San Diego Business Journal

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.

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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.

Fresh Healthy Vending Sites 115 Machines in December

Fresh Healthy Vending International Inc., a San Diego franchisor of vending machines of healthy snacks, said it completed the procurement of 115 new locations for its machines across the country in December.

Strategic Wealth Management Division Launched by Canter Cos.

Canter Cos., a San Diego full-service investment and real estate firm founded in 2007, launched a new division, Canter Strategic Wealth Management, which aims to bridge the gap between real estate services and investment opportunities.

When It Comes to Auto Loans, Credit Unions Are On Board

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.

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Mortgage Assurance

Local Credit Unions See Growing Market For Mortgage, Home Equity Lending

Once known primarily for making auto loans, more credit unions are expanding their mortgage lending, taking up some of the slack created from banks exiting the business.

Healthy North Island Credit Union Ready to Ramp Up Lending

Like a lot of businesses, North Island Credit Union (NICU) has been through some difficult times.

Mayor Faulconer Forms Committee, Pledges to Resolve Stadium Issue

CIVIC: Speech Touches On Business, Education And Basic Infrastructure

San Diego Mayor Kevin Faulconer pulled a page from former Mayor Dick Murphy’s playbook in his Jan. 14 State of the City address, saying he will form a group of civic leaders to study the Chargers stadium issue.

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Style and Security Pay Off With High-Tech Billfold, iWallet

TECH: Accessory Alerts Owner If the Two Get Separated

Few things in life cause as much anxiety as losing a wallet, but a San Diego business has come up with a device that makes that experience less likely.

Canter Cos. Launches Wealth Management Division

Canter Cos., a San Diego full-service investment and real estate firm founded in 2007, launched a new division, Canter Strategic Wealth Management, which aims to bridge the gap between real estate services and investment opportunities.

Major League Baseball Awards San Diego 2016 All-Star Game

Major League Baseball announced that the 2016 All-Star Game will be held at Petco Park, an event the San Diego Padres have been lobbying for over several years.

Mayor Forms Committee, Pledges to Resolve Chargers Issue

San Diego Mayor Kevin Faulconer pulled a page from former Mayor Dick Murphy’s playbook in his Jan. 14 State of the City address, saying he will form a group of civic leaders to study the Chargers stadium issue.

Median Home Price Increases to $440,000 in December

San Diego’s median price for a house increased by $10,000 from November to December to $440,000. That was 4.8 percent above the median price in December 2013, according to CoreLogic Dataquick.

Guild Mortgage Opens Operations Center in Reno, Nev.

Guild Mortgage Co., the San Diego private mortgage bank, said it opened an operations center in Reno, Nev.

Reven Housing Acquires 76 houses in Florida, Tennessee

Reven Housing REIT Inc., a real estate investment trust based in La Jolla, said it acquired 76 single family houses in 15 separate transactions in the Jacksonville, Fla. and Memphis, Tenn. areas last month.

Software Firm Parallel 6 Acquires The Agency San Diego

Parallel 6, a San Diego software firm specializing in mobile management engagement, said it acquired The Agency San Diego, a marketing design firm, for an undisclosed price.

Median Home Price Jumped 9 Percent in 2014 to $495,000

San Diego’s median price on previously owned houses increased 9 percent in 2014, not as dramatic as the 20 percent jump in 2013, but more sustainable and realistic, according to the Greater San Diego Association of Realtors.

Encore Capital Agrees to Settlement with New York AG's Office

Encore Capital Group Inc., the San Diego buyer and collector of charged off credit card debt, agreed to a settlement with the New York State Attorney General’s office over allegations of using improper debt collection methods against thousands of New York consumers, the office said.

Bank Ratings Don’t Always Provide Perfect Picture of Institutions

At the end of last month, Seacoast Commerce Bank in Rancho Bernardo put out a release trumpeting the fact that it received a 5-star, Superior rating, the highest possible, from Bauer Financial Inc., a nationally recognized bank-rating firm that many consumers use to determine the safety and strength of a bank.

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Recovery to Keep Rolling in 2015

ECONOMY: Experts See Competition for Workers

A recurring theme at the San Diego Business Journal’s 2015 Economic Trends Event centered on a refreshingly direct result of expanding national and regional economies — hiring and keeping the region’s abundance of top talent.

WD-40 Reports First-Quarter Net Income of $10.8 Million

WD-40 Co., the San Diego maker of household products, reported 2015 first-quarter net income of $10.8 million, down 6 percent from the like quarter of the prior fiscal year.

Professional Hockey Team Reportedly Coming to San Diego

San Diego hockey fans, your long wait may be over.

Ceremony Celebrates Murata's Purchase of Peregrine

Peregrine Semiconductor Corp., the San Diego maker of chips used in wireless devices and networks and now owned by Murata Electronics North America, held an opening ceremony on Wednesday to celebrate last month's closing of the Murata acquisition.

Express Employment to Add Five More Offices in San Diego

Express Employment Professionals, a franchised staffing company based in Oklahoma City, Okla., said it plans to open five more offices in San Diego to expand from its current base of three.

IDW Publishing Acquires Georgia-Based Top Shelf Productions

IDW Publishing Inc., a San Diego publisher of comic books and graphic novels, said it acquired Top Shelf Productions, a Georgia-based publisher of graphic novels for an undisclosed price.

County Treasurer/Tax Collector Sworn in for Fourth Term

Dan McAllister was sworn in for his fourth term as the San Diego County Treasurer-Tax Collector on Jan. 5.

Rams Owner, Developer Join to Build Stadium in Los Angeles

The owner of the St. Louis Rams, Stan Kroenke, is joining forces with Stockbridge Capital Group, the owners of Hollywood Park, to build an 80,000-seat stadium to bring the Rams back to the Los Angeles area in Inglewood, according to the Los Angeles Times.

New York-Based NeuLion to Acquire DivX

DivX LLC, a San Diego maker of video compression software, said it signed a definitive agreement to be acquired by NeuLion Inc., a New York-based provider of live and on-demand content to Internet connected devices.

Despite Market’s Stability, Homebuyers Are Still Facing Hurdles

PROPERTY: Lending Constraints, Prices Keep Many on Sideline

It was another year of housing stability in San Diego in 2014, as economic fundamentals took hold, price appreciation slowed, and mortgage rates remained at historic lows.

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Manufacturing Finds More Firm Footing Across the County

PRODUCTION: Region Sees Gains in Variety of Sectors and Specialties

Nassco, the San Diego shipbuilding unit of General Dynamics, held a steel-cutting ceremony last month marking the beginning of work on the second of five oil tankers it is building.

High-Tech, Health Care Fuel Local Job Growth

economy: Some Sectors Stronger Than Others

Now in its sixth year, the economic recovery in San Diego appears to be picking up steam — finally. But as everyone knows, this recovery has been one of the slowest in history, and not all are enjoying the gains.

Turtle Beach Corp. to Save $400,000 Annually With Loan Amendment

Turtle Beach Corp., a San Diego designer and marketer of audio products such as headsets used with video games, said it entered into an amendment of its loan agreement with the Bank of America that will result in the company saving about $400,000 annually.

Housing Prices Up 4.7 Percent From October 2013 to October 2014

An index measuring housing prices nationally showed San Diego’s prices increased 4.7 percent over a 12-month period from October 2013 to October 2014, or slightly better than a composite index for the 20 largest cities, which finished up 4.5 percent over the same period.

BofI Federal Bank Enters Into Purchase Agreement

BofI Federal Bank, San Diego’s second-largest commercial bank, said it entered into a purchase agreement with Union Federal Savings Bank, based in Rhode Island, and its parent company, First Marblehead Corp., for about $125 million of deposits.

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