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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Hillcrest Apartment Project Gets $7.46 Million in Construction Financing

Real estate and capital services provider HFF has secured $7.46 million in construction financing for a planned 36-unit apartment building in Hillcrest, being developed by San Diego-based Veritas Urban Properties.

Seacoast Commerce Bank Makes Gains in Net Income, Assets

Seacoast Commerce Bank, which amazingly is now the fourth largest community bank headquartered in San Diego, reported third quarter net income of $1 million, up 300 percent from the net income for the same quarter of last year.

Law School Gets Extension on Bonds

FINANCE: TJLS Trying To Restructure Its Debt

Thomas Jefferson School of Law obtained another extension from bondholders to the end of this month to negotiate a new agreement following the school’s default in June on $133 million of outstanding debt.

San Diego Private Bank Reports Third Quarter Net Income

San Diego Private Bank, which just announced the acquisition of all the loans and deposits of First Security Business Bank, reported third quarter net income of $723,000, up 58.6 percent from the like quarter of last year.

San Diego Private Bank to Acquire First Security Business Bank

San Diego Private Bank, which merged with Coronado First Bank in April 2013, is expanding again, having signed a definitive agreement to acquire all of the loans and deposits of First Security Business Bank, a one-office industrial bank in Orange.

Vibra Bank Reports Strong Third-Quarter Net Income

Vibra Bank, based in Chula Vista and with one branch, reported third quarter net income of $305,000, compared to net income of $134,000 for the like quarter of 2013.

Unanimous City Council Vote Puts Minimum Wage Issue on June 2016 Ballot

A phased-in minimum wage increase required of businesses located in the city of San Diego that would have raised the wage from $9 to $11.50 by 2017 will be put to a public vote on June 2016 following a unanimous 9-0 vote by the San Diego City Council.

Apricus Receives $10M in Financing to Pursue Licensing Deal

San Diego-based Apricus Biosciences Inc. announced that it has acquired $10 million in financing to purchase licensing from Finland-based Forendo Pharma to develop and commercialize an investigational treatment for urological conditions in men.

Acquisition of redIT Clears Final Regulatory Hurdle

KIO Networks, a Mexico-based Internet services provider, said it concluded the final regulatory process of acquiring redIT, a San Diego-based provider of information technology data centers.

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This Organization Helps Open the Door to Defense Contracts

ECONOMY: Group Can Be a Guide; It Can Also Advocate for Industry

Selling to the government is hardly simple, but by joining forces, contractors like Doug Ray make things easier for themselves and each other.

Neighborhood National Bank Slowly Filling Its Tanks These Days

If you’re a gas station owner looking for a loan, don’t bother visiting Neighborhood National Bank. It’s not that the San Diego lender can’t support anything connected to the oil industry. It’s just that it’s gotten hosed by a couple of problem loans to gas station borrowers.

Business Index Outlook Is Up 1.7 Points in September

The San Diego Business Outlook Index, a measure of local business owners’ confidence, increased by 1.7 points in September to 26.7, driven by more optimism about increased workforce hours.

September Unemployment Rate in County Is 5.9%

San Diego’s unemployment rate in September was 5.9 percent, down from August’s 6.2 percent, and down from the year-ago rate of 7.3 percent, according to the state’s Employment Development Department.

Registrar Validates Signatures for Potential Vote on Minimum Wage

Registrar of Voters has validated signatures collected by opponents of a recently approved hike in San Diego’s minimum wage, meaning enforcement will be delayed until the issue is decided by voters.

Region Ranks Sixth in Q3 Venture Capital Dollars

Twenty one San Diego area businessesattracted about $220 million in venture capital during the third quarter, according to the Dow Jones VentureSource report.