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About Illinois Valley news. (Cave City, Oregon) 1937-current | View Entire Issue (Aug. 6, 2003)
Page 11 Illinois Valley News, Cave Junction, OR Wednesday, August 6, 2003 Klamath First reports third quarter profits Klamath First Bancorp Inc. reported net earnings for the third fiscal quarter that ended June 30 were $1.1 million, or 16-cents per diluted share, a 15 per- c e n t i n c re a s e o v e r $962,000, or 15-cents per diluted share in the second fiscal quarter. For the third quarter of the last fiscal year, net earnings were $1.9 million, or 30-cents per diluted share. For the nine-month period net earnings were $4 million, or 60-cents per diluted share, compared to $4.4 million, or 68-cents per diluted share, in the first nine months of fiscal 2002. On July 15, Klamath and Sterling Financial Corp. jointly announced a definitive agreement for the merger of Klamath First into Sterling Finan- cial. Under the terms of the agreement, each share of Klamath common stock will be converted into 0.77 shares of Sterling common stock subject to certain conditions. Based upon Sterling’s closing price on July 14, this is equivalent to approximately $20.44 per share of Klamath stock. The transaction, val- ued at approximately $147 million, is expected to close in the first quarter of 2004, pending shareholder and regulatory approval. Blanche M. Phlaum U.S. Navy Petty Offi- cer 3rd Class Blanche M. Phlaum, granddaughter of Ronald Phlaum of Kerby, recently made a port visit to Singapore while as- signed to the aircraft car- rier USS “Carl Vinson,” home ported in Bremerton, Wash. Phlaum is one of more than 6,000 Pacific Fleet Sailors and Marines aboard the USS Carl Vinson Bat- tle Group ships maintain- ing peace and stability in the Western Pacific region, the Navy said. THEN AND NOW - It was Feb. 1, 1950 (top) when the current Lorna Byrne Middle School was dedicated as Illinois Valley High School. Much of the original middle school, in use since 1978, has been destroyed to make room for new construction (bottom). The project is funded through voter-approved bonds for Three Rivers School District. The new and improved middle school is to be ready in time for classes on Sept. 2, the day following the I.V. Lions Club three-day Labor Day Festival. (Top photo courtesy of Glenn Morrison American Legion Post 70) Subscribe to the ‘I.V. News’ Passage of bill will help state collect debts House Majority Leader Tim Knopp (R-Bend) an- nounced the passage of House Bill 3023 which will help the state collect money from delinquent accounts. Currently, state agen- cies only turn over delin- quent accounts after a year of non-payment. House Bill 3023 will force state agencies to turn over accounts after they are delinquent for 90 days and would give the Dept. of Revenue six months to collect payment. Currently, the Dept. of Revenue would continue to try to collect on delinquent accounts. House Bill 3023 would allow them to use collec- tion agencies in the pursuit of delinquent accounts, giving the department a better way to collect on past due accounts. FORGET IRAQ — REBUILD AMERICA Those $billions$ are needed in the U.S.A.! Develop Parks & Recreation Provide Affordable Health Care Increase Fire Protection Money for Schools and Higher Education Rebuild Roads & Bridges Develop Passenger Rail Network Save Senior & Youth Programs Bring the Troops Home, Save Lives & Spend the Money Here, such as Restoring Veterans’ benefits Proudly paid for by Robert Hirning & Michael Garnier