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Moody’s Investors Services upgraded its rating for the city of San Diego’s outstanding lease revenue bonds from A2 to A1, with a stable outlook.
BANKING: It Is Now S.D.’s Sixth-Largest Community Bank
San Diego-based Bank of Southern California acquired the assets and deposits of failed El Paseo Bank in Palm Desert, expanding BSC’s footprint in the Coachella Valley to four branches. It now has a total of eight branches.
Overland Storage Inc., the San Diego provider of data storage systems, set a special shareholders meeting for Nov. 28 to approve the company’s merger with Ontario, Canada-based Sphere 3D, but approval would appear to be a foregone conclusion.
Recent bank deals affecting large swaths of the West and San Diego prove that private equity prefers cashing out of investments and the preferred holding time is no more than five years.
WORKFORCE: Filling Positions Usually Starts 2 Months in Advance
Dominique Hernandez is working longer hours these days. She has jobs to fill, people to train.
San Diego County Credit Union, the area’s largest credit union and second-largest locally-based financial institution, reported net income for the nine months ended Sept. 30 of $75 million, up from $66.7 million in net income for the like period of 2013.
San Diego-based Bank of Southern California assumed all the deposits and assets of Frontier Bank in Palm Desert following its seizure by federal bank regulators on Nov. 7.
Huntington Capital Fund III, a San Diego-based private equity fund, said it completed a $4 million loan and equity commitment to Datashield LLC, a Utah-based managed security services provider.
Vibra Bank CEO Frank Mercardante insisted the sale of his Chula Vista bank to Los Angeles-based Pacific Commerce Bank wasn’t a sale but a merger.
San Diego-based SENTRE Partners has purchased Escondido Gateway, a 26,000-square-foot office property in Escondido, for $3.7 million, marking the company’s third acquisition this year in North County.
Encore Capital Group Inc., the San Diego buyer and collector of charged-off credit card debt, reported third quarter net income of $30.3 million, compared to net income of $21.8 million for the like quarter of 2013.
Total revenue at American Assets Trust Inc. rose 3 percent from a year ago for the third quarter ending Sept. 30, reaching $67.3 million, the San Diego-based company reported.
San Diego-based Mast Therapeutics Inc., a clinical-stage biopharmaceutical company, announced the pricing of its underwritten public offering that is expected to raise gross proceeds of approximately $21 million.
AmericanWest Bank, with seven branches in San Diego and headquartered in Spokane, Wash., said it’s merging with Banner Bank, also based in Washington, in a deal that would create a “super community bank” with more than $9.7 billion in assets, and about 190 branches in five western states.
Silvergate Bank, based in University City with four branches, reported third quarter net income of $980,000, compared to net income of $1.36 million in the like quarter of last year.