SD FINANCE
Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...Pratt & Whitney Considers Possible Closure of Kearny Mesa Plant
Pratt & Whitney AeroPower, part of Connecticut’s United Technologies Corp., told its 535 San Diego employees last week that it’s considering integrating the operations into other Pratt & Whitney units, and may close the Kearny Mesa plant.
SBLF Helping Banks Lend More to Small Business, Report Shows
The Treasury Department released another report on its Small Business Lending Fund program showing that participating banks extended about 56,900 additional small business loans, representing about $12.5 billion in dollars above what the banks lent before accepting the federal funds.
BofI Federal to Buy H&R Block Bank
BofI Federal Bank, formerly Bank of Internet USA, said it’s agreed to buy H&R Block’s bank business for an undisclosed price.
Tech and Biotech Stocks Slump
Biotech and tech stocks have been in a slump for the past three weeks, evidenced in part by the 3.1 percent drop in the Nasdaq Composite — the worst one day percentage decline, according to MarketWatch, since November 2011.
Former Exec Pleads Guilty to Bilking Investors, Tax Evasion
Sven Erik Ulsteen, pleaded guilty to using forged and counterfeit securities to fleece more than $2 million from California investors, according to the U.S. Attorney’s Office.
Qualcomm Boosts Dividend 20 Percent
Semiconductor maker Qualcomm Inc. authorized an increased dividend as its stock flourishes.
Lumena Files for $75 Million IPO
Lumena Pharmaceuticals Inc. has filed for a $75 million initial public offering, just a few weeks after it closed a $45 million Series B financing round.
Vital Therapies Resets Price of Planned IPO
Vital Therapies Inc. lowered the proposed size of its planned initial public offering, according to Renaissance Capital. Vital Therapies now plans to sell 4.5 million shares at $13 to $15 per share, expecting to raise about $63 million.
Brewery Redefines 'Beer Fund'
Santee-based Twisted Manzanita Ales and Spirits, which celebrates its fourth anniversary this year, is seeking investors to help fund a planned expansion of its distribution both domestically and internationally.
Encore Capital Completes Its Acquisition of Contolling Stake in Grove Capital
Encore Capital Group Inc., the San Diego buyer and collector of charged off credit card debt, said it closed its acquisition of a controlling stake on Grove Capital Management, a British firm that is focused on insolvencies in the United Kingdom and Spanish assets. Encore didn’t say what it paid for the company.
SBA Rule Changes Open Eligibility Door Wider for Borrowers
The Small Business Administration changed some rules covering its two primary loan programs in an effort to broaden the eligibility of borrowers and extend credit to folks who had been deemed to have too much cash to lend to.
TAPPING THE TALENT
ECONOMY: Programs Aim to Staff Region’s Craft Brewing
Craft beer is brewing up significant economic benefits for San Diego County, not to mention national buzz created by a growing array of local brands now being sold at stores, bars and restaurants across the country.
Fund Aims to Connect S.D. Biotech to China
Venture Capital: China’s Money, Manufacturing are Key
Lauded San Diego philanthropist Malin Burnham has teamed with Tom Gephart, an old-school venture capitalist, to launch a $200 million “Cross-Border Innovation Fund,” aiming to finance 10 to 20 startups with money largely from China.
Mind Solutions Receives $1 Million Funding Commitment
Mind Solutions Inc., a San Diego company developing a headset that can operate smartphones and tablets through "mind power," said it received a $1 million funding commitment from an unnamed source, allowing it to further the development of its proprietary mobile headset.
