Daily Business Report — Dec. 22, 2009
California Bank & Trust Rates High in SBA Loans
California Bank & Trust was ranked the third largest producer of U.S. Small Business Administration 504 loans and the fifth largest producer of SBA 7(a) loans, in California, according to the SBA. The SBA 504 ranking is based on both number and dollar amounts of loans produced while the SBA 7(a) ranking is based on just number of loans produced. Both rankings are based on CB&T’s loan production performance during the SBA’s 2009 fiscal year from Oct. 1, 2008, through Sept. 30, 2009. The SBA 504 loan is generally used to finance purchases of owner/user commercial real estate while the SBA 7(a) loan can be used for a wider variety of business purposes including business acquisition. According to the SBA, small businesses make up 99.7 percent of all employers in the United States and employ nearly 50 percent of private sector workers.
“As one of the largest banks headquartered in California, we are very pleased to have been able to help so many small businesses by utilizing the SBA 504 and 7(a) loan programs,” said Tory Nixon, executive vice president of California Bank & Trust. “During these challenging economic times, many businesses are having a difficult time accessing the capital necessary to support their continued operations. California Bank & Trust is proud to once again be recognized as a top SBA lender in California and continues to be dedicated to providing the much-needed financial backing through our expertise in SBA lending.”
Imperial Capital Bank Taken Over and Sold
Imperial Capital Bank in La Jolla has been purchased by City National Bank in Los Angeles after it was taken over by the California Department of Financial Institutions, put into receivership and sold. City National Bank assumed all of the deposits of Imperial Capital. The nine branches of Imperial Capital Bank reopened during normal business hours on Monday as branches of City National Bank. Depositors of Imperial Capital Bank will automatically become depositors of City National Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from City National Bank that it has completed systems changes to allow other City National Bank branches to process their accounts as well. As of Sept. 30, Imperial Capital Bank had $4 billion in total assets and $2.8 billion in total deposits. City National Bank paid the FDIC a .24 percent premium for the right to assume all of the deposits of Imperial Capital Bank. In addition to assuming all of the deposits of the failed bank, City National Bank agreed to purchase $3.3 billion of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.
Big Bay Balloon Parade to March on Dec. 30
The 19th annual Big Bay Balloon Parade will step off at 10 a.m. on Dec. 30 in Downtown San Diego. San Diego County Credit Union is the presenting sponsor. Known as America’s largest balloon parade, the Big Bay Balloon Parade brings together marching bands, floats, drill teams and a procession of enormous balloons — more than any other parade in the country. SDCCU will sponsor a number of entries, including a 30-foot helium inflatable sailboat and a float featuring its mascot, a pelican named Captain Bill. Over 100,000 street-side spectators will enjoy the parade along with a nationwide television audience. The parade will begin near the County Administration Building on Harbor Drive, and will proceed south on Harbor Drive and end at the corner of Harbor Drive and Pacific Highway near Seaport Village. The parade telecast can be seen locally on Channel 4 San Diego. For information, visit holidaybowl.com.
Psychotherapist tells how to fight negativity
Here’s a little idea to take very seriously: we can — and do — send ourselves uninvited messages that may be negative or limiting enough to impede our lives and progress. That’s the theory proposed by psychotherapist Dr. Adrienne Ahern, who will expand on this theme at “Snap Out of it – NOW!” on Jan. 16 from 9 a.m. to 1 p.m. at the Reuben H. Fleet Science Center in Balboa Park, sponsored by the San Diego Press Club.
“Ever have a goal that you can’t seem to attain or a habit you can’t break? That’s because the hard-wiring of your brain is sabotaging your efforts, corralling your physiology to deepen these unsuccessful efforts, “says Ahern. “The same way we’re hard-wired to brush our teeth in a certain sequence or sleep on a certain side of the bed is the same as how we may have programmed ourselves with negative attitudes and patterns. It is those that stand in the way of our success.”
Reservations, free to Press Club members and $20 to nonmembers, may be made via sdpressclub.org or by phoning Executive Director Terry Williams at (619) 231-4340. A complimentary continental breakfast will be served.
Bakery and Restaurant to open Downtown
Portola LLC, dba Gaslamp Rendezvous, has signed a 10-year, $1,413,942 lease for 2,983 square feet of ground floor retail space at the new Residence Inn Marriott located in Downtown San Diego at 551 J St. Gaslamp Rendezvous, which will operate as a full service French bakery and restaurant featuring breakfast, lunch, dinner and full bar, plans to open in the spring of 2010.In the transaction both the lessee and lessor, J5th LLC, were represented by Corinna Gattasso and Bill Shrader of the Cushman & Wakefield Urban Property Group.
Office Lease in Del Mar Heights
Grant Thornton LLP has leased 10,544 square feet of space in Executive Center Del Mar, 12220 El Camino Real, for 10 years. The valuation was $4.2 million. The company will occupy Suite 300 of the building. Joe Anderson, Dave Odmark and Rick Reeder of Grubb & Ellis|BRE Commercial represented the lessor, Cognac Del Mar Owner II LLC. Mike Macie of Cushman & Wakefield represented Grant Thornton.
Sempra Energy Declares Dividend
The board of directors of Sempra Energy declared a quarterly dividend of 39 cents per share of common stock. The current dividend is payable Jan. 15, 2010, to shareholders of record on Dec. 30, 2009.
Cal State San Marcos to Offer New Nursing Degree
Beginning in spring 2010, California State University San Marcos will launch a new Master of Science in Nursing to prepare nurses in generalist and advanced practice roles for positions in the health care industry, community or public health agencies, academia, or for continued study at the doctoral level. The MSN has been designed for nurses seeking careers as a nurse educator, an advanced practice clinical nurse specialist in chronic illness management, or as clinical nurse leader nurse responsible for leadership and management of patient populations at the unit level in an acute care facility.
Admission to the RN–MSN program requires an associate degree in nursing from an accredited community college program, a minimum GPA of 2.75 for the last 60 semester hours of undergraduate course work, and evidence of satisfactory completion of required pre-nursing required courses. Students must maintain a 3.0 GPA while completing the BSN component of the program. Admission to the Master of Science in Nursing program requires a baccalaureate degree in nursing from a Commission on Collegiate Nursing Education or National League of Nursing accredited program, a minimum GPA of 3.0 for the last 60 semester hours of undergraduate course work, and evidence of satisfactory completion of physical assessment, inferential statistics and nursing research with a grade of C (2.0) or better at the baccalaureate level.
For more information on the new program, contact the School of Nursing at (760) 750-7550 or visit 2.csusm.edu/nursing.
Spa at La Costa Offers Well-Living Series
To help guests maintain their healthy living New Year’s resolutions, The Spa at La Costa will introduce a Sunday Speaker Series beginning Jan. 17. Taking place at 3 p.m. each Sunday in the spa’s movement studio from January through March, the weekly one-hour program will feature wellness, beauty and self-care experts who can provide tips and strategies for well-living. Speakers will include nutrition and fitness expert Ingo Loge, plastic surgeon Dr. Richard Chaffoo, UCSD OB/GYN Dr. Diana Hoppe and other wellness experts. Cost is $10 per person or complimentary with purchase of a spa treatment. Tea and hot chocolate will be served. For more information or a schedule of speakers, visit lacosta.com.
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