San Diego Business Journal

SD FINANCE

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

Moody's Upgrades City of San Diego's Bond Rating

Moody’s Investors Services upgraded its rating for the city of San Diego’s outstanding lease revenue bonds from A2 to A1, with a stable outlook.

BSC Expects to Boost Business with Its Latest Acquisition

BANKING: It Is Now S.D.’s Sixth-Largest Community Bank

San Diego-based Bank of Southern California acquired the assets and deposits of failed El Paseo Bank in Palm Desert, expanding BSC’s footprint in the Coachella Valley to four branches. It now has a total of eight branches.

Merger Approval Subject of Overland Storage's Shareholders Meeting

Overland Storage Inc., the San Diego provider of data storage systems, set a special shareholders meeting for Nov. 28 to approve the company’s merger with Ontario, Canada-based Sphere 3D, but approval would appear to be a foregone conclusion.

Some Well-Timed Bank Buys Prove Profitable for Investors

Recent bank deals affecting large swaths of the West and San Diego prove that private equity prefers cashing out of investments and the preferred holding time is no more than five years.

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Improving Economy Changes the Holiday Hiring Dynamic

WORKFORCE: Filling Positions Usually Starts 2 Months in Advance

Dominique Hernandez is working longer hours these days. She has jobs to fill, people to train.

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.