San Diego Business Journal

SD FINANCE

Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...

San Diego County Credit Union Reports Net Income of $75M

San Diego County Credit Union, the area’s largest credit union and second-largest locally-based financial institution, reported net income for the nine months ended Sept. 30 of $75 million, up from $66.7 million in net income for the like period of 2013.

Bank of Southern California Assumes Assets, Deposits of Seized Bank

San Diego-based Bank of Southern California assumed all the deposits and assets of Frontier Bank in Palm Desert following its seizure by federal bank regulators on Nov. 7.

Huntington Capital Provides Financing to DataShield LLC

Huntington Capital Fund III, a San Diego-based private equity fund, said it completed a $4 million loan and equity commitment to Datashield LLC, a Utah-based managed security services provider.

Vibra Transaction: County Has One Less Community Bank

Vibra Bank CEO Frank Mercardante insisted the sale of his Chula Vista bank to Los Angeles-based Pacific Commerce Bank wasn’t a sale but a merger.

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Escondido Office Property Sells for $3.7 Million

San Diego-based SENTRE Partners has purchased Escondido Gateway, a 26,000-square-foot office property in Escondido, for $3.7 million, marking the company’s third acquisition this year in North County.

Encore Capital Group Reports Q3 Net Income of $30.3 Million

Encore Capital Group Inc., the San Diego buyer and collector of charged-off credit card debt, reported third quarter net income of $30.3 million, compared to net income of $21.8 million for the like quarter of 2013.

Third Quarter Revenue, Income Rise at American Assets Trust

Total revenue at American Assets Trust Inc. rose 3 percent from a year ago for the third quarter ending Sept. 30, reaching $67.3 million, the San Diego-based company reported.

Mast Therapeutics Prices Underwritten Public Offering

San Diego-based Mast Therapeutics Inc., a clinical-stage biopharmaceutical company, announced the pricing of its underwritten public offering that is expected to raise gross proceeds of approximately $21 million.

AmericanWest Bank Announces Merger with Banner Bank

AmericanWest Bank, with seven branches in San Diego and headquartered in Spokane, Wash., said it’s merging with Banner Bank, also based in Washington, in a deal that would create a “super community bank” with more than $9.7 billion in assets, and about 190 branches in five western states.

Silvergate Bank Reports $980,000 in Third-Quarter Net Income

Silvergate Bank, based in University City with four branches, reported third quarter net income of $980,000, compared to net income of $1.36 million in the like quarter of last year.

BofI Holding Inc. Reports $17.8M in First-Quarter Net Income

BofI Holding Inc., the parent company to San Diego-based BofI Federal Bank, reported fiscal 2015 first quarter net income of $17.8 million, up 46.5 percent from the like quarter of the prior year.

Sempra Reports Third Quarter Net Income of $348 Million

Sempra Energy reported third quarter net income of $348 million, compared to net income of $296 million for the same quarter of 2013.

Regulus Announces Closing of Public Offering of $103.5M of Common Stock

Regulus Therapeutics Inc., a biopharmaceutical company in San Diego, announced the closing of its underwritten public offering of $103.5 million of shares of its common stock.

San Diego's Economy Will Top $200 Billion, Report Says

San Diego’s economy will end this year above $200 billion in gross domestic product, the sum of all spending by companies, the highest level in its history, according to a recent study by a local think tank.

Economic Index Shows Fourth Consecutive Month of Growth

An index measuring San Diego’s economy increased 0.6 percent in September, the fourth consecutive time it’s risen and the largest monthly spike since February 2013.