ruling regarding Cowlitz Bank’s appeal of a delisting notice that had been filed back in May, announcing this morning that the request for a exception to the listing standards has been denied. Today is the last day of trading in Cowlitz Bank stock on the Nasdaq exchange, and the company is taking a beating. Cowlitz Bank opened the day at $4.07, and within the hour of trading, the stock was down more than $2. It has since rebounded a bit. Last Friday, Cowlitz Bank appealed the delisting notice, presenting an updated plan to get back into compliance. It took just three days to reject that updated plan. Cowlitz Bank also faces a pending action from the FDIC, which says that Cowlitz Bank is “critically undercapitalized,” and has set a July 15 deadline to raise $15 million, or to sell to another financial institution. In recent days, a Bellevue-based private equity company that had attempted a takeover in 2007 started liquidating its holdings; Crescent Capital VI sold about $900,000 of Cowlitz Bank stock in the past two weeks. Cowlitz Bank officials say that the stock sale was a good thing, and might help to attract investors, but it’s unclear at this time how the delisting decision will affect those efforts to attract capital investors.
Archive | June, 2010
Three people from Longview are in the Lewis County Jail, picked up and charged in connection with a spree of automobile and car part thefts. The arrests were reported on Monday; Jeremiah James O’Brien, 24, was picked up, along with his girlfriend, Alexis Christine Conway, 23, and Michael Allen Jewett, 25. Authorities in Lewis County say that the trio was picked up near the Twin City Town Center, as they responded to a report of car wheels being stolen from a newer model Honda that had been parked at the K-Mart in Chehalis. As they checked on the suspects, three stolen cars were recovered, along with other stolen car parts. They say that it looks like this group focused on Hondas. At this point, O’Brien is charged with possession of stolen property, Conway is being held for a Longview misdemeanor theft warrant, and Jewett is being held for driving while suspended. Centralia Police say that they’re continuing the investigation, and expect to file more charges as more evidence is collected. It’s noted that all three suspects have previous felony convictions.
Longview Police have taken possession of a pair of explosive devices found yesterday morning in an alley off of 9th Avenue. At about 7 am, a woman leaving her apartment in the 1600 block of 9th Avenue reported finding a pipe bomb near where her car was parked. She described the device as being six to eight inches long, two inches in diameter and wrapped in duct tape. She also said that it looked like a similar device had already been detonated. Officers arrived and confirmed that the device was a pipe bomb, and also confirmed that another device had been set off. The one device was defused and taken for examination, along with the remnants of the device that had been detonated. no suspects have been identified.
Codey Jay Miller, 20, of Woodland is under arrest, picked up in connection with a school bus arson that was reported last July. Today’s Daily News reports on Miller’s arrest; on July 27th of last year, a bus was torched at the Woodland School Bus Barn. About two weeks ago, the Sheriff’s Office got an anonymous tip, saying that Miller and another man, Timothy Rose, 19, of Woodland, were involved in the fire. Deputies say that the caller claimed that he’d received a “drunk dial” from Miller, who was laughing and saying that he’d just burned a bus. As Deputies followed up, a second witness claimed that Miller had a video of the fire, and was showing it to other people. Rose was brought in for an interview on the 23rd, as he was serving a 10-day jail sentence on an unrelated burglary charge. They say that Miller had sprayed the inside of the bus with a fire extinguisher before he set a “mouse nest” on fire underneath a seat on the bus. The fire spread and did about $125,000 damage to the year-old bus. Miller was arrested last Friday, and is now being held for suspicion of second-degree arson. Initial bail has been set at $20,000. At this point, Rose hasn’t been charged in connection with the fire.
Formal charges of attempted first-degree murder are being filed against Robert Byron Lee, 46, of Kelso, the man accused of stabbing his brother just over a week ago. The Daily News reports that the charges were filed Monday in Cowlitz County Superior Court. It’s alleged that Lee stabbed his brother, Michael Dwight Lee, 59, as he was working in a yard in Kelso. As of yesterday, he was still in serious condition at a Portland hospital. Michael Lee says that his brother blames him for the July 2005 drowning of his son, Paul Lee, 18. Robert Lee continues to be held in the Cowlitz County Jail in lieu of a half-million dollars bail. If convicted on this charge, it would be Lee’s “second strike;” he has a previous conviction for first-degree armed robbery, a case that dates back to 1998.
Cliff Lee went the distance, pitching the Mariners to a 7-4 victory over the New York Yankees. Felix Hernandez takes the mound today in the Bronx, KLOG 3:00 pm…..The Portland Bucks defeated the Cowlitz Black Bears 5-4 in 10 innings last night. The Bears will try and snap a seven game losing streak tonight when they host the Portland Lobos in a 6:35 pm game…..Pacific Tech swept a Legion double header over Sumner yesterday, winning by scores of 11-1 and 16-7. Brandon Middleton had homers in each game…..Hamer Electric defeated Columbia River 6-3 in Senior Babe Ruth ball yesterday…..The Blazers waived forward Ryan Gomes yesterday. He had been acquired in a draft day trade…..The Portland Timbers host the Seattle Sounders in a soccer match at PGE Park tonight.
The Department of Fish and Wildlife says that its had to euthanize and move a number of black bears from the Long Beach peninsula, after the bears had become accustomed to feeding by people from the town of Oysterville. DFW officials say that this was a situation that had gone on for some time, before someone finally made a complaint. They say that most, if not all, of the feeding was being done at one home, with the residents reporting that they’d spent $4,000 a year on dog food that was going to the bears. Neighbors reported becoming concerned as more and more bears showed up for food. Ten bears were removed; five female adults and cubs were relocated to the Mount Rainier National Park, while the other five had become so used to people, that they had to be put down. One game officer says that the bears were so familiar with people, that one crawled into the cab of his pickup truck. Enforcement Sergeant Dan Chadwick says that it was a “completely unnatural” situation, all caused by people feeding wild bears. The meat from the euthanized bears was donated to a local food program.
Just in time for the Independence Day holiday weekend, the Forest Service is announcing the opening of Forest Road 99 to Windy Ridge. Officials with the Gifford Pinchot National Forest say that the road will open today, after crews removed travel obstructions and completed repairs on the road. There is some work continuing, so drivers will be need to be aware of equipment and crews on the roadways. Find out more by checking the Gifford Pinchot forest website before heading out.
A Celebration of Life for seven year-old Conner Reed Jones of Longview is planned for 1 pm today at Longview Community Church. The boy died at home last Thursday, finally succumbing to complications from Cystic Fibrosis. It noted that local firefighters have taken on an effort to support the Cystic Fibrosis Foundation, hosting several events to raise money for that cause. Last year, the Cowlitz 2 Firefighters Union, local 3828, held a poker fundraiser that brought in nearly $3,800 for the CF Foundation. They say Conner’s father, Brad Jones, attended that event, nothing that the effort wouldn’t help his son, but he says it will help to find a cure for other kids and adults. Cowlitz 2 firefighters are also participating in the Portland Firefighters’ stair climb challenge, Climb for the Cure. 26 local firefighters raised $1,500 in the event last year, and 43 firefighters from Cowlitz 2, Kalama, Woodland and Castle Rock are taking part in this year’s event. It’s noted that Conner Jones had been made an honorary firefighter prior to his death, and at today’s Celebration of Life, firefighters will help as ushers, and will also assist as pallbearers.
A special picnic is planned for this afternoon and evening at Victoria Freeman Park in Longview, called the Cowlitz County Reunification Day Picnic. Today’s observance marks the work done to reunite families that are brought back together, recognizing the importance of reunification to kids who are in foster care. Today’s picnic is being sponsored by Cowlitz County CASA, Families for Kids, Cowlitz County Superior Court, and the Kelso office of Child and Family Services. It will run from 4:30 to 7 pm.