STCU names next chief executive

Spokane Teachers Credit Union has announced Thomas A. Johnson will become its next CEO, effective Jan. 1, 2011.

He will take over the reins from CEO and President Steven L. Dahlstrom, 57, who is retiring.

Since 2006 Johnson, 59, has been STCU’s vice president of administration. He served on its board for 12 years.

Johnson will be STCU’s fourth president in its 76-year history.

From 1989 to 2006, Johnson was a vice president at Whitworth University. He has a bachelor’s degree in business and industrial administration from the University of Illinois and a master’s of business administration from Clarkson University in Potsdam, N.Y.

Staff report

Retail stores show modest April gains

New York – The nation’s retail recovery continued in April, albeit at a more sluggish pace than in recent months.

Sales at major chain stores increased 0.5 percent compared with the same month a year earlier, according to Thomson Reuters’ tally of 28 retailers. That was worse than the 1.7 percent increase that analysts had been expecting.

An earlier Easter this year and poor weather in some parts of the country led to weaker sales than in March, when retail sales soared a record 9.1 percent.

The strongest April performers included Costco Wholesale Corp., which posted an 11 percent gain; Nordstrom Inc., where sales rose 7.5 percent; and off-price retailer TJX Cos., parent to the T.J. Maxx and Marshalls chains, with a 4 percent increase.

Los Angeles Times

Mortgage rates dip to six-week low

McLean, Va. – Rates for 30-year fixed mortgages have fallen to their lowest level in six weeks, Freddie Mac said Thursday.

The average rate for 30-year fixed-rate mortgages was 5 percent this week, down from last week when it averaged 5.06 percent. A year ago, 30-year fixed rate mortgages averaged 4.84 percent, Freddie Mac said.

This week, the average rate on a 15-year fixed-rate mortgage was 4.36 percent, down from last week when it averaged 4.39 percent.

Associated Press