San Diego Business Journal

Tease photo

Investment Firm Plots Safe Course for High Wealth Investors

FINANCE: Firm Has Own Research Team ‘Rate’ Bonds

Within weeks of breaking away from Morgan Stanley and starting his own bond management firm in 2008, Bill Gurtin said the municipal bond market froze up, the result of the housing bubble bursting and bond insurance companies collapsing under the weight of countless mortgage defaults.

Pure Financial Advisors Opening Office in Woodland Hills

Pure Financial Advisors, a Mission Valley-based financial planning and asset management firm, said it is opening an office in Woodland Hills on Feb. 23.

Home Bank of California Reports 2014 Net Income of $2.76 Million

Home Bank of California, with a single office in Kearny Mesa, reported 2014 net income of $2.76 million, compared to $2.3 million for 2013.

Company Rebrands Itself as Eastridge Workforce Solutions

The Eastridge Group of Staffing Cos. rebranded itself to become Eastridge Workforce Solutions.

PriceSmart Inc. Board of Directors Declares Cash Dividends

PriceSmart Inc. said its board of directors declared cash dividends of 70 cents per share, with 35 cents being payable on Feb. 27 to stockholders of record as of Feb. 13. Another 35 cents will be payable on Aug. 31 to stockholders of record as of Aug. 14.

Shareholder’s Opposition Part of Rocky Road for Merger

The planned merger of Chula Vista’s Vibra Bank and Pacific Commerce Bank in Los Angeles may not go as smoothly as the banks’ top management would like.

Tease photo

Puck Stops Here: San Diego Gets Hockey Team

SPORTs: Minor League Franchise Is Owned By The Anaheim Ducks

Hockey is coming back to San Diego this fall, and it can’t be too soon, judging from the response the team’s owners received since the deal was announced.

When it Comes to Tech Jobs, San Diego Outpaces Nation

ECONOMY: Despite Layoffs, Region Sees Continued Growth

San Diego managed to buck a national trend last year that saw the elimination of more than 100,000 high-tech jobs. Even though the region sustained several high-profile layoffs, it was able to create more jobs to make up for the cuts.

MaxLinear Acquiring Entropic Communications

ACQUISITION: Cash And Stock Deal Is Valued at $287 Million

Two San Diego public semiconductor companies are joining forces.

Fannie, Freddie Say No; Lenders Say Yes

BANKING: Unusual Income Streams Don’t Stop Mortgages

Borrowers who can’t meet stricter federal guidelines for “qualified mortgages” are now being courted by mortgage lenders willing to make the loans, but at a higher price.

PriceSmart's Board Declares Cash Dividend

PriceSmart Inc. said its board of directors declared cash dividends of 70 cents per share, with 35 cents being payable on Feb. 27 to stockholders of record as of Feb. 13. Another 35 cents will be payable on Aug. 31 to stockholders of record as of Aug. 14.

Staffing Agency Rebrands as Eastridge Workforce Solutions

The Eastridge Group of Staffing Cos. rebranded itself to become Eastridge Workforce Solutions.

Guild Mortgage Opens Branch in Carlsbad

Guild Mortgage Co., a San Diego private mortgage bank, said it opened a Carlsbad branch office as part of the company’s continued expansion in the West.

Borrego Solar Systems Reports Record Year in 2014

Borrego Solar Systems Inc., a San Diego designer, financier and installer of solar energy systems for both commercial and residential customers, said it had a record year in 2014, and a 40 percent increase in installed megawatts.

Union Bank Opens Full-Service Office in La Jolla

Union Bank has opened a new full-service office in La Jolla Village Square, 8715 Villa La Jolla Drive.

Palomar Specialty Insurance Completes $17.5M Surplus Note Issuance

Palomar Specialty Insurance Co., based in La Jolla, said it completed a $17.5 million surplus note issuance in a private placement to RenaissanceRe Ventures Ltd., and to funds under management by a premier asset manager.

MaxLinear to Acquire Entropic Communications

Two San Diego public semiconductor companies are joining forces.

First National Bank of Southern California Obtains $3 Million in Capital Funding

First National Bank of Southern California, based in Riverside and with three branches in San Diego County, said it obtained an additional $3 million in capital funding in December from existing investors.

SD Sports Innovators Accepting Applications for Springboard program

SD Sports Innovators, the nonprofit business accelerator that connects entrepreneurs in the active sports industry to veterans and experts, said it is accepting applications for its SDSI Springboard program through March 6.

Define Financial Relocates Offices to Symphony Towers

Define Financial, a financial advisory firm in San Diego, recently relocated to new offices at Symphony Towers.

RFI Industries Reports Q4 Net Income of $325,000

RFI Industries Ltd., the San Diego maker and distributor of cable assemblies for wireless networks, reported fiscal 2014 fourth-quarter net income of $325,000, compared to $25,000 for the prior year’s fourth quarter.

Assets Hit $6.7 Billion in 2014 for San Diego County Credit Union

San Diego County Credit Union, the area’s largest credit union, grew by about $400 million last year to bring the total assets to about $6.7 billion.

Faulconer Appoints Nine to Study Chargers Stadium

San Diego Mayor Kevin Faulconer named nine people to a citizens’ stadium advisory group to figure out how to build a new home for the San Diego Chargers that would be a fair deal for taxpayers.

Mayor Names Nine People to Study Football Stadium Issue

San Diego Mayor Kevin Faulconer named nine people to a citizens’ stadium advisory group to figure out how to build a new home for the San Diego Chargers that would be a fair deal for taxpayers.

Tease photo

Cricket Wireless Completes Closure of Former Headquarters

WORKFORCE: All Its Operations to Be Folded Into AT&T’s Aio

Cricket Wireless, the prepaid wireless carrier now owned by AT&T, vacated its former headquarters in Kearny Mesa last month.

San Diego County Credit Union Assets Grew to $6.7 Billion in 2014

San Diego County Credit Union, the area’s largest credit union, grew by about $400 million last year to bring the total assets to about $6.7 billion.

Tease photo

Advice Isn’t Cheap With Wrong Advisor

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.

Anaheim Ducks to Relocate AHL Hockey Team to San Diego

The Anaheim Ducks said the National Hockey League franchise will purchase the Norfolk (Virginia) Admirals of the minor league American Hockey League and relocate the team to San Diego.

Local Economy Forecast to Continue Growing Through End of 2015

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 Reports Record Q2 Net Income of $19.4 Million

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 Expanding Business to Include Broker Services

National Funding, a San Diego private small business lender, said it expanded its business to include broker services to fund loans.

RF Industries' President Johnny Walker Gets CEO Title

RF Industries Ltd. said its president, Johnny Carl Walker, will now also serve as the company's chief executive officer.

San Diego Private Bank Posts Q4 Net Income of $734,000

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.

Tony Karklins Named General Manager of BST Bikes

BST Nano Carbon, a Rancho Bernardo manufacturer that uses advanced composite materials, named Tony Karklins general manager of BST Bikes LLC, the company’s cycling division.

Vibra Bank Reports Q4 Net Income of $600,000

Chula Vista-based Vibra Bank reported 2014 fourth-quarter net income of $600,000, compared to $44,000 for the like quarter of 2013.

Royal Bank Acquires City National Bank for $5.4 Billion

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.

December Unemployment Rate Dips to 5.2 Percent

San Diego’s unemployment rate fell to 5.2 percent in December from a revised 5.8 percent in November, buoyed by an increase in seasonal hiring in the retail sector.

Tease photo

Golf Tournament Gives San Diego a Shot at More Tourist Dollars

SPORTS: Broadcast Shows Some of the Area’s Inviting Charms

Next week’s Farmers Insurance Open Tournament at Torrey Pines Golf Course, featuring two of the sport’s best players, Tiger Woods and local resident Phil Mickelson, should draw well over 40 million viewers to the CBS broadcast over the final two days, said Peter Ripa, the tournament director and executive director of the Century Club, the nonprofit sponsor for the event.

President Paints Tax Target On Big Banks, Financial Firms

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.

Tax Credits Keep Companies in State

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.

Seasonal Hiring Drops Unemployment Rate to 5.2 Percent in December

San Diego’s unemployment rate fell to 5.2 percent in December from a revised 5.8 percent in November, buoyed by an increase in seasonal hiring in the retail sector.

City National Bank to be Acquired for $5.4 Billion

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.

Solana Beach Investment Firm Promotes Three Top Staffers

Gurtin Fixed Income Management LLC, a Solana Beach-based investment firm specializing in municipal bonds, promoted several top staffers as it grows its team.

El Cerrito Tagged as Nation's Most Popular Neighborhood

The most popular neighborhood in the nation is El Cerrito in East San Diego, says Redfin, the Seattle-based real estate brokerage.

Silvergate Capital Obtains $8 Million Stock Investment

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 Reports Q4 Net Income of $830,000

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.

RF Industries Completes $4.1M Acquisition of Comnet Telecom

RF Industries Ltd., the San Diego maker and distributor of cable assemblies used by wireless carriers, said it completed the acquisition of Comnet Telecom Supply Inc. of New Jersey for $4.15 million.

Lytx Inc. Reports Record Growth in 2014

Lytx Inc., the San Diego provider of video recording services for the transportation industry, said it enjoyed a banner year in 2014, with record growth of 57,000 new subscriptions-in-service, reaching an all-time high of 200,000 SIS.

One Roof Energy Group Announces Investors for Financing

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.

Andrew Viterbi to be Inducted into Entrepreneur Hall of Fame

CONNECT, the San Diego nonprofit that fosters innovative technology, said it selected Andrew Viterbi, who co-founded Qualcomm Inc. and served as its first chief technical officer, for induction into its Entrepreneur Hall of Fame.

Prev