San Diego Business Journal

SD FINANCE

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

Sempra Reports Third Quarter Net Income of $348 Million

Sempra Energy reported third quarter net income of $348 million, compared to net income of $296 million for the same quarter of 2013.

Regulus Announces Closing of Public Offering of $103.5M of Common Stock

Regulus Therapeutics Inc., a biopharmaceutical company in San Diego, announced the closing of its underwritten public offering of $103.5 million of shares of its common stock.

San Diego's Economy Will Top $200 Billion, Report Says

San Diego’s economy will end this year above $200 billion in gross domestic product, the sum of all spending by companies, the highest level in its history, according to a recent study by a local think tank.

Economic Index Shows Fourth Consecutive Month of Growth

An index measuring San Diego’s economy increased 0.6 percent in September, the fourth consecutive time it’s risen and the largest monthly spike since February 2013.

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Excel Trust Sees 4.5 Percent Revenue Increase in Third Quarter

San Diego-based Excel Trust Inc. posted a 4.5 percent gain from a year ago in total revenue for its third quarter ending Sept. 30, reaching $30.2 million.

Some Welcome Rule Changes For Mortgages

FINANCE: Smaller Down Payments, Lower Credit Scores Accepted

Federal regulators recently amended rules covering mortgage lending aimed at broadening credit to many potential borrowers who have been blocked because of stringent requirements.

SDPB Hits a ‘Grand Slam Home Run’ With Its Bank Buy

When banks buy other banks, the deal usually entails a stock for stock payment, with the buyer assuming all the liabilities of the acquired bank.

Vibra Bank Acquired by Los Angeles Bank

Vibra Bank, based in Chula Vista and one of San Diego’s smallest with about $148 million in assets, said it signed a definitive agreement to be acquired by Pacific Commerce Bank of Los Angeles in a stock and cash deal valued at $16 million.

Thomas Jefferson Reaches Restructuring Deal With Bondholders

Thomas Jefferson School of Law said it signed a restructuring agreement with its bondholders, reducing its debt from $127 million to $40 million, and lifting the cloud of default.

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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.