SD FINANCERecent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
FINANCE: Being Bigger Becomes More of a Necessity
Smaller, community banks continue to vanish from the national and local landscape, causing some people to speculate they may eventually become extinct.
BofI Federal Bank grew its deposits over the last year by more than $1 billion, but it still has far more loans than deposits, a rarity in the banking world.
ECONOMY: Germany Trip Explores Country’s Workforce Development
Munich in November may not sound inviting, but a delegation from San Diego hopes to glean insights from a recent visit there that will help build this city’s innovation economy.
San Diego County’s unemployment rate dipped to 5.8 percent in October, down 0.1 percent from September, as the region added a net of 12,500 jobs during the month, according to the state’s Employment Development Department.
Finance: Lenders Give Businesses Financing Options
Three years ago, restaurant veterans Hanis Cavin and Sara Stroud opened their own eatery in North Park, Carnitas’ Snack Shack, to rave reviews and lines of eager patrons.
Petco, the San Diego-based pet supplies retailer that operates about 1,300 stores, said it agreed to purchase Wisconsin-based Drs. Foster and Smith, an online pet supply company that specializes in pet care and education, for an undisclosed price.
Receptos Inc., a biopharmaceutical company developing drug candidates to treat immune and metabolic diseases, announced the pricing of an underwritten public offering at $360 million for 3,600,000 shares of its common stock at a price to the public of $100 per share.
The 36th annual Chargers Blood Drive, sponsored by San Diego County Credit Union, will be held on Tuesday, Nov. 25 from 9 a.m. to 6 p.m. at the Town and Country Resort Hotel & Convention Center in Mission Valley.
Isaac Capital Group LLC, a San Diego-based private investment firm, said it closed a $5 million preferred stock purchase in Dataram Corp., a New Jersey-based manufacturer of computer memory and software products.
Evolva Holding SA announced it has agreed to acquire San Diego-based Allylix Inc. in an all-stock transaction.
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.