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Regulus Therapeutics Inc., a biopharmaceutical company in San Diego, announced the closing of its underwritten public offering of $103.5 million of shares of its common stock.
San Diego’s economy will end this year above $200 billion in gross domestic product, the sum of all spending by companies, the highest level in its history, according to a recent study by a local think tank.
An index measuring San Diego’s economy increased 0.6 percent in September, the fourth consecutive time it’s risen and the largest monthly spike since February 2013.
San Diego-based Excel Trust Inc. posted a 4.5 percent gain from a year ago in total revenue for its third quarter ending Sept. 30, reaching $30.2 million.
FINANCE: Smaller Down Payments, Lower Credit Scores Accepted
Federal regulators recently amended rules covering mortgage lending aimed at broadening credit to many potential borrowers who have been blocked because of stringent requirements.
When banks buy other banks, the deal usually entails a stock for stock payment, with the buyer assuming all the liabilities of the acquired bank.
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.