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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.
San Diego-based Apricus Biosciences Inc. announced that it has acquired $10 million in financing to purchase licensing from Finland-based Forendo Pharma to develop and commercialize an investigational treatment for urological conditions in men.
KIO Networks, a Mexico-based Internet services provider, said it concluded the final regulatory process of acquiring redIT, a San Diego-based provider of information technology data centers.
ECONOMY: Group Can Be a Guide; It Can Also Advocate for Industry
Selling to the government is hardly simple, but by joining forces, contractors like Doug Ray make things easier for themselves and each other.
If you’re a gas station owner looking for a loan, don’t bother visiting Neighborhood National Bank. It’s not that the San Diego lender can’t support anything connected to the oil industry. It’s just that it’s gotten hosed by a couple of problem loans to gas station borrowers.
The San Diego Business Outlook Index, a measure of local business owners’ confidence, increased by 1.7 points in September to 26.7, driven by more optimism about increased workforce hours.
San Diego’s unemployment rate in September was 5.9 percent, down from August’s 6.2 percent, and down from the year-ago rate of 7.3 percent, according to the state’s Employment Development Department.
Registrar of Voters has validated signatures collected by opponents of a recently approved hike in San Diego’s minimum wage, meaning enforcement will be delayed until the issue is decided by voters.
Twenty one San Diego area businessesattracted about $220 million in venture capital during the third quarter, according to the Dow Jones VentureSource report.
Seacoast Commerce Bank, based in San Diego, reported third quarter net income of $1 million, compared with net income of $250,000 for the like quarter of last year.
Qualcomm Inc. said Oct. 15 that it has agreed to buy CSR plc, a British fabless semiconductor company, for $2.5 billion in cash.
San Diego County’s investment pool, used by local agencies for their short term cash needs, received Standard & Poor’s highest ratings for credit quality and volatility again based on its past fiscal year results, said County Treasurer-Tax Collector Dan McAllister.
OneRoof Energy Inc., a San Diego provider of residential solar services, said New Resource Bank will provide it with about $2 million in debt financing to lower its cost of funds on a pool of existing solar projects.