San Diego Business Journal

SD FINANCE

Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...

Neighborhood National Bank Beefing Up Compliance Program

San Diego-based Neighborhood National Bank has agreed to beef up its anti-money laundering capabilities, federal regulators said Friday, in a deal that will stave off enforcement proceedings from the Comptroller of the Currency.

Bank of the Internet Stock Takes Another Hit

Bank of the Internet sought to reassure investors Monday after its share price fell more than 10 percent in the past week amid renewed coverage of a shareholder class action alleging the bank manipulated its financial records.

S.D. Unemployment Rate Flat at 4.7% for March

San Diego’s unemployment rate has been flat at 4.7 percent from January to March, with a growing labor force keeping up with positive labor movement.

Co. Adds Two More Bitcoin ATMs, in Oceanside and National City

New York-based bitcoin ATM provider Coinsource said Thursday it had expanded its offerings in San Diego, adding two new machines in Oceanside and National City.

Award to S.D. Workforce Partnership to Fund Effort to Encourage Private Investment

The San Diego Workforce Partnership on Thursday said it had received a $200,000 award to lay the groundwork for a system of attracting private investment in workforce development projects.

Illumina to Invest $100M in VC Firm Established by Former Exec

San Diego-based Illumina Inc., the world’s largest maker of DNA sequencing machines, announced Thursday it will invest $100 million in a new venture capital firm established by a former Illumina executive.

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Junior Seau Foundation Provides Wave of Support for CAF

The Junior Seau Foundation presented a $250,000 check to the Challenged Athletes Foundation (CAF) to launch the Junior Seau Foundation Adaptive Surf Program. Junior Seau was an avid surfer, and his legacy will live on through this life-changing program that will provide access to surfing for kids with physical challenges.

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ETF Designer Has Eye for Opportunity

FINANCE: New Indexes Track Various Market Segments

Jane Edmondson has noticed an uptick in unsolicited advice since she started a new business designing new varieties of exchange-traded funds (ETFs). The products, similar to mutual funds, track an underlying index that can mirror anything from the overall market leaders to a more trendy market niche.

Index Finds San Diego Businesses Feeling More Optimistic

San Diego business optimism rebounded in March from a disappointing February, with a local index rising above its historical average for the first time in nine months.

Governor Signs Bill Expanding Paid Family Leave

Gov. Jerry Brown on Monday signed legislation expanding the state’s paid family leave program, boosting the amount of money workers can receive when caring for sick family members or caring for newborn children.

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Torrie Inouye Appointed President of National Funding

Alternative lender National Funding on Monday said it had appointed Torrie Inouye as president after several years as executive vice president of data and analytics.

Construction Jobs Increased by 9 Percent Over 12-Month Period

Construction employment in the region increased by 9 percent over a 12-month period, according to an analysis by the Associated General Contractors of America.

RiverVest Venture Partners Opens Office in San Diego

St. Louis-based RiverVest Venture Partners, a life sciences investment firm, said Thursday it had opened an office in San Diego led by newly installed managing director Nancy Hong.

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San Dieguito River Valley Conservancy Event a Glowing Success

The San Dieguito River Valley Conservancy recently held its 30th Anniversary Wax & Wine event in partnership with the Knorr Candle Factory. The conservancy raised $5,500 and received a generous donation from the Knorr Candle Factory. Guitarist Bill Fleming serenaded guests as they toured the gardens of Knorr, and learned how to make their own beeswax candle.

Wealth Managers Need to Take Own Advice on Succession

FINANCE: Planning Is A Must for Their Own And Their Clients’ Sakes

For years, wealth managers Bob and Peg Eddy had a letter ready for their clients with important advice.