Daily Business Report — June 10, 2011
Spokane Bank Giant to Acquire San Diego’s Sunrise Bank
Spokane-based AmericanWest Bank, a financial institution with $1.6 billion in assets and deposits of $1.4 billion, has reached an agreement to acquire San Diego’s Sunrise Bank for $18.5 million. The deal, expected to close in the third quarter, will be AmericanWest’s first acquisition in California, picking up Sunrise Bank’s four branches in Point Loma, Escondido, Palm Desert and San Diego. AmericanWest currently operates 58 branches in Washington, Idaho and Utah.
Sunrise Bank is a winnow in the banking industry compared to AmericanWest. The San Diego bank had total assets of $232 million and deposits of $212 million as of March 31.
Sunrise was previously formed through the consolidation of Point Loma Community Bank, Bank of Escondido, Sunrise Community Bank and Sunrise Bank of San Diego.
“We are excited to be joining a team that truly values community banking just as we do, and provides the strength and stability that will support our future growth,” said Scott R. Andrews, chairman and CEO of Sunrise. “As a part of AmericanWest Bank, we can offer our customers increased lending capabilities, expanded products and services and additional benefits inherent with being a well-capitalized bank.”
Scott A. Kisting, chairman and CEO of AmericanWest, said expanding into California was always a strong possibility if the right opportunity presented itself. “I spent a good portion of my career in California as have several other members of our leadership team, and as a result, we know this market well and understand what it takes to excel here as a business-focused community bank,” Kisting said.
AmericanWest Bank itself was acquired in December 2010 by SKBHC Holdings LLC, which poured $185 million of new capital into the bank. With an additional $500 million in funding commitments available through SKBHC, AmericanWest is focused on growing both organically and through acquisitions, the bank said.
Besides Andrews, Sunrise Bank’s management team consists of Tony Calabrese, president; Gary Weitner, chief credit officer; Tay Fried, chief financial officer; Fred Baranowski, Escondido regional president; Stu Bailey, Palm Desert regional president; Brooks Royal, vice president, San Diego branch manager; Millie McKibbin, senior vice president, operations risk manager; and Linda Blakley, senior vice president, customer service manager.
Area’s First Wind Symposium Set for June 14
The benefits and misconceptions of wind power will be the focus of a June 14 wind symposium to be held at the Scripps Institution of Oceanography and featuring a keynote address by Michael Picker, senior adviser to Gov. Brown for renewable energy facilities. The event is expected to draw community leaders, policymakers and renewable energy experts from around the country. Two panels will discuss topics such as San Diego County’s wind energy potential, wind industry regulations, wind energy and residential real estate values, among other topics. Moderators will be Scott Anders, director of the Energy Policy Initiatives Center at the USD School of Law, and Peter Hamilton, director of energy services at the California Center for Sustainable Energy. The event will be held from 8 a.m. to noon in the Scripps Seaside Forum at Scripps Institution of Oceanography, 8610 Kennel Way, La Jolla.
Downtown Waterfront Park Presentation
A presentation by the county on a new waterfront park to be built next to the County Administration Building will be made at a June 15 meeting of the Citizens Advisory Committee for the North Embarcadero Port Master Plan Amendment. It will be from 6 to 8:30 p.m. in the training room of the Port administration building, 3165 Pacific Highway. A presentation on the Grape Street Piers and Plazas also will be made at the meeting.
Hire-A-Youth Summer Job Program
The San Diego Regional EDC is inviting employers to attend a June 16 program to learn more about the region’s Hire-A-Youth Summer Job Program. The program will be from 8 to 9:30 a.m. at The University Club, 750 B St., Downtown. EDC members are free. Nonmembers must pay $25.
San Diego City Councilman Tony Young; Mark Cafferty, president and CEO of the San Diego Workforce Partnership; and Kevin Harris, CEO of SharePoint 360 and chair of EDC’s Next Gen Committee, are part of the program. To register, call (619) 615-2969.
Business Financing Workshop
California Bank & Trust will partner with ACCION San Diego to provide a “Business Financing & Your Options” free workshop on June 16 from 7:30 to 9 a.m. at the City Heights Price Center, 4305 University Ave., Suite 640. The workshop is an opportunity for business owners and those interested in starting a business to gain insight into various financing options including traditional financing from banking institutions like California Bank & Trust or loans from microlenders like ACCION San Diego. Will Rivera, assistant vice president and City Heights branch manager from CB&T; and Valery Santacruz, loan program coordinator from ACCION San Diego, will be available to educate attendees about what lenders look for when reviewing loan applications. Continental breakfast will be provided and parking is free. Those interested in attending can RSVP by calling Azalia Flores at (619) 521-4013.
Port Installs Solar Panels in National City
The Port of San Diego is installing 270 photovoltaic panels on its general services building in National City, a $310,000 project. The building is located at 1400 Tidelands Ave. The panels will be installed on the south-facing roof area of the two-story, 45,243-square-foot structure. The south-facing area will provide the best exposure to the sun for solar power generation. “This photovoltaic system will have the capacity to generate 94,000 kilowatts of power per year, which greatly reduces the district’s energy use,” said Scott Peters, chairman of the Board of Port Commissioners. “It will reduce greenhouse gas emissions and save the Port money.” The new system is projected to save the Port about $12,000 in annual electrical utility costs.
Small Business Workshops
SCORE San Diego continues its series of low-cost workshops. Fees range from $29 to $109, depending on the program. To register online, visit score-sandiego.org. For more information, call (619) 557-7272.
• June 11 – Introduction to Starting Your Own Business – 9 a.m. to 4:15 p.m. at National University in Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $69, $79 at the door).
• June 14 – Business Basics 101 – 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Ave., San Diego 92123; No charge – please pre-register).
• June 14 – Managing Grants and Contracts – 9 to 11:30 a.m. at The San Diego Foundation in Point Loma (2508 Historic Decatur Road, #200, San Diego 92106; pre-paid registration $39, $49 at the door).
• June 15 – Internet Marketing 303 – Social Media for Small Businesses – 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $49, $59 at the door).
• June 17 – Import/Export – 9 a.m. to 4 p.m. at National University in Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $69, $79 at the door).
• June 18 – QuickBooks Basic – 9 a.m. to 4 p.m. at National University in Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $69, $79 at the door).
• June 18 – Effective Marketing – Identify and Target Your Customers – 9 a.m. to 4 p.m. at National University in Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $69, $79 at the door).
• June 21 – Financing Your Business – 9: 30 a.m. to noon at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $29, $39 at the door).
• June 22 – Business Plan 201: How to Write a Winning Business Plan – 9 a.m. to 3:30 p.m. at National University in Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $99, $109 at the door).
• June 28 – Introduction to Starting Your Own Business – 9 a.m. to 4:15 p.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $69, $79 at the door).
• June 29 – Tax Considerations for Small Business – 9:30 to 11:30 a.m. at National University in Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $29, $39 at the door).
• June 30 – Business Basics 101 – 9 a.m. to 3:30 p.m. at National University in Kearny Mesa (9388 Lightwave Ave., San Diego 92123; no charge – please pre-register).
The Daily Business Report is produced by REP Publishing Inc., publisher of SD METRO, the North Park News, Kensington News and the West Coast Craftsman. Contact: Manny Cruz (619) 287-1865.