Federal regulators on Friday shut down Kansas-based Columbian Bank and Trust. The Federal Deposit Insurance Corp. was appointed receiver of...

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Banks

Federal regulators on Friday shut down Kansas-based Columbian Bank and Trust.

The Federal Deposit Insurance Corp. was appointed receiver of Columbian Bank of Topeka, Kan., which had $752 million in assets and $622 million in deposits as of June 30.

The FDIC said the bank’s deposits will be assumed by Citizens Bank and Trust of Chillicothe, Mo. Its nine offices will reopen Monday as branches of Citizens Bank.

It was the ninth failure this year of an FDIC-insured bank. That compares with three failures in all of 2007.

Retail

Steve & Barry’s acquisition OK’d

A U.S. Bankruptcy Court judge on Friday approved a $163 million acquisition of discount clothing chain Steve & Barry’s.

BHY Holdings LLC, an affiliate of investment firms Bay Harbour Management and York Capital Management, said earlier this week it had won a bid to buy Steve & Barry’s for $168 million. A company representative was not immediately available to discuss the court’s decision.

The deal went before U.S. Bankruptcy Court Judge Allan Gropper in New York on Thursday and Friday. The acquisition is expected to be completed Monday.

Steve & Barry’s has five stores in this state, located in Everett, Auburn, Spokane, Olympia and Vancouver.

Biotech

FDA approves Amgen’s Nplate

Amgen won U.S. Food and Drug Administration approval to market a new drug for a bleeding disorder that affects 60,000 Americans

The weekly injection, Nplate, treats a disease that causes the immune system to attack platelets in the blood, making patients vulnerable to bruising and severe bleeding, the FDA said Friday.

The Thousand Oaks, Calif.-based company has about 1,000 workers in the Seattle area.

Telecom

Embarq shedding hundreds of jobs

Telecommunications provider Embarq said Friday it is cutting between 500 and 700 jobs and eliminating about 300 contract positions as it deals with a continued loss of telephone customers.

The Overland Park, Kan.-based company said the job cuts will all come from its Network Services organization, which installs and maintains its network, and is part of the company’s attempts to bring down costs.

Embarq is the nation’s fourth-largest traditional telephone company with service in 18 states, including south-central Washington.

Compiled from The Associated Press