Daily Business Report — Aug. 1, 2011
Credit Union to Close Two Offices and Lay Off 12 Employees
Citing increased loan delinqaencies, higher loan losses and other financial problems, San Diego Metropolitan Credit Union announced last week that it will close two of its San Diego branches and lay off 12 employees effective Sept. 30. Branches to be closed are in Kearny Mesa at 9212 Balboa Ave. and the Morena Trolley office at 5375 Napa St. “The decision to close two branches and lay off employees was not an easy one and was arrived at after lengthy and thorough analysis and consideration,” said Stan Abrams, the credit union’s president and CEO. “However, we believe it is the best option available to ensure we remain as effective and efficient as possible and continue to return maximum value to our membership.”
Three full-service branches in Chula Vista,
Downtown San Diego and El Cajon will remain open
“Because of increased loan delinquencies, higher loan losses, increases to loan loss reserves and losses members have sustained in real estate values linked to the economic downturn, SDMCU has also had to tighten its loan underwriting standards to limit risk,” the credit union said. “Thus, SDMCU had to reduce the number of loans made to members, thereby reducing loan income. In addition, stronger regulatory requirements have increased compliance Costs. As a result, SDMCU is looking for additional ways to reduce its operating costs and to improve profitability.”
Three stand-alone, full-service branches will remain open — Chula Vista, Downtown San Diego and El Cajon. The credit union said it will keep no-surcharge ATMs in the Kearny Mesa and Morena Trolley areas, which are part of the CO-OP and STAR networks. “Shared branches through affiliated credit unions, as well as other service delivery channels, will be available, such as a call center, online loan applications and home banking,” it said. “The closures and the layoffs in no way relate to concern with SDMCU’s solvency or the organization’s ability to function as its members’ primary financial institution.”
AmericanWest Bank Completes Sunrise Bank Acquisition
AmericanWest Bank in Spokane has completed the $18.5 million acquisition of Sunrise Bank, which has locations in Palm Springs, Point Loma, San Diego and Escondido. Scott R. Andrews, former chairman and CEO of Sunrise Bank, will continue with AmericanWest as the regional manager for Southern California. AmericanWest also has acquired Bank of the Northwest. The acquisitions bring the bank’s total assets to $2 billion. It operates 66 branches in Washington, Idaho, California and Utah and has more than 600 employees.
Hyatt Regency Mission Bay Picks General Manager
Jeff Pace has been named general manager of the Hyatt Regency Mission Bay Spa & Marina. He will oversee operations of the 430-room hotel located on Mission Bay. Pace has spent nearly 25 years with Hyatt Hotels, most recently as general manager of Hyatt Regency Long Beach and before that as general manager of Hyatt Regency in Wichita, Kan. He began his career with the hotel chain in 1986 as a corporate management trainee in Indianapolis. He progressed through positions at Hyatt hotels in Chicago, Columbus, Dallas and San Diego and was nominated for General Manager of the Year in 2006. Pace is a graduate of the University of Nevada, Las Vegas where he received his bachelor’s degree in hotel and restaurant Management.
Kacena Selected for Sales and Marketing Post at Sycuan Resort
Douglas E. Kacena has been selected as director of sales and marketing for the Sycuan Golf and Tennis Resort. Kacena has more than 20 years of experience in executive sales and marketing in the hospitality industry. He holds a bachelor’s degree in marketing and economics from Iowa State University. Kacena was most recently director of sales and marketing at the Hilton and Fairfield Inn in Albuquerque, N.M. He also was director of sales at the Inn of The Mountain Gods Resort & Casino.
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.
• Aug. 2 Internet Marketing 201: Build Your Business through Search Engine Optimization 9 a.m. to 3 p.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $69, $79 at the door).
• Aug. 3 Financing Your Business 9:30 a.m. to 12:30 p.m. at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door).
• Aug. 4 Tax Considerations for Small Businesses 9:30 to 11:30 a.m. at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door).
• Aug. 5 Business Basics 101 9 a.m. to noon at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; no charge please pre-register).
• Aug. 6 Business Plan 101: How to Develop Your Best Competitive Advantage 9 a.m. to 3 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $79, $89 at the door).
• Aug. 6 Costing, Pricing, Break-Even Analysis 9 a.m. to 12:30 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $49, $59 at the door).
• Aug. 8 Introduction to Starting Your Own Business 9 a.m. to 4:15 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $69, $79 at the door).
• Aug. 10 Internet Marketing 303: Social Media for Small Businesses 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $49, $59 at the door).