SD FINANCERecent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
FINANCE: Firm’s Database Aims to Inform Investors
Six years after its start, BrightScope, a San Diego software company focused on the financial services industry, is no longer just rating retirement plans.
An index measuring San Diego’s economy rose 1.3 percent in November, and another 0.8 percent in December, marking seven consecutive months of gains, and signaling continued growth at least through the end of this year.
BofI Holding Inc., parent company of BofI Federal Bank, the San Diego-based online lender, reported record fiscal 2015 second-quarter net income of $19.4 million, up 47 percent from the like quarter of fiscal 2014.
National Funding, a San Diego private small business lender, said it expanded its business to include broker services to fund loans.
San Diego Private Bank reported 2014 fourth-quarter net income of $734,000, compared to net income of $2 million for the like quarter of 2013.
Chula Vista-based Vibra Bank reported 2014 fourth-quarter net income of $600,000, compared to $44,000 for the like quarter of 2013.
Among the new proposals touted last week by President Obama to boost the nation’s middle class were free tuition for community colleges, expanding paid sick leave, and giving working families tax breaks.
FINANCE: It Pays to Stay For 8 Local Businesses
Looking to expand but not thrilled with the business climate in California, Santee-based Quality Controlled Manufacturing Inc. was considering relocating to another state a few years ago.
San Diegan Richard Rojeck has begun his role as Chair of the Board of Directors for Certified Financial Planner Board of Standards Inc., a nonprofit organization that certifies more than 71,000 professionals as Certified Financial Planners.
City National Bank, based in Los Angeles and with seven offices in San Diego, said it signed a definitive agreement to be acquired by Royal Bank of Canada in a stock and cash deal valued at $5.4 billion.
Gurtin Fixed Income Management LLC, a Solana Beach-based investment firm specializing in municipal bonds, promoted several top staffers as it grows its team.
Silvergate Capital Corp., parent company to San Diego-based Silvergate Bank, obtained $8 million in a stock investment from BankCap Partners, a Dallas-based private equity firm, at the end of last year, providing funds for expanding and for repurchasing existing stock, said CEO Alan Lane.
Seacoast Commerce Banc Holdings, the parent company for Seacoast Commerce Bank, reported 2014 fourth-quarter net income of $830,000, compared to net income of $251,000 for the same quarter in 2013.
One Roof Energy Group Inc., a San Diego provider of solar energy financing services, said investors in a planned $15 million convertible notes financing include existing investors Black Coral Capital and Spindrift Equities LLC as well as certain other unaffiliated investors.
FINANCE: Auto Lending Up 44% At Local Institutions
Credit unions are benefiting from a national trend of consumers replacing their aging vehicles and borrowing money at historically low interest rates.