San Diego Business Journal

County Posts 5.8 Percent Unemployment Rate in October

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.

Quinton Alsbury Named CEO at Roambi

Roambi, a San Diego business that provides an app for making better use of data, said Quinton Alsbury is its new CEO, succeeding his partner and the company’s co-founder, Santiago Becerra.

San Diego Reportedly Loses America's Cup to Rival Bermuda

San Diego finished second to Bermuda in a high-stakes race to host the 2017 America’s Cup, according to an Associated Press report.

Community Banks Feel the Heat From New Regulatory Climate

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 Growing Deposits Through Online Channels

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.

Economic Delegation Brings Home Some Lessons from Abroad

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.

County Jobless Rate Drops to 5.8 Percent in October

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.

Shoe Co. Puts Its Best Foot Forward

RETAIL: Fashion-Oriented Focus, Online Efforts Pay Off

Like its mythical namesake, Phoenix Footwear Group is recovering from a near-death experience and rising once again.

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When Banks Say No

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.

Seven More Cities Join HERO Program

Seven more cities in San Diego County officially launched Home Energy Renovation Opportunity programs allowing home owners and commercial property owners to install energy and water efficiency improvements without any capital outlay and repayments made on property tax bills.

PetCo Purchases Online Supplier Drs. Foster and Smith

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.

Jack in the Box Reports Quarterly, Fiscal 2014 Results

Shares of Jack in the Box were popping by nearly $4 in midday trading Nov. 19 on the Nasdaq exchange, pushing the stock above $75, following the release of the company’s quarterly and fiscal 2014 results.

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Chargers Blood Drive Set for November 25

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 Purchases $5 Million in Stock in Dataram Corp.

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.

Franklin Wireless Reports Q1 Net Sales of $13.6 Million

Franklin Wireless Corp., a San Diego maker of high-speed wireless modems and routers, reported fiscal 2015 first quarter net sales of $13.6 million, compared with $1.4 million in net sales for the like period of the prior fiscal year.

Padres to Turn Petco Park into Holiday Wonderland

The San Diego Padres are transforming Petco Park into a Holiday Wonderland that includes interactive lighting displays, falling snow, reindeer, flocked trees, and Santa Claus for 12 nights starting Dec. 5.

IFAN Financial Acquires Mobicash America

IFAN Financial Inc., a San Diego company that develops and distributes software to enable mobile payments, said it completed a share exchange with shareholders of Mobicash America Inc., and acquired the business as a wholly owned subsidiary.

Fresh Health Vending Reports Q1 Revenue of $1.85 Million

Fresh Health Vending International Inc., a San Diego franchisor of vending machines dispensing healthy snacks, reported fiscal 2015 first quarter revenue of $1.85 million, down 8.3 percent from the like quarter of the prior fiscal year.

City's Bond Rating Gets Upgrade From Moody's

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.

Overland Storage Sets Special Shareholders Meeting

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.

Moody's Upgrades City of San Diego's Bond Rating

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.

BSC Expects to Boost Business with Its Latest Acquisition

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.

Developer in $50 Million Scam Receives a 10-year Sentence

A former Escondido commercial developer was sentenced to 10 years in prison Nov. 10 for bilking about 150 investors, including many retired seniors, of $50 million, according to the U.S. Attorney’s Office in San Diego.

Merger Approval Subject of Overland Storage's Shareholders Meeting

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.

Some Well-Timed Bank Buys Prove Profitable for Investors

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.

California Western School of Law Takes First Prize in Competition

In a showdown mock trial competition involving San Diego’s three law schools, California Western School of Law came out on top, besting the litigator teams from Thomas Jefferson and University of San Diego schools of law.

E.Digital Reports Q2 Net Loss of $173,000

E.Digital Corp., a San Diego technology developer and licensor, reported fiscal 2015 second quarter net loss of $173,000, compared to a net loss of $410,000 for the like quarter of the prior fiscal year.

Median Price for Home in October Was $440,000

The median price of a house sold in San Diego County in October was $440,000, down 1 percent from the median price paid in September, said Corelogic Dataquick.

DJO Global Reports Q3 Net Sales of $305.5 Million

DJO Global Inc., the Vista manufacturer of orthopedic devices, reported third-quarter net sales of $305.5 million, up 6.1 percent from the net sales of the like quarter of 2013.

Pasha to Acquire Some of Horizon Lines' Assets for $141.5 Million

The Pasha Group, which operates a large auto import/export operation at the National City Marine Terminal, said it has agreed to acquire substantial assets of Horizon Lines Inc., including four container ships, for about $141.5 million.

Pulse Electronics Reports Q3 Operating Loss of $1.6 Million

Pulse Electronics Corp., a San Diego manufacturer of electronic components in China, reported a third quarter operating loss of $1.6 million, compared with an operating profit of $500,000 for the like quarter of last year.

Developer Gets 10 Years in Prison For $50 Million Scam

A former Escondido commercial developer was sentenced to 10 years in prison on Nov. 10 for bilking about 150 investors, including many retired seniors, of $50 million, according to the U.S. Attorney’s Office in San Diego.

RF Industries to Acquire Comnet Telecom Supply

RF Industries Ltd., the San Diego makers and distributors of wireless cable assemblies, said it signed a non-binding term sheet to acquire Comnet Telecom Supply Inc., a New Jersey distributor of telecom and data products, for an undisclosed amount of cash and stock.

Price For Single-Family Home Drops to $496,750 in October

The median price for a single-family house in San Diego dipped 3 percent to $496,750 in October from the prior month, according to the Greater San Diego Association of Realtors.

San Diego County Credit Union Reports Net Income of $75M

San Diego County Credit Union, the area’s largest credit union and second-largest locally-based financial institution, reported net income for the nine months ended Sept. 30 of $75 million, up from $66.7 million in net income for the like period of 2013.

Bank of Southern California Assumes Assets, Deposits of Seized Bank

San Diego-based Bank of Southern California assumed all the deposits and assets of Frontier Bank in Palm Desert following its seizure by federal bank regulators on Nov. 7.

Q3 Net Income of $30.3 Million For Encore Capital

Encore Capital Group Inc., the San Diego buyer and collector of charged-off credit card debt, reported third quarter net income of $30.3 million, compared to net income of $21.8 million for the like quarter of 2013.

Datashield LLC Receives $4M in Financing From Huntington Capital

Huntington Capital Fund III, a San Diego-based private equity fund, said it completed a $4 million loan and equity commitment to Datashield LLC, an Arizona-based managed security services provider.

Huntington Capital Provides Financing to DataShield LLC

Huntington Capital Fund III, a San Diego-based private equity fund, said it completed a $4 million loan and equity commitment to Datashield LLC, a Utah-based managed security services provider.

Vibra Transaction: County Has One Less Community Bank

Vibra Bank CEO Frank Mercardante insisted the sale of his Chula Vista bank to Los Angeles-based Pacific Commerce Bank wasn’t a sale but a merger.

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Del Mar Invests in the Future With Its Fall Meet

SPORT: It Aims to Draw College Students and Additional Breeders’ Cups

The Del Mar Thoroughbred Club is using some of the same promotions from its successful summer meet in its fall meet that opened Nov. 7.

Encore Capital Group Reports Q3 Net Income of $30.3 Million

Encore Capital Group Inc., the San Diego buyer and collector of charged-off credit card debt, reported third quarter net income of $30.3 million, compared to net income of $21.8 million for the like quarter of 2013.

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Exhibit Builder On Record Pace

TRADE SHOWS: Recovery a Boon for Punch Visual Concepts

The guys at Punch Visual Concepts say based on their San Diego business’s record year so far, the economy is definitely rebounding.

Padres Replacing Video Scoreboard

The San Diego Padres are replacing the outmoded video scoreboard in left field as part of ongoing improvements to Petco Park promised when its new ownership team took over two years ago.

AmericanWest Bank Announces Merger with Banner Bank

AmericanWest Bank, with seven branches in San Diego and headquartered in Spokane, Wash., said it’s merging with Banner Bank, also based in Washington, in a deal that would create a “super community bank” with more than $9.7 billion in assets, and about 190 branches in five western states.

WiLAN Makes San Diego Its U.S. Headquarters

WiLAN, a Canadian wireless technology development business, said it moved its U.S. headquarters from Ft. Lauderdale, Fla., to San Diego.

Silvergate Bank Reports $980,000 in Third-Quarter Net Income

Silvergate Bank, based in University City with four branches, reported third quarter net income of $980,000, compared to net income of $1.36 million in the like quarter of last year.

Bridgepoint Revenue Down 55 Percent, 223 Employees Laid Off

Bridgepoint Education, the San Diego for-profit higher education company, reported third quarter net income of $6.3 million, down 55 percent from the like quarter of 2013.

BofI Holding Inc. Reports $17.8M in First-Quarter Net Income

BofI Holding Inc., the parent company to San Diego-based BofI Federal Bank, reported fiscal 2015 first quarter net income of $17.8 million, up 46.5 percent from the like quarter of the prior year.

Sempra Reports Third Quarter Net Income of $348 Million

Sempra Energy reported third quarter net income of $348 million, compared to net income of $296 million for the same quarter of 2013.