SD FINANCERecent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
ECONOMY: UC Aims to Spur Other Increases
As the California Assembly mulls whether to increase the state minimum wage to $13 and City of San Diego Democrats gird for a June 2016 ballot battle over an $11.50 wage floor, the University of California said last month it would soon pay its workers at least $15 an hour, the latest dollar target in workers’ fight for a higher minimum wage.
Comerica Bank’s California Economic Activity Index grew in May, increasing 0.8 of a percentage point to a level of 120.5.
San Diego-based mezzanine debt and private equity firm Huntington Capital has a new name, HCAP Partners, the company said Tuesday.
Guild Mortgage Co.’s loan volume reached $6.7 billion in the first six months of the year, more than double its volume during the same period the year before and its best first half in the company’s history, Guild said Monday.
San Diego Private Bank said it had its best second quarter yet, with net income up 85 percent from the year before to $1.1 million.
Supermarket operator Haggen Food & Pharmacy, which recently entered the San Diego County region with 25 locations, has announced an unspecified number of layoffs underway at its Southern California stores.
FINANCE: Canter Cos. Sees Real Estate as Entry For Wealth Management
Buying or selling a house can be the biggest financial decision of a lifetime. But real estate agents at Canter Cos. — a combination developer, broker and venture capital firm — said many homeowners don’t run real estate deals by their financial advisors to protect their tax liabilities.
Carlsbad-based Dealstruck, an online provider of lending solutions for small- and medium-sized businesses, announced that it received a $10 million capital investment from Community Investment Management LLC.
ECONOMY: Investor Pressure Changes Board; Split Is on Table
Wireless communications giant Qualcomm Inc. said July 22 that it plans to lay off 4,500 employees as part of an effort to streamline its business.
FINANCE: Activity Drops in Late Round, Seed Stage Grows
Venture capital investments slowed significantly in San Diego last quarter even as private equity dollars surged nationwide, according to two prominent reports.
Mitek Systems Inc., creator of mobile check deposit technology, said Thursday it saw record third-quarter revenue of $6.4 million in the three months ending in June, up nearly 38 percent from the same period last year.
Wireless communications giant Qualcomm Inc. plans to lay off 15 percent of its staff as part of what it calls a “strategic realignment.” The company laid out its plan on July 22.
Grandpoint Bank and its three divisions, including La Jolla-based Regents Bank, reported on Tuesday a second-quarter net income of $7.3 million, up 62 percent from the $4.5 million during the same period last year.
Unemployment in San Diego rose slightly to 5 percent in June, up from a revised 4.9 percent in May, as the region added 4,200 jobs.
FINANCE: Payroll Deductions Are a Key Part of Lowering Risk
Borrowers looking for a loan of $1,000 or less typically have limited choices. Banks say the interest and fees often aren’t enough to make the loan profitable, as the origination and servicing costs are just as high as more traditional loans. Payday loans require fast payback and carry high annualized interest rates.