San Diego Business Journal

Alaska Airlines adds nonstop flights to Kona, Hawaii

Alaska Airlines said it is adding new nonstop flights from San Diego to Kona, Hawaii, starting March 5.

San Diego Private Bank to acquire First Security Business Bank

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 reports strong third-quarter net income

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.

County's Assessed Property Value Up 5.7 Percent

The total value of San Diego County’s assessed property for the 2014 fiscal year ended June 30 was $430.3 billion, up 5.7 percent from the prior year, according to the state Board of Equalization.

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Cox Doubles Speed on Internet Packages

Cox Communications, whose subsidiary Cox San Diego, provides cable and Internet services to about 500,000 households here, said it doubled the speeds of its two most popular Internet service packages without increasing the price.

Inflexus Buys Diego Homes Property Management Group

Inflexus Management, a San Diego property management firm, said it acquired Diego Homes Property Management Group, a local management firm focused mainly on single-family homes and small apartments, for an undisclosed price.

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Envision Solar Reports High Level of Sales

Envision Solar International Inc., a San Diego maker and provider of solar energy systems, said it received multiple purchase orders for its solar products in less than 30 days that totaled more than $2 million.

Unanimous City Council Vote Puts Minimum Wage Issue on June 2016 Ballot

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.

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Stone to Open Distribution Center in Vista

Stone Brewing Co., the Escondido juggernaut that recently struck deals to build breweries in both Virginia and Berlin, said it plans to open a distribution center for its national clients in Vista.

Albireo of New Jersey Buys Two Poway Companies

Electronic Control Systems and Green Total Solutions, both based in Poway, were acquired by Albireo Energy LLC of New Jersey for an undisclosed price.

Acquisition of redIT Clears Final Regulatory Hurdle

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.

Unemployment Rate in County Is 5.9% for September

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.

Plans for Busier Workers Buoy Business Index for September

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.

Military Compensation Average Outpaces Civilian Pay Locally

DEFENSE: Total Said to Be $15.5B According to Study

San Diego’s active duty military personnel are “a force for good,” as the Navy says in a televised ad, and especially good for the local economy.

Neighborhood National Bank Slowly Filling Its Tanks These Days

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.

Ashford Leader Changes The ‘Campus’ Culture

EDUCATION: Reforms Keep Coming in Challenging Climate

It’s been two years since Richard Pattenaude was named president of Ashford University, and he’s still getting used to change that occurs much faster than at his past job.

Business Index Outlook Is Up 1.7 Points in September

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.

September Unemployment Rate in County Is 5.9%

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.

Region Ranks Sixth in Q3 Venture Capital Dollars

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 Reports Q3 Results

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.

Former Mayor O’Connor Makes List of California’s Top 500 Tax Debtors

Former San Diego Mayor Maureen O’Connor was on the latest list of California’s Top 500 Tax Debtors released by the state’s Franchise Tax Board.

County Investment Pool Receives High Rating

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.

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Overland Storage Says Its Acquisition Is On Track to Close This Quarter

Overland Storage Inc., the San Diego provider of data storage systems that agreed to be acquired in May by Ontario, Canada-based Sphere 3D, said the transaction is on track to close in the current fiscal quarter.

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OneRoof Energy Receives $2M in Debt Financing

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.

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Japan FTC Approves Peregrine Sale to Murata

Peregrine Semiconductor Corp., the San Diego maker of radio frequency chips contained in many wireless devices, said the Japan Fair Trade Commission notified it that its pending sale to Murata Electronics North America was granted clearance.

Median Housing Price in County Is $445,000 for September

The median priced house in San Diego County in September cost $445,000, down 0.78 percent from the median priced house in August, according to the latest CoreLogic Dataquick residential report.

Robbins Geller Selected as One of Nation's Most Feared Litigation Firms

San Diego-based Robbins Geller Rudman & Dowd LLP has been selected as one of the “Most Feared Firms in Litigation” by BTI Consulting.

San Diego-Based Loan Firm Adds More Health Care Systems to Its Roster

Clear Balance, a San Diego provider of patient loans, recently added a few health care systems to its client base.

Active Network Celebrates Its Texas Move With Charity Event

Active Network, which relocated its headquarters to Dallas in August, celebrated the opening of that office with a charity challenge, aimed at placing children into sports activities.

Local Loan Firm Adds More Health Systems to Its Roster

Clear Balance, a San Diego provider of patient loans, recently added a few health care systems to its client base.

ATMs Give It, and ATMs Take It Away Through High User Fees

Thanks to the Dodd-Frank banking reform law, consumers can’t be dinged as much on the rates banks charge on credit cards and other things like check overdrafts.

Active Network Holds Charity Event to Celebrate Move to Texas

Active Network, which relocated its headquarters to Dallas in August, celebrated the opening of that office with a charity challenge, aimed at placing children into sports activities.

Revived San Diego Opera Is Nearing Its Fundraising Goal

ARTS: The $5.3 Million Raised Puts Group Near Goal for 3-Opera Season

The San Diego Opera, which was reactivated in April after its board initially voted to disband, said its fundraising campaign and ticket sales for the upcoming season are nearly meeting targeted goals.

Hewlett-Packard Split Part of Its Strategy

TECHNOLOGY: Some See San Diego in Position to Benefit

The proposed split of Hewlett-Packard into two public companies could have a positive effect on its local operations in Rancho Bernardo where it has some 2,000 employees, said local sources.

Median Price for Single Family Home in County Remains Unchanged From August to September

The median price for a single family house in San Diego remained unchanged in September from August at $510,000. The price was about 5 percent above the median in September 2013, according to the Greater San Diego Association of Realtors.

Local Economic Index Increases 0.3% in August

An index measuring San Diego’s economy increased 0.3 percent in August, with four of the six components rising during the month.

SpectraScience Taps SenaHill for Advice on $40M Financing Plan, Strategic Alternatives

SpectraScience Inc., a San Diego medical device company, sid it has engaged SenaHill Advisors LLC as an advisor in connection with a proposed equity financing of up to $40 million and a review of strategic alternatives.

SB Capital Partners Acquires a Local Lawn Care Company

SB Capital Partners, a San Diego private equity firm focusing on the home services and facilities space, said it acquired Aerations Only Inc., a local lawn care company that services some 10,500 household regionally.

Marrs Maddocks & Associates Insurance Services' Assets Acquired By Hub

Hub International Ltd, a Chicago-based insurance brokerage, said it acquired the assets of Carlsbad-based Marrs Maddocks & Associates Insurance Services Inc. for an undisclosed price.

Fresh Healthy Vending Adds 120 Machines to Network

Fresh Healthy Vending International Inc., a San Diego franchisor of vending machines selling healthy snacks, said it closed September by adding 120 combo machines to its network through nine new franchisees.

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OneRoof Energy Group Announces Financing Agreements Worth $16.7 Million

OneRoof Energy Group Inc., a San Diego solar services business, said it entered financing agreements from Black Coral Capital LLC and affiliates of the Hanwha Group that provide about $16.7 million in new capital.

Audit of Balboa Park Celebration Inc. Found Group Better at Spending Money Than Raising It

A city audit of the nonprofit group that was supposed to organize and oversee a year-long celebration of the 1915 Panama-California Exposition found no fraud, but plenty of incompetence, noncompliance to its agreement with the city, and a lack of oversight by the city.

Soon You Can Find an Additional ‘Item’ at Wal-Mart: Banking

Wal-Mart is back in the banking business, which is bad news for the banking industry, although it won’t say that.

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Bay Cleanup Tackles Heavily Polluted Site in Second Phase

LEGAL: Wrangling Over Who Pays Still An Issue With Parties

While the Port of San Diego touts its recent success in cleaning up a part of San Diego Bay at the Campbell Shipyards site, work on a more polluted site near the San Diego-Coronado Bridge continues as does litigation involving what the responsible parties will contribute to the project’s $75 million cost.

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OneRoof Energy Announces Financing Agreements Worth $16.7M

OneRoof Energy Group Inc., a San Diego solar services business, said it entered financing agreements from Black Coral Capital LLC and affiliates of the Hanwha Group that provide about $16.7 million in new capital.

County Pension Board Votes Against Terminating Partridge and Salient Partners

The San Diego County Employees Retirement Association’s voted 5-4 against terminating their outsourced chief investment officer Lee Partridge and his firm, Salient Partners, at its Oct. 2 meeting.

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SDCCU Sponsors Aztecs Basketball

San Diego County Credit Union, the area’s largest credit union with $6.6 billion in assets, said it is a sponsor of the San Diego State University men’s basketball 2014-15 season.

San Diego Workforce Partnership Receives Federal Grant to Help Families of the Disabled

The San Diego Workforce Partnership, the regional job training agency, said it received a $6 million grant from the U.S. Department of Labor’s Workforce Innovation Fund for a five-year project aimed at helping families of people with disabilities find jobs.

Carlsbad Desalination Plant Said to Be 65% Complete

The Carlsbad Desalination Plant that began construction last year, and claims to be the largest desalination plant in the western hemisphere, is 65 percent complete, said developer Poseidon Water.

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Franklin Wireless Corp. Reports FY2014 Net Sales of $30.9M

Franklin Wireless Corp., a San Diego maker of high speed wireless modems, routers and modules, reported net sales for its 2014 fiscal year of $30.9 million, down from net sales of $32.8 million in the prior fiscal year.

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