San Diego Business Journal

Credit Union Membership Shows Biggest Jump in 25 Years

FINANCE: Low Rates On Loans, Higher Rates On Savings Draw Crowd

Credit unions continue to gain converts and recently surpassed the 100 million mark in membership, according to the Credit Union National Association, the trade group representing nearly 7,000 credit unions.

Cost of Compliance: Small Community Banks Say Dodd-Frank Reforms Are Unfairly Applied

Now in its fifth year, the Dodd-Frank banking reform law has had a profound effect on every bank, but smaller community banks say they’re feeling the impact from the added regulations far more than larger banks.

San Diego City Council Supports Effort to Host America's Cup in 2017

The San Diego City Council approved a resolution supporting the city's interest in hosting the America’s Cup in summer 2017.

Omnitracs To Buy XRS For $178 Million

Omnitracs LLC, a spinoff business of Qualcomm Inc. that was acquired by Vista Equity Partners last year and is relocating to Dallas, said it agreed to acquire XRS Corp., a Minneapolis-based firm that makes software for mobile fleet management, for $5.60 per share or $178 million.

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Bond Market Snaps Up Sandag’s Latest Offering

FINANCE: Sale Brings In $54M Above the Face Value

A yield-hungry market recently gobbled up $350 million in bonds issued by the San Diego Association of Governments that pays an average of 3.85 percent over the 34 years the debt will be in place.

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Jack in the Box Inc. Announces New President

Jack in the Box Inc. named Frances Allen as its president effective Oct. 27.

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Padres Extend Player Development Contracts With Minor League Teams

The San Diego Padres extended player development contracts with their AAA and AA teams in El Paso and San Antonio, Texas.

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WD-40 Completes Acquisition of UK Company

WD-40 Co., the San Diego based maker of lubricants and other household products, said it completed the acquisition of the business and assets of GT85 Ltd., a United Kingdom based company that sells multipurpose maintenance products.

Succession Capital Acquires Colorado Jewelry Maker

Succession Capital Inc., a San Diego based private equity firm, said it acquired Sienna Sky Jewelry, a maker and distributor of fashion jewelry based in Longmont, Col. for an undisclosed price.

OneAmerica Financial Partners Completes Acquisition of Locally Based Retirement Services Unit

OneAmerica Financial Partners Inc., an Indianapolis-based insurance company, said it completed the acquisition of City National Bank’s’ retirement services record keeping unit in San Diego.

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Omnitracs to Buy XRS for $178 Million

Omnitracs LLC, a spinoff business of Qualcomm Inc. that was acquired by Vista Equity Partners last year and is relocating to Dallas, said it agreed to acquire XRS Corp., a Minneapolis based firm that makes software for mobile fleet management, for $5.60 per share or $178 million.

Legend 3D Closes $10M Series C Stock Offering

Legend 3D, the San Diego based business that converts two-dimensional film to three-dimensional formats, closed on a $10 million Series C stock offering, led by current investors, Northwater Capital Management Inc. of Toronto and Monaco-based Augustus Ventures Limited.

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BST Nano Acquires Ellsworth Handcrafted Bicycles

BST Nano Carbon, a San Diego composites manufacturer, said it has acquired Ellsworth Handcrafted Bicycles, a Ramona bike manufacturer with a national reputation for top-quality mountain bikes.

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SDG&E Contracts for 2 Firefighting Helicopters

Recognizing the higher risk of wildfires this fall, San Diego Gas & Electric said it is contracting for both an Erickson Air-Crane helitanker and a Helistream Type II helicopter through November.

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Building Brings State-of-Art Touches to Sustainability Efforts

ENERGY: Recycled Water, Use of Biogas Result In Cost-Savings

It’s one thing to incorporate sustainable elements into a building to conserve energy. It’s quite another when a new office produces at least as much energy as it uses, creating “net-zero” energy usage.

Balboa Thrift and Loan Stays on Profitable Path of Car Loans

Balboa Thrift and Loan, based in Chula Vista and one of the last six thrift and loans in the state, just keeps on truckin’, racking up profits despite more competitors in its chosen niche — auto lending.

Chargers’ Worth Put At $995M

The value of the San Diego Chargers increased by $46 million or 5 percent over the past year to $995 million, according to the annual Forbes report on the National Football League.

Looking to Grow, Co. Returns to S.D. Roots

FOOD: Kashi Given Some Independence From Kellogg

Kashi, the San Diego homegrown natural cereal business that had its local office closed last year by owner Kellogg Co. and moved to Michigan, is returning to its roots.

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San Diego Chargers' Worth Is Put at $995 Million

The value of the San Diego Chargers increased by $46 million or 5 percent over the past year to $995 million, according to the annual Forbes report on the National Football League.

113 San Diego County Companies Make Inc's Fastest Growing List

A total of 113 companies based in San Diego County made the 2014 Inc. Magazine’s 5000 Fastest Growing Companies list.

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JMI Equity Closes $1 Billion Fund

JMI Equity, a private equity firm with offices in San Diego and Baltimore, said it closed its largest fund ever this week-— $1 billion for JMI VIII.

Search Optics Acquires DigiGo

Search Optics, a digital marketing business based in San Diego, said it acquired KPA’s DigiGo division, formerly known as TK Carsites. Terms of the agreement weren’t disclosed.

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Mitek Sees Stock Drop as CTO Leaves, Some Patent Lawsuits Dismissed

Mitek Systems , a San Diego maker of software used by more than 2,500 financial institutions for transferring money via mobile devices, saw its stock plunge 18 percent Aug. 18 following the company’s announcement that its chief technology officer abruptly left the company.

County Business Forecast Index Drops 8 Points in July

The San Diego Business Forecast, an index measuring the county’s business outlook, showed a dramatic decline in July, falling 8 points from June.

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E. Digital Corp. Reports Q1 Results for FY2015

E. Digital Corp., a technology developer and licensor for consumer products, reported fiscal 2015 first quarter revenue of about $683,000, compared with $449,000 for the like quarter of the prior year.

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Kashi Returning to 'Re-Establish Brand as a Stand-Alone Natural Food Business'

With news of some San Diego companies moving to other states, it’s refreshing to report that one that left is returning.

San Diego County's Unemployment Rate Increases to 6.6% for July

San Diego’s unemployment rate increased to 6.6 percent in July, up from a revised 6.1 percent in June, as the region shed nearly 6,000 jobs, mostly from school employees taking a summer recess, according to the state’s Employment Development Department.

Affordable Housing Complex Aims to Serve Developmentally Disabled

Independence Point, a housing complex geared to families with a member who has developmental disabilities, broke ground on renovations of a site in Lincoln Park.

Ground Broken on Apartment Complex for Disabled Residents

Independence Point, a housing complex geared to families with a member who has developmental disabilities, broke ground in Lincoln Park.

Whistleblower Laws Call for Sound, Clearly Defined Policies

LAW: Proliferation of Lawsuits Emphasizes Scope of the Problem

A tidal wave of new lawsuits claiming retaliation against so-called whistleblowers has been hitting business owners in recent years.

Silvergate Shifts Strategy to Make More Nonqualified Mortgages

Silvergate Bank changed its lending strategy from making qualified mortgages to making nonqualified ones, or those that aren’t bought by the two major government-sponsored entities, Fannie Mae and Freddie Mac.

A Stroke of Luck Brought Financial Adviser to Golf Franchise

SPORT: Players’ Swings Evaluated With Motion Sensors, Video

Suzanne LaTour was looking to improve her golf game and ended up owning a national franchise that provides golf lessons.

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Kashi Returning to San Diego

With news of some San Diego companies moving to other states, it’s refreshing to report that one that left is returning.

County Unemployment Rate Increases to 6.6% in July

San Diego’s unemployment rate increased to 6.6 percent in July, up from a revised 6.1 percent in June, as the region shed nearly 6,000 jobs, mostly from school employees taking a summer recess, according to the state’s Employment Development Department.

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Renovation Realty to Expand to Bay Area

Renovation Realty, a San Diego company that renovates houses and then sells them without the owners paying up front construction costs, said it’s expanding to the Bay Area.

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Infosonics Corp. Reports Net Sales Increase 25% in Q2

Infosonics Corp., the San Diego maker and distributor of wireless devices mainly in South America, reported second quarter net sales of $10.4 million, up 25 percent from the like quarter of 2013. For the six months, sales were $22.1 million, up 37 percent from the comparable period of the prior year.

City Pension Fund Reports Preliminary Return of 16.6%

The San Diego City Employees Retirement System, the pension fund for employees of the city of San Diego, the Port of San Diego, and the San Diego County Regional Airport Authority, reported a preliminary return of 16.6 percent, net of fees, for the 2014 fiscal year ended June 30.

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California Bank & Trust Reports Q2 Results

California Bank & Trust, San Diego’s largest locally-based lender with $11 billion in total assets, reported second quarter net income of $29.1 million, compared with net income of $31 million for the like quarter of 2013.

County Median House Price for July Is $445,000, According to Dataquick

The median price for a single family house sold in San Diego during July was $445,000, down by $5,000 from the June median, but up 6.6 percent from July 2013, according to Dataquick, the San Diego based real estate research firm.

2Q Revenue, Loss Down at ImageWare Systems

ImageWare Systems, a San Diego-based maker of identity management software, reported second quarter revenue of $937,000, compared with $1 million in revenue for the like quarter of 2013.

Sports Industry Startups Sought for Incubator

SD Sports Innovators accepting applications through Sept. 7.

Athletic Endurance Events Have $64.1M Economic Impact Locally

Endurance events like San Diego’s Rock ‘n Roll Marathon and Carlsbad’s 5000 meter race generate significant economic benefits to the county, according to a new report from the National University System Institute for Policy Research, a think tank based in Torrey Pines.

County Tax Collections Hit Record Level

San Diego County Treasurer-Tax Collector Dan McAllister said his office hit a record for tax collections for the 2014 fiscal year that ended June 30.

San Diego-Based Succession Capital Acquires Washington State Company

Succession Capital Inc., a San Diego based private equity firm that buys small- and medium-sized businesses of retiring owners, said it acquired Wine Valley Siding Supply Inc., a distributor of cedar and fiber cement siding based in Bothell, Wash., near Seattle.

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Encore Capital Group's Revenue Up 72% for Q2

Encore Capital Group, the San Diego buyer and collector of defaulted credit card debt, reported second quarter net income of $21.3 million, compared with $11 million in the like quarter of 2013.

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July's Median Housing Price in County Is $517,000

San Diego’s median sales price for a single family house sold in July was $517,000, down 2 percent from June, but up 7 percent from July 2013, according to the Greater San Diego Association of Realtors.

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Encore Capital Reports Q2 Results

Encore Capital Group, the San Diego buyer and collector of defaulted credit card debt, reported second quarter net income of $21.3 million, compared with $11 million in the like quarter of 2013.

Who Derailed Proposed Bank Acquisition Is Open to Interpretation

Federal regulators didn’t approve the proposed acquisition of First Mountain Bank by First National Bank of Southern California, with four of its five branches in San Diego.

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County Meidan Housing Price Is $517,000 for July

San Diego’s median sales price for a single family house sold in July was $517,000, down 2 percent from June, but up 7 percent from July 2013, according to the Greater San Diego Association of Realtors.

Sempra Sales, Profits Going in Right Direction

ENERGY: Second-Quarter Net Income Up 9.8%; Key Project Gets Financing

Sempra Energy, San Diego’s second-largest company by revenue, is on track get bigger this year, both in sales and profits.