Quote of the Week
‘Our results for the quarter reflect the deteriorating economic conditions currently being experienced in the real estate and credit markets.’
, Chairman and CEO George Haligowski, referring to Imperial Capital Bank’s declining profits in the fourth quarter.
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Tuesday, Feb. 12
Two Credit Union Chiefs Resign:
Two longtime San Diego credit union chief executive officers announced their resignations: Jim McPheters of California Coast Credit Union and Ron Martin of Mission Federal Credit Union.
McPheters has been with California Coast for more than 20 years and steered it from about $100 million to $900 million in assets. The credit union’s membership also grew from about 18,000 to 66,000.
McPheters leaves on April 1.
Martin has been with Mission Federal for 12 years, overseeing its growth to one of the largest credit unions in the county at $1.8 billion in assets and 128,000 members.
In 2006, Mission Federal was among a group of lenders nationwide that were burned by buying into higher risk subprime auto loans from Centrix Financial Corp., a Colorado company that filed for bankruptcy that year.
Martin plans to retire April 30.
, Mike Allen
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T.B. Penick Forms New Company:
Concrete construction contractor T.B. Penick & Sons says it has formed a new company affiliated with a national carpenters union to give the century-old San Diego company more access to tradesmen as well as markets throughout the southwestern United States.
The new company, Triton Structural Concrete, is T.B. Penick’s first union affiliation in 27 years, the company says.
Though operated as a separate enterprise, Triton will employ all structural concrete trade workers for T.B. Penick. The contractor’s general building and decorative concrete divisions will remain open shop and unchanged, the company says.
The move allows T.B. Penick to join the Southwest Regional Council of Carpenters and hire from its pool of 65,000 members in Southern California, Nevada, Arizona, Utah and New Mexico.
The Southwest Regional Council is the largest council affiliated with the United Brotherhood of Carpenters and Joiners of America.
, Ned Randolph
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Pacific Coast Steel Buys Century Steel:
San Diego-based Pacific Coast Steel says it has acquired Las Vegas-based Century Steel Inc. in a $151.5 million deal that is expected to close before the end of the quarter, pending regulatory approvals.
As part of the agreement, Century Steel President Todd Leany will take an ownership position in Pacific Coast Steel and join its executive management team, the companies say.
“Our philosophies and vision have always been very similar to PCS, as such we think they will be a great fit for our organization and our people,” Leany said.
Century Steel operates reinforcing and structural steel contracting businesses in Nevada, California, Utah and New Mexico with an annual capacity of more than 250,000 tons.
The acquisition would give Pacific Coast Steel, already one of the largest reinforcing steel contractors in the country, more than 600,000 tons of capacity and 2,500 employees, the company says.
“We are very excited about the acquisition of Century Steel. They are a great company with strong leadership and a tradition of customer service that is among the best within our industry,” said Eric Benson, president of Pacific Coast Steel, which is a joint venture of Gerdau Amersteel Corp.
, Ned Randolph
Wednesday, Feb. 13
Sempra Energy Increasing Dividend:
Sempra Energy’s board has approved an increase in its dividend payable on shares of its common stock to $1.28 from $1.24, the San Diego-based energy services holding company says.
The first quarterly installment of the dividend will be payable April 15 and to shareholders of record on March 20. Sempra, which has 14,000 employees and serves 29 million consumers, reported $12 billion in revenues in 2006.
, Jaimy Lee