San Diego Business Journal


Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
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Jamba Juice ‘Hiring Day’ Recruitment Seeks 1,000 New Workers

Emeryville-based Jamba Juice Co. plans to hold a National Hiring Day on Aug. 21, recruiting in several California cities including San Diego as it seeks to add up to 1,000 new employees.

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Sanford-Burnham Medical Research Institute Names Nisen CEO

Sanford-Burnham Medical Research Institute’s board of trustees has appointed Perry Nisen as CEO and holder of the Donald Bren chief executive chair for the institute’s La Jolla-based headquarters.

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Mitek Sees Stock Drop as CTO Leaves, Some Patent Lawsuits Dismissed

Mitek Systems , a San Diego maker of software used by more than 2,500 financial institutions for transferring money via mobile devices, saw its stock plunge 18 percent Aug. 18 following the company’s announcement that its chief technology officer abruptly left the company.

San Diego City Council Overrides Veto of Minimum Wage Hike

San Diego City Council has voted 6-2 to override Mayor Kevin Faulconer’s veto of a measure to raise the city’s minimum wage to $11.50 an hour by 2017.

County Business Forecast Index Drops 8 Points in July

The San Diego Business Forecast, an index measuring the county’s business outlook, showed a dramatic decline in July, falling 8 points from June.

Silvergate Shifts Strategy to Make More Nonqualified Mortgages

Silvergate Bank changed its lending strategy from making qualified mortgages to making nonqualified ones, or those that aren’t bought by the two major government-sponsored entities, Fannie Mae and Freddie Mac.

County Unemployment Rate Increases to 6.6% in July

San Diego’s unemployment rate increased to 6.6 percent in July, up from a revised 6.1 percent in June, as the region shed nearly 6,000 jobs, mostly from school employees taking a summer recess, according to the state’s Employment Development Department.

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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.