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Thursday, Mar 28, 2024
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Finance—First Pacific raises capital, opens for business



Three Local Banks Honored

For Excellence

The county’s newest local bank has successfully completed an initial stock offering and is now open for business, its president said.

Rob Hildt, president of 1st Pacific Bank of California, said Dec. 13 the bank successfully raised $11.5 million in new capital.

The bank has two full-service offices, he said , the headquarters on Regents Road in University Towne Centre and a branch office in Oceanside.

Hildt said the community support for his new bank is an indication to him that there is a demand for the type of flexibility and personal service offered by small community banks.

“The recent trend in San Diego banking has been the acquisition of San Diego-headquartered banks by regional and national banks headquartered out of the county or state,” Hildt said.

“Our successful capitalization and opening is an important message to San Diegans that the local banking services they have lost in the past are now available to them again.”

Hildt is a veteran of 28 years in the banking business, having served in management positions at Bank of Commerce and Pacific Commerce Bank, both of which were purchased by larger banks. Richard H. Revier, a former executive with Rancho Vista National Bank and Bank of Commerce, is the new bank’s executive vice president and chief credit officer, Hildt said.

James H. Burgess, a former executive with Bank of Commerce, Rancho Vista National Bank and San Diego First Bank, is the chief financial officer.

Members of the board of directors are Dr. James K. Knight, chairman, Ron Brown, president of Breezaire Products Co., Robert Cange, president of Cange & Associates International Inc. of Rancho Bernardo, and Donald McVay, a business and tax attorney with the local law firm of McVay & Corrigan.

Other board members are Jeffrey Dunham, president of Dunham & Associates Investment Counsel Inc. of San Diego, Maria Davila, a marketing executive, and Karl James, president of San Diego-based Golden West Tacos Inc.

Golden West Tacos filed for a Chapter 11 bankruptcy reorganization on Nov. 15., according to Luce, Forward, Hamilton & Scripps, the local law firm representing the company.

The company owns and operates 49 Taco Bell restaurants in San Diego County. In October, notices of default on 34 loans secured by individual restaurants properties were filed at the county recorder’s office.

Hildt said earlier this year James made a $150,000 investment in 1st Pacific Bank stock, making him a significant shareholder.

Former Bank of Commerce director Susan Lew and former Rancho Vista National Bank directors Albert and Sammy Colucci are also board members of the new bank, Hildt said.

– – –

Kudos Awarded: Three banks active locally have recently been recognized for excellence.

Carlsbad-based Capital Bank of North County was awarded the U.S. Small Business Administration’s Lender Achievement Award for Exemplary Portfolio Management early this month.

Don Schempp, president and CEO of the bank, said the award resulted from his institution maintaining a high standard in ongoing education, coupled with a sound credit culture and an experienced staff of loan officers.

The San Diego County Better Business Bureau recognized Rancho Santa Fe National Bank for its commitment to marketplace ethics, said Terri Edwards, a spokeswoman for the Better Business Bureau.

California Bank & Trust; late last month received the Small Business Administration’s recognition for being the top SBA lender to Hispanic small businesses, said Katy Morrison, a bank spokeswoman.

Send finance news to Grupe at agrupe@sdbj.com

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