Daily Business Report — Sept. 1, 2011
Viejas to Build New Hotel at Casino
Viejas tribal leaders and casino executives expect to break ground early next year on a new $36 million, 150-room hotel adjacent to the Viejas Casino in Alpine. The plans were announced at a news conference Wednesday attended by representatives of the San Diego Convention & Visitors Bureau and local chambers of commerce.
The new hotel, which will have a grand opening in the first quarter of 2013, will include a pool, fitness room, business center and other amenities. It will be located on the east side of the casino building, where the Bingo Pavilion is now located. Bingo will be moved to another area of the casino. The project also includes an expansion to the seating area of the Harvest Buffet.
Executives said the project will create more than 400 construction jobs and additional jobs after the hotel is built. Swinerton has been selected as general contractor for the project. The company’s local projects have included construction of the Marriott Del Mar and Omni Hotel in Downtown San Diego, as well as historical renovations at Hotel Del Coronado and the U.S. Grant in San Diego.
First PacTrust Bancorp to Acquire Beach Business Bank
First PacTrust Bancorp, the holding company for Pacific Trust Bank in Chula Vista, has announced the pending acquisition of Beach Business Bank in Manhattan Beach. The transaction is initially valued at $37.4 million, or $9.07 per share, to Beach Business Bank shareholders, representing a 53 percent premium relative to its most recent closing stock price. The First PacTrust and Beach Business Bank boards of directors have unanimously approved the transaction, which is expected to close in the first quarter of 2012. “The acquisition of Beach Business Bank represents a significant milestone in our stated strategy of becoming Southern California’s bank of choice for growing families, small- to mid-sized businesses and high net worth individuals in the communities we serve,” said Greg Mitchell, president and CEO of First PacTrust Bancorp. “We are bringing together two highly complementary organizations that will enable First PacTrust to broaden its Southern California footprint into new attractive markets such as Manhattan Beach, Long Beach, Costa Mesa and Torrance.
Mitchell will remain chief executive officer of First PacTrust and will be joined by Robert M. Franko, currently president and CEO of Beach Business Bank, who will become president of First PacTrust Bancorp once the acquisition has been completed. Robb Evans will join the board of directors of First PacTrust Bancorp, expanding it to seven members. James H. Gray, Daniel R. Mathis and Fred D. Jensen, currently members of the board of Beach Business Bank, will join the board of Pacific Trust Bank, expanding it to nine members.
With this acquisition and the previous acquisition of Gateway Business Bank, First PacTrust expects to have $1.3 billion in total assets with 18 branches located throughout Los Angeles, Orange, San Diego and Riverside counties and 23 loan production offices in California, Arizona, Oregon and Washington.
Northern Trust Selects S.D. Region President
John Ippolito has been promoted to San Diego region president for Northern Trust, succeeding Robert Bauchman, who will retire on Oct. 31 after 33 years with the company. Ippolito had been senior vice president and senior portfolio manager of the San Diego region. He reports to Southern California President Susan Mallory. Ippolito has 22 years of investment management experience and has been with Northern Trust for 16 years. He previously was a portfolio manager and financial planner at Danielson Trust Co. Ippolito holds a bachelor’s degree from New York University.
USD Names Institute Director
Joel Sutherland, a logistics and supply chain expert with experience in both industry and the academic world, has joined the University of San Diego as director of its Supply Chain Management Institute. Sutherland has more than three decades of industry experience working in the automotive, pharmaceutical and consumer goods industries. For the last five years, he was managing director of Lehigh University’s Center for Value Chain Research in Bethlehem, Penn. Prior to that, Sutherland was instrumental in starting a company that would become Transplace, a Dallas, Texas-based provider of transportation, logistics and other supply chain services. He holds a bachelor’s degree from USC.
Small Business Workshops
SCORE San Diego continues its series of small business workshops. For more information, call (619) 557-7272 or visit score-sandiego.org.
• Sept. 6 Internet Marketing 101: Use the Internet to Successfully Market Your Business 9 a.m. to 3 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $69, $79 at the door).
• Sept. 7 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).
• Sept. 7 QuickBooks Basic 9 a.m. to 4 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $69, $79 at the door).
• Sept. 8 Internet Marketing 301: Increase Sales through Pay-Per-Click 9 a.m. to noon at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $49, $59 at the door).
• Sept. 8 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).
• Sept. 9 Business Basics 101 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Avenue, 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 and the West Coast Craftsman. Contact: Manny Cruz (619) 287-1865.