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The News in Brief

Gap to buy Athleta

PETALUMA – Gap Inc. of San Francisco plans to acquire women’s sportswear developer Athleta of Petaluma for about $150 million in cash.

Athleta CEO Joe Teno would become president of the Athleta line should the acquisition clear regulatory hurdles. He would report to Toby Lenk, president of Gap’s direct sales division.

Publicly traded Gap (NYSE: GPS) wants to incorporate the Athleta brand as the “fifth tab,” or section, of the Gap’s Universality online marketplace and gain more market share in the $31 billion-a-year U.S. women’s activewear market.

Doyle Scholarship is suspended

SANTA ROSA – Due to the suspension of dividends at Exchange Bank, Santa Rosa Junior College has been forced to suspend the Doyle Scholarship.

Students who are currently getting the scholarship will continue to receive funds through the spring semester provided they continue to qualify, but students will not have the option during the 2009-2010 school year.

In the 58 years the Doyle Trust has been in existence, roughly $78 million has been awarded to approximately 112,000 students.

Summit to record charge

SANTA ROSA – Summit State Bank will record one time, noncash charge of $2.2 million in September related to debt securities issued by GMAC and the bankrupt Lehman Brothers as well as investments with Fannie Mae and Freddie Mac.

“There was a change in the expected cash flow of the securities we purchased,” said Dennis Kelley, senior vice president and chief financial officer of the bank.

Tom Duryea, Summit State’s president and chief executive officer, said, “we still have the highest capital of the established banks. ... Zero percent of the loans were past due for the fourth time out of the last five quarters.”

Senate passes solar credit

WASHINGTON – The U.S. Senate passed a bill to extend and improve the federal tax incentive program for solar installations. The legislation now awaits passage by the House before it goes to the president’s desk for final approval.

A 30 percent tax credit for commercial solar installations slated to run out at the end of this year has been extended for eight more years. The amendment to the Energy Improvement and Extension Act of 2008 passed by a vote of 93 to two.     

Haywood buys brand back

SONOMA – Peter Haywood reacquired his Sonoma Valley wine zinfandel brand from a business unit of New York-based drinks giant Constellation Brands. Terms of the acquisition weren’t disclosed.

The Haywood Estate brand has been through several corporate acquisitions.

Mr. Haywood became frustrated with corporate management of his namesake brand, concluding that the high-end portion was too small for corporate sales and marketing attention.

Mr. Haywood approached Beam Wine Estates about acquiring the brand and trademarks, and they cut a deal in spring 2007 for a two-year transition of ownership.

Then Constellation Brands acquired Beam Wine Estates in December of last year and the transfer of ownership was accelerated. The 2007 vintage will be made through an alternating proprietor arrangement with Deerfield Ranch Winery in Kenwood.

Mr. Haywood also acquired the inventory of the 2005 and 2006 vintage Haywood Estate zinfandel wines.

Marin Healthcare forms ‘transitional committee’

GREENBRAE – The Marin Healthcare District nominated nine experts to a “transitional committee” that will advise the hospital in its shift back to district control.

The group is comprised of experts in health care, insurance, communications, business and marketing and will advise hospital CEO Lee Domanico for the next year or two while Sutter Health relinquishes managing control of the hospital.

Current transitional committee members are: Harvey Bichkoff, chief executive officer of California Cancer Care Inc.; David Hill, former chairman of KQED; Ann Kao, cardiologist; David Joyner, senior vice president of Blue Shield of California; Derek Parker, former principal and chairman of Ansen & Allen Architects; Robert Pierce, president of Warm Springs Holdings; Mara Perez, founder of Mara Perez Ph.D. Development and Planning Services; Steve Schroeder, director of Smoking Cessation Leadership Center and professor of health and health care at UCSF; and Tim Sowerby, gastroenterologist.