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Thursday, May 30, 2024
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Finance—Treasury Department recognizes local bank



EntryPoint Agrees to Merge With Internet

Financial Network Inc.

Several lenders active locally have been busy in community development efforts lately, including California Bank & Trust, which received an award from the U.S. Department of Treasury for its efforts to offer full-service banking in economically distressed communities.

The Treasury’s Community Development Financial Institutions Fund made a Bank Enterprise Award of $611,725 to California Bank & Trust, said Robert Sarver, chairman and CEO.

California Bank & Trust opened a full-service branch office in North Oakland’s Temescal business district last month. The office was the first new bank branch to open in the neighborhood in decades, Sarver said.

The bank is also proposing to open a branch in East Palo Alto and may also open a branch in San Diego’s mid-city area, he said.

Two banks made charitable contributions to local organizations this month as well. Wells Fargo Bank donated $1,000 to each of 105 local nonprofit organizations in San Diego and Imperial counties, said Jonathan Weedman, vice president of the Wells Fargo Foundation for the Southern California and Los Angeles Metro Regions.

Among the organizations that received the money were St. Vincent de Paul Village, the Alzheimer’s Association, Jewish Family Services, Friends of San Diego Psychiatric Society and Calexico Neighborhood House, he said.

Meanwhile, Fallbrook National Bank donated $500 to the Service Corps of Retired Executives this month. That organization provides volunteer consulting to people trying to start a business or straighten one out, said Barbara Ernst, a bank spokeswoman.

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Merger: EntryPoint Inc. of San Diego, a financial software developer, has agreed to merge with New York-based Internet Financial Network Inc.

In an announcement earlier this month, the two companies said they will combine operations in a new company to be called Infogate Inc., which will be headquartered in both San Diego and New York.

Earnings Rise: Scripps Financial Corp. of La Jolla said Oct. 12 it had third-quarter net earnings of $2.31 million or 33 cents per share.

That’s an increase when compared to net earnings of $1.54 million or 22 cents per share in the third quarter of 1999, said Ron Carlson, president and CEO.

Net income for the parent company of Scripps Bank for the first nine-month period of this year was $5.65 million or 80 cents per share. That’s a 25 percent increase more than the $4.51 million or 65 cents per share for the first nine months of 1999, he said.

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Retirement Planning: For those who have received their Social Security Administration retirement benefits statement with shock, Quicken, a software manufacturer, offers a Web site to help calculate other retirement income and if there will be enough.

The site is at (www.quicken.com/retirement/401k/advice), and it’s free.

The user can enter such things as mutual fund companies available through a 401(k) or IRA, annual contributions, Social Security income, pension benefits and other income.

It also allows the visitor to enter what percent of final salary income is sought for retirement. The program also calculates life expectancy.

Once all the numbers are entered, the program offers specific recommendations about how much should be allocated into specific mutual funds offered through a company’s 401(k) program.

Bank Notes: Nicholas S. Alston, a vice president in the San Diego office of Los Angeles-based Dwyer-Curlett & Co., has arranged $14.22 million in financing for three local commercial properties in the past six months. “This year’s stock market has felt like being on a small boat in high, rolling seas. You go up, you go down, but in the end you’re about where you started,” said Neil Hokanson, owner of Hokanson Capital Management Inc. of Solana Beach in his fall 2000 newsletter. Rancho Santa Fe National Bank has been awarded Bauerfinancial’s five-star superior rating. Bauerfinancial Reports Inc. is a national bank research firm.

Send finance news to Grupe at agrupe @sdbj.com.

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