San Diego Business Journal

SD FINANCE

Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
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No Doom Seen in S.D.’s VC Gloom

FINANCE: Activity Drops in Late Round, Seed Stage Grows

Venture capital investments slowed significantly in San Diego last quarter even as private equity dollars surged nationwide, according to two prominent reports.

Mitek Systems Inc. Posts Q3 Revenue of $6.4 Million

Mitek Systems Inc., creator of mobile check deposit technology, said Thursday it saw record third-quarter revenue of $6.4 million in the three months ending in June, up nearly 38 percent from the same period last year.

Qualcomm Confirms: More than 4,500 Jobs to be Cut

Wireless communications giant Qualcomm Inc. plans to lay off 15 percent of its staff as part of what it calls a “strategic realignment.” The company laid out its plan on July 22.

Grandpoint Bank Reports Q2 Net Income of $7.3 Million

Grandpoint Bank and its three divisions, including La Jolla-based Regents Bank, reported on Tuesday a second-quarter net income of $7.3 million, up 62 percent from the $4.5 million during the same period last year.

County Unemployment Rate Increases Slightly to 5% in June

Unemployment in San Diego rose slightly to 5 percent in June, up from a revised 4.9 percent in May, as the region added 4,200 jobs.

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Small Loans Become Profitable With Employers on Board

FINANCE: Payroll Deductions Are a Key Part of Lowering Risk

Borrowers looking for a loan of $1,000 or less typically have limited choices. Banks say the interest and fees often aren’t enough to make the loan profitable, as the origination and servicing costs are just as high as more traditional loans. Payday loans require fast payback and carry high annualized interest rates.

Behind the Innovation Is Lots of Patent Power

ECONOMY: IP Prowess Seen In Region’s Rankings

If patents are a measure of brainpower, the region is awash in gray matter.

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The Aftermath

What Price Would S.D. Pay If the Chargers Leave Town?

San Diego native Rafael Alvarez remembers coming across a homeless person in Barrio Logan a few years back, and recalls that despite having a hard life, the man proudly sported a San Diego Chargers cap.

County Retirement Board Ends Agreement With Outside Investment Firm

The board in charge of the San Diego County Employees Retirement Association voted Thursday to formally end its agreement with investment managers Salient Partners after hiring an internal investment officer to take over management of the $10.6 billion fund.

Seacoast Commerce Reports Q2 Net Income of $1.4 Million

Second-quarter net income for Seacoast Commerce Banc Holdings, the parent company for Seacoast Commerce Bank, rose nearly a $1 million since last year, to $1.4 million, the company’s 20th consecutive quarterly profit.

Foreclosures Down 4 Percent Over Last Year

San Diego saw 1,735 completed foreclosures in the year ending in May, down about 4 percent from 1,809 the year before, as foreclosures dropped sharply nationwide, according to data from CoreLogic.

Growing Pains

ECONOMY: Rapid Growth Can Bring New Concerns, Distractions

Doubling or even tripling revenues in just two years is a dream for many entrepreneurs, a sign they correctly spotted an unmet need and that their business could soon be an unqualified success.

TearLab Is Moving Its Headquarters to Texas

ECONOMY: Company Appoints Executive Wes Brazell CFO

Yet another San Diego company is moving to Texas.

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New CEO Is Seeking Recognition for Port of San Diego

ECONOMY: Job Requires Balancing Diverse Interests

Randa J. Coniglio has lived in San Diego all her life, but the new top executive at the Port of San Diego said she didn’t become aware of the port’s scope and importance until age 40.

San Diego Exported $18.6 Billion in Goods in 2014

San Diego exported a record $18.6 billion worth of goods last year, up about $700 million from 2013, the U.S. Department of Commerce said Thursday.