The Everett, Washington-based financial holding company reported a first-quarter loss of $33.8 million, or a loss of 72 cents per share, which compares with net income of $15.5 million, or earnings of 33 cents per diluted share a year earlier. “Despite these challenging times, the Board of Directors and management continue to take important steps to strengthen the Corporation,” the firm said in announcing its quarterly earnings.
“As part of our ongoing strategy to reduce noninterest expense, the Board of Directors voted to suspend the Corporation’s matching of employee 401(k) plan contributions, effective May 1, 2009. This cost saving measure is expected to reduce noninterest expense by approximately $1.7 million annually.”
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