San Diego Business Journal

SD FINANCE

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

S.D.'s January Unemployment Rate Slightly Down to 4.7%

San Diego’s unemployment rate edged down to 4.7 percent in January, from a revised 4.8 percent the month before, as a smaller labor force offsets a net loss of 19,800 jobs.

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KPBS, Union Bank Recognize Efforts of Some Local Heroes

As part of its ongoing commitment to cultural diversity and responsible banking, Union Bank joined KPBS to honor 18 inspirational individuals at the 18th Annual Local Heroes celebration recently.

San Diego Has Nation's Second-Largest Millennial Population

San Diego has the second-largest millennial population per capita among the nation’s largest cities, but they are having a harder time finding work, according to an analysis Thursday from JLL Research.

Many Businesses Unclear on Stormwater Rules Compliance

REGULATION: Most Small Industrial Cos. Are Unaware of Updated Permit

San Diego’s small industrial businesses are struggling to meet the demands of the state’s updated Industrial General Permit (IGP) and new stormwater regulations.

Silvergate Bank Reports $8.1 Million in Net Income for 2015

La Jolla-based Silvergate Bank on Tuesday said its annual net income rose to a record $8.1 million last year, up nearly 60 percent from $5.1 million in 2014, despite income staying flat in the fourth quarter.

USD Economic Index Was Flat in January

An index tracking San Diego’s economic health was flat in January after three consecutive months of less than 1 percent growth.

Chromis Therapeutics Inc. Raises $3 Million in Seed Round

Chromis Therapeutics Inc., an antiviral drug discovery company in San Diego, has raised $3 million in a seed financing round led by Torrey Pines Investment.

Fresh Healthy Vending Hires First Chief Marketing Officer

Fresh Healthy Vending International Inc., a local healthy vending franchisor, announced that it has hired Paul Schmidt as its first chief marketing officer.

National Economy Worries S.D. Businesses, Report Finds

San Diego business owners are more pessimistic about the national economy than they were last year though they remain confident about their personal prospects, according to a report Thursday from Union Bank.

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Grant Brings Students Wonders of Wildlife Refuge, Living Coast

The Living Coast Discovery Center, a nonprofit zoo/aquarium on San Diego Bay in Chula Vista, is one of 186 sites selected to receive a 2016 field trip grant from the National Park Foundation, the official charity of America’s national parks.

We’re Gonna Need a Bigger Pie: Banks Expand Presence in S.D.

FINANCE: If Customer Base Doesn’t Grow, Competition Will Heat Up

Regional commercial-focused banks from Oregon, the Bay Area and Orange County are expanding their presences in San Diego, presenting more options for businesses and a potential loss of clients for larger banks already established in the county.

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Executive Q&A Tom Wornham, President/CEO San Diego Private Bank

BANKING: Community Banker Sees Solid Execution, Instead Of Consolidation and Conformity, as Way to Serve Community

First Interstate Bank, based in Los Angeles, acquired San Diego Trust & Savings Bank in 1993, picking up a bank with more than a century of history, 53 branches and deep affection among San Diegans. When Wells Fargo in turn bought First Interstate in 1996, that past affection did nothing to blunt Wells’ missteps.

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A Time For Accion

FINANCE: Demand Is Growing as Microlender Expands Its Territory, Increases Loan Volume

Accion San Diego, a nonprofit microlender for small businesses, reported its fourth consecutive year of record loan volume, distributing $3.4 million last year.

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Rankings Reveal Draw Of S.D.’s Real Estate

LAND: Commercial Properties Attracting Variety of Investors

Despite recent turmoil in financial markets, and partly because of volatility that makes real estate look stable by comparison, experts said San Diego is among markets capitalizing on job growth, demographic shifts, high barriers to entry for new construction, and a wide variety of investors looking to put cash to work as larger “gateway” cities become too pricey.

Encore Capital to Sell Subsidiary, Announces Q4 Earnings

Encore Capital Group, the largest buyer of defaulted credit card debt, on Wednesday said it was selling its tax lien subsidiary Propel Financial Service in favor of focusing on higher return portions of its business.