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National Funding, a San Diego-based private small business lender, said it entered into a loan agreement for $50 million with CapitalSource, a division of Pacific Western Bank, based in Los Angeles and a specialist in loans to small and mid-market businesses.September 8, 2014 4:05 p.m. Share
Vibra Bank, based in Chula Vista and one of San Diego’s smallest with about $148 million in assets, said it signed a definitive agreement to be acquired by Pacific Commerce Bank of Los Angeles in a stock and cash deal valued at $16 million.
Thomas Jefferson School of Law said it signed a restructuring agreement with its bondholders, reducing its debt from $127 million to $40 million, and lifting the cloud of default.
Real estate and capital services provider HFF has secured $7.46 million in construction financing for a planned 36-unit apartment building in Hillcrest, being developed by San Diego-based Veritas Urban Properties.
Seacoast Commerce Bank, which amazingly is now the fourth largest community bank headquartered in San Diego, reported third quarter net income of $1 million, up 300 percent from the net income for the same quarter of last year.
FINANCE: TJLS Trying To Restructure Its Debt
Thomas Jefferson School of Law obtained another extension from bondholders to the end of this month to negotiate a new agreement following the school’s default in June on $133 million of outstanding debt.
San Diego Private Bank, which just announced the acquisition of all the loans and deposits of First Security Business Bank, reported third quarter net income of $723,000, up 58.6 percent from the like quarter of last year.
San Diego Private Bank, which merged with Coronado First Bank in April 2013, is expanding again, having signed a definitive agreement to acquire all of the loans and deposits of First Security Business Bank, a one-office industrial bank in Orange.
Vibra Bank, based in Chula Vista and with one branch, reported third quarter net income of $305,000, compared to net income of $134,000 for the like quarter of 2013.
A phased-in minimum wage increase required of businesses located in the city of San Diego that would have raised the wage from $9 to $11.50 by 2017 will be put to a public vote on June 2016 following a unanimous 9-0 vote by the San Diego City Council.
San Diego-based Apricus Biosciences Inc. announced that it has acquired $10 million in financing to purchase licensing from Finland-based Forendo Pharma to develop and commercialize an investigational treatment for urological conditions in men.
KIO Networks, a Mexico-based Internet services provider, said it concluded the final regulatory process of acquiring redIT, a San Diego-based provider of information technology data centers.
ECONOMY: Group Can Be a Guide; It Can Also Advocate for Industry
Selling to the government is hardly simple, but by joining forces, contractors like Doug Ray make things easier for themselves and each other.
If you’re a gas station owner looking for a loan, don’t bother visiting Neighborhood National Bank. It’s not that the San Diego lender can’t support anything connected to the oil industry. It’s just that it’s gotten hosed by a couple of problem loans to gas station borrowers.
The San Diego Business Outlook Index, a measure of local business owners’ confidence, increased by 1.7 points in September to 26.7, driven by more optimism about increased workforce hours.
San Diego’s unemployment rate in September was 5.9 percent, down from August’s 6.2 percent, and down from the year-ago rate of 7.3 percent, according to the state’s Employment Development Department.