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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City Council to Consider Override of Veto of Minimum Wage Hike Aug. 18

The San Diego City Council will consider overriding the veto by Mayor Kevin Faulconer of the ordinance to boost the minimum wage to $11.50 by 2017 and extend sick leave benefits to employees during a meeting scheduled for Aug. 18 at 11 a.m, according to the council.

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RCS Capital to Buy Girard Securities

RCS Capital Corp. said it has entered into an agreement to purchase independent broker-dealer San Diego-based Girard Securities Inc.

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California Bank & Trust Reports Q2 Results

California Bank & Trust, San Diego’s largest locally-based lender with $11 billion in total assets, reported second quarter net income of $29.1 million, compared with net income of $31 million for the like quarter of 2013.

Callaway Golf to Issue $200M in Securities

Carlsbad-based Callaway Golf Co. plans to issue $200 million in new securities.

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Qualcomm Aids China Earthquake Relief Efforts

Qualcomm Inc. said it donated $325,000 to assist in earthquake relief efforts in China’s Yunnan Province.

San Diego-Based Succession Capital Acquires Washington State Company

Succession Capital Inc., a San Diego based private equity firm that buys small- and medium-sized businesses of retiring owners, said it acquired Wine Valley Siding Supply Inc., a distributor of cedar and fiber cement siding based in Bothell, Wash., near Seattle.

Who Derailed Proposed Bank Acquisition Is Open to Interpretation

Federal regulators didn’t approve the proposed acquisition of First Mountain Bank by First National Bank of Southern California, with four of its five branches in San Diego.

Peer-to-Peer Lending Is Gaining Currency

FINANCE: Borrowers and Investors Find a Useful Tool

Peer-to-peer lenders are becoming more acceptable, both as a source of capital for consumers and as a legitimate place for investors to get a better return on their money.

FTD Must Pick Its Course for Provide

ACQUISITION: Staffing Overlap May Bring Cuts

FTD Companies Inc.’s acquisition of San Diego-based Provide Commerce should yield $25 million in annual synergies within three years, according to the buyers. But how those savings will be achieved is difficult to discern.

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Mayor Vetoes Minimum Wage Hike, Spurring Upcoming Override Vote

San Diego City Council will schedule a vote within the next 30 days to consider an override, after Mayor Kevin Faulconer vetoed council’s recent move to hike the city’s minimum wage to $11.50 an hour by January 2017.

BofI Holding Reports Net Income of $56M for Fiscal Year

BofI Holding Inc., parent company of BofI Federal Bank, formerly called Bank of Internet USA, reported fourth quarter net income of $16 million, up 44 percent from the like quarter of 2013.

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BioMed Realty Revenue, Net Income Rise in Second Quarter

BioMed Realty Trust Inc. saw total revenue rise 7 percent from a year ago in its second quarter ending June 30, reaching $171.2 million, the San Diego-based company reported.

Pulse Electronics Reports Q2 Net Sales of $93.6M

Pulse Electronics Corp., a San Diego based maker of electronic components, reported second quarter net sales of $93.6 million, up 6 percent from the prior year’s second quarter.

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Revenue Dips Slightly, Net Income Rises at American Assets

San Diego-based American Assets Trust Inc. reported second-quarter revenue and net income figures similar to those of a year ago, with revenue totaling $62.2 million for the period ending June 30.

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ROIC Reports Second-Quarter Increases in Revenue, Net Income

San Diego-based Retail Opportunity Investments Corp. reported total revenue of $36.9 million in its second quarter ending June 30, an increase of 42 percent from the year-ago period.