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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Gilbert Addeo Named COO at Investment Placement Group

Investment Placement Group, a network of affiliated wealth management companies, has hired a former Pershing LLC director as its new chief operating officer, the San Diego-based company said.

Encore Capital Reports Record Q2 Collections, Earnings

Encore Capital Group, the San Diego-based buyer of defaulted credit card debt, reported record collections and earnings on Monday, posting second quarter revenue of $290 million, an increase of 8 percent over the same period last year.

BofI Federal Bank's Purchase of H&R Block's Banking Business Gets Approval

BofI Federal Bank says it has received regulatory approval for its planned purchase of H&R Block’s banking business for an undisclosed amount, with the deal now expected to close by the end of September.

Single-Family Home Sales Increased 12 Percent in July

Sales of San Diego single-family homes rose 12 percent in July compared to the year before, with 2,250 sales recorded, according to the Greater San Diego Association of Realtors, though the figures are down from the month before.

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Port Staff Recommends 2 Finalists for Anthony’s Fish Grotto Site

Unified Port of San Diego staff have recommended that the port district enter into negotiations with two locally based finalists – Brigantine Inc. and Sunroad Enterprises -- to potentially replace Anthony’s Fish Grotto when its downtown restaurant lease expires.

City of San Diego's Fiscal Health Markedly Improved, Auditor Says

San Diego’s financial health has improved dramatically over the past decade, recovering from a pension crisis and fiscal mismanagement that brought the city close to bankruptcy, according to a report from the city auditor Thursday.

Renovate America Completes $159.8 Million Securitization

Renovate America, a provider of Residential Property Assessed Clean Energy financing, said Thursday it finished the fourth securitization of PACE (Property-Assessed Clean Energy) bonds by issuing $159.8 million in notes.

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Employee Stock Plans Show Increase Locally

FINANCE: Owners Can Sell; Workers Profit from Profits

Attorney Marc Schechter specializes in helping business owners sell their companies, not to competitors or family members, but to their own employees. Schechter’s firm, Butterfield Schechter LLP, is one of the largest in Southern California to focus on employee stock ownership plans (ESOP) and has seen a spike this year.

County Retirement Fund Changes Course

FINANCE: New CIO Takes Less Leveraged Approach

There’s been a sea change at San Diego County’s $10.3 billion pension fund.

County Pension Board Names Chief Legal Officer

The board in charge of San Diego County’s $10.3 billion pension fund said Wednesday it hired the top lawyer at the city’s pension fund as its chief legal officer, the county pension’s first in-house general counsel in more than a decade.

Index Finds Region's Economic Health Improving Slightly

An index of San Diego’s economic health rose slightly in June even as San Diego’s growth continued to slow, the University of San Diego said Tuesday.

SBA Lending on Pace for Possible 'Record-Setting Year'

San Diego and Imperial County banks and other lenders issued 663 Small Business Administration-backed loans worth $287 million in the past nine months, about a 20 percent increase from last year, the SBA said recently.

Insight San Diego Report Card Sees Room for Improvement

San Diego received passing, but middling, grades on its economy, environment and social equity, according to a local report card backed by the San Diego Regional Economic Development Corp. and others.

Suneva Medical Raises $35.4 Million in Capital

San Diego-based Suneva Medical Inc., a developer of facial skin products, announced the closing of a $15 million equity investment by Almirall Inc., an affiliate of Almirall S.A., a global pharmaceutical company primarily focused within the therapeutic area of medical dermatology.

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Excel Shareholders Approve $2 Billion Acquisition By Blackstone

Shareholders of San Diego-based Excel Trust Inc. have formally approved the previously announced acquisition of the company by Blackstone Group, in a deal valued at approximately $2 billion.