San Diego Business Journal


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

Navy Federal Adds Branch Locations to Better Serve Members

Navy Federal Credit Union plans to expand its branches in San Diego County by three this year, despite proclaiming that an increasing number of its members use mobile banking. The three new branches — in Point Loma, Clairemont and Encinitas — would bring the total Navy Fed branches in the county to 21 and add about 26 employees to its regional work force of about 300, said June Sanchez, one of two regional managers for the county.

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Money Matchmaking

FINANCE: Small Businesses Look for Lenders Beyond the Bank

Banks are loosening up and approving more loans to small businesses these days, or so they say.

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BioMed Declares First Quarter Stock Dividend

San Diego-based BioMed Realty Trust Inc. (NYSE: BMR) has declared a first-quarter 2014 dividend of 25 cents per share of common stock, equivalent to $1 per share on an annualized basis.

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Mallinckrodt Completes Acquisition of Cadence Pharmaceuticals

Irish specialty drugmaker Mallinckrodt PLC has completed the $1.4 billion purchase of San Diego-based Cadence Pharmaceuticals Inc. The deal was announced initially in February.

Wells Fargo & Co. Gives $459,000 in Grants to Local Groups

Wells Fargo & Co., the nation’s largest mortgage lender, announced the awarding of grants to two San Diego nonprofits: Community Housing Works, a nonprofit focused on housing issues, for nearly $164,000; and National Community Renaissance, another nonprofit, for almost $295,000.

New Private Equity-Backed Company Ready to Acquire Life Sciences Firms

Former Gen-Probe executives Carl Hull and Eric Tardif have been tasked by a Chicago-based private equity firm to launch a life sciences company in San Diego aimed at acquiring other companies and with a few hundred million dollars at the ready.

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Escondido Retail Center Owners Get $5.7M in Refinancing

The owners of Home Depot Plaza, a 171,300-square-foot retail center in Escondido, have obtained $5.7 million in refinancing on the property.

Job Fair at Camp Pendleton Targets Military Spouses

More than 45 employers will be on hand to meet employment-seeking military spouses during a job fair and a pre-event networking reception next week at Marine Corps Base Camp Pendleton.

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U.S. Reps from San Diego Urge Increase in NIH Funding

U.S. Reps. Susan Davis and Scott Peters, both Democrats from San Diego, gathered with a group of the region’s medical research stakeholders to solicit Congress to increase funding for the National Institutes of Health, which funds much of the medical research taking place in this area.

AnaptysBio Inc. Partnership Deal Could Be Worth $125M

AnaptysBio Inc. could receive up to $125 million from a new partnership with Massachusetts cancer drugmaker Tesaro Inc., including $17 million upfront

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Region Earns a Reputation for Being Startup Friendly

Forbes recently named San Diego as the No. 1 city in which to launch a startup.

The Net Profit Pie Chart Is Sliced in Favor of the Biggest Banks

Last month, the nation’s top banking regulator, the Federal Deposit Insurance Corp., reported that the aggregate net profit of the nearly 7,000 banks in the nation last year increased 10 percent to $154.7 billion.

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Sudberry Properties Buys Scripps Ranch Buildings for $8 Million

San Diego-based Sudberry Properties Inc. has purchased two Scripps Ranch buildings for $8 million, on a site where it plans to build a shopping center, according to CoStar Group and public data.

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ROIC Buys Poway Retail Center for $43.9 Million

San Diego-based Retail Opportunity Investments Corp., also known as ROIC, has purchased Creekside Plaza, a six-building shopping center in Poway, for approximately $43.9 million, according to CoStar Group and public data.

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Lumena Pharmaceuticals Closes $45M Funding Round

Lumena Pharmaceuticals Inc. has closed a $45 million Series B round, and will use the funding to develop drugs for two diseases of the liver.