Local business

The Grange Co-op said it will distribute $172,392 in dividends to member and nonmember patrons who had more than $500 in purchases during the previous year.

The retail dividend rate for 2011 was 2.35 percent with 9,129 dividend checks going out in the mail this month to those qualified for them.

Typically, 20 percent of the dividend is paid in cash and 80 percent is paid in equity credits.

Membership is for full- and part-time farmers and ranchers.

Typically, 30 percent of the dividend is paid in cash and 70 percent is paid in equity credits to members.

Sterling Financial Corp. reported net income of $13.3 million, or 21 cents per share, compared with $5.4 million, or 9 cents per share, for the first quarter of 2011.

The Spokane, Wash.-based parent of Sterling Savings Bank said it had acquisition-related expenses of $6.1 million, severance charges of $2.6 million and charges related to branch closures of $1.3 million.

Sterling recently acquired First Independent Bank in Vancouver, Wash., adding $350.1 million in loans, $695.9 million in deposits and 14 branches.

The bank expanded its loan originations by $347.5 million, a 31 percent increase over the same period in 2011.

Compiled from staff reports

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