54.3 F
San Diego
Thursday, Mar 28, 2024
-Advertisement-

Finance—Money managers predict stock market rebound



Capital Bank Reports Record Growth in Earnings And Assets in 2000

With the plummet in stock prices last year leaving many investors a lot poorer , at least on paper , two local investment advisers stress the importance of staying invested because they foresee a better year ahead.

“Is the boom over? I doubt it,” said Neil Hokanson, president of Solana Beach asset manager Hokanson Capital Management, earlier this month. “On the balance, I look for slower economic growth in 2001, probably in the 3 percent range overall, with disparate pockets of strength and weakness.”

U.S. technology companies, because of their fast growth rate and ability to compete internationally, are Hokanson’s best bets because many of them are now trading at bargain prices, he said.

Jeff Dunham, president of Dunham & Associates Inc. of San Diego, sees last year’s stock market experience as a “reality check.”

“In 1999, the Nasdaq was up 86 percent and in 2000 it was down almost 40 percent, and the other indices were down as well,” Dunham said. “You’d have made about the same amount of money in a CD or money market account from Jan. 1, 1999, to Jan. 1, 2001, as you would in the stock market.”

Dunham sees the recent rate cuts by the U.S. Federal Reserve boosting stock prices. Small- and mid-cap stocks will probably do better than large companies, he said. European and other foreign markets will also perform better this year than the U.S. market, he predicted.

– – –

Record Growth: Carlsbad-based Capital Bank of North County reported record growth in earnings and assets in 2000.

Earnings for the year were $1.33 million, a 26 percent increase more than 1999’s $1.05 million, said Don Schempp, president and CEO. Total assets grew more than 23 percent to $125 million, compared to $101 million at the end of 1999.

Schempp said the bank was also successful in delivering new services to its customers, including its NetTeller Internet banking services that provide online bill paying and loan information, he said.

The locally owned bank operates two full-service branches in Carlsbad, branches in Vista and Encinitas, a Legoland facility as well as a business loan center in Oceanside.

New Team: U.S. Bank has formed a South Bay community team to seek new business in the Chula Vista area.

Hector Zatarain, the banker in charge of the new office, said all of the team members would be fluent in both English and Spanish.

“With the acquisition of Scripps Bank, we now have a major presence in the South Bay area and are committed to continuing Scripps Bank’s focus on the entire community,” said Steve Rice, U.S. Bank market president for San Diego.

– – –

Bank Notes: Community National Bank, formerly Fallbrook National Bank, has received two Exemplary Portfolio Management Awards for a low delinquency ratio at the quarterly San Diego Lenders Roundtable breakfast. Neighborhood National Bank has been awarded nearly $1.25 million by the Community Development Financial Institutions Fund of the U.S. Treasury Department. North Island Investment & Insurance’s Greg Bond has been named one of the nation’s top 50 banking financial consultants by Bank Investment Marketing Magazine. He provides financial and insurance products and services to North Island Financial Credit Union members.

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

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-