Daily Business Report — Sept. 8, 2011
Regents Bank to be Acquired by Grandpoint Capital
Los Angeles-based Grandpoint Capital Inc. has agreed to acquire Regents Bank of La Jolla, a privately held banking company that was founded in 2001 and operates four offices in San Diego County and one in Vancouver, Wash. At June 30, the bank had total assets of $355 million.
Dan C. Yates is president and chief executive officer of Regents Bank who led a group of investors in establishing the bank. Regents will become a wholly owned subsidiary of Grandpoint Capital when the acquisition is completed in the first quarter of 2012. “We’re excited about our affiliation with Grandpoint Capital,” said Yates. “We now have an opportunity to combine Regent’s unique brand of entrepreneurial banking – which offers consultative strategies and solutions drawn from decades of experience serving business owners – with Grandpoint’s substantial capital base to better meet the growing credit needs of our clients as their businesses continue to expand and prosper.”
The bank will continue to operate under its existing name with its current management and staff. Yates will remain as president and CEO and Thomas C. Young will continue as chairman. Regents’ banking offices are in Downtown San Diego, La Jolla, Carlsbad, El Cajon and in Vancouver.
Grandpoint Capital launched its wholly owned subsidiary, Grandpoint Bank, in 2010 with an initial capital investment of $75 million. At Aug. 31, Grandpoint Bank had total assets of $875 million and eight banking offices in Los Angeles and Orange counties. Grandpoint Capital is also a majority owner of the Bank of Tucson, which operates two banking offices in Tucson, Ariz.
“This is an opportunity to acquire a healthy and well-managed bank that supports our strategic vision,” said Don M. Griffith, chairman and chief executive officer of Grandpoint Capital. “Serving the financial needs of the San Diego County business community is a priority for Grandpoint, and we believe the best way to do that is with a locally-managed bank.”
New Foundation Launched for Grossmont and Cuyamaca Colleges
Officials at Grossmont and Cuyamaca Colleges has established a new foundation aimed at broadening the sources of money coming in to support the schools. The Foundation for Grossmont and Cuyamaca Colleges will continue the work previously done by two separate fundations for the colleges. Cindy Miles, chancellor for the Grossmont-Cuyamaca Community College District said the new foundation will make the best use of resources and avoid duplication. The new foundation will focus on reconnecting with alumni from Grossmont and Cuyamaca colleges and developing campaigns seeking major gifts to the colleges. Although four-year universities often have major endowments, community colleges have traditionally been slower to seek money from graduates and corporate leaders.
One of the first events hosted by the new foundation is the “Fifty and Fantabulous” celebration being held Oct. 22 to commemorate Grossmont College’s 50th anniversary. The event starts at 5:30 p.m. and will be held at the Health and Sciences Complex, the newest building at the college’s El Cajon campus. The cost is $175 and tickets can be purchased through the foundation website. The foundation board is being led by Sharon Bullard, formerly president of the Cuyamaca College Foundation, and Vicki Whitmire, formerly president of the Grossmont College Foundation. Fundraising veteran Glenn Kaufhold will be guiding the efforts as chief executive officer, and Ernest Ewin, formerly executive director of the Grossmont College Foundation, has been named executive director of development. Sarah Brown is the foundation’s new alumni and donor relations coordinator, while Patricia Burdette is the administrative assistant.
Staff Accountant Hired at Rosner Brown
San Diego financial firm Rosner Brown Touchstone & Keller has hired Joe Dodge as staff accountant. He will have the primary responsibility of working in audit and accounting services. A Colorado native, Dodge’s affinity for San Diego weather brought him to California after graduating from the University of Northern Colorado. The firm, headed by managing partner Kevin Brown, celebrated its 30th anniversary in January.
Prudential California Realty Names S.D. Regional Manager
Cory Shepard has been appointed vice president and regional manager of Prudential California Realty’s San Diego County region. Formerly the president of Prudential in south San Diego County, Shepard is a broker associate with a background in real estate that spans more than 30 years. Shepard currently serves as the vice president of the San Diego Association of Realtors and is co-chair of SDAR’s Risk Management Committee.
Lyceum Theatre Gallery hosts Art of Photography Show
The seventh annual Art of Photography Show, a judged competition featuring the works of photographers from around the world, is now in exhibition at the Lyceum Theatre Gallery in Downtown’s Horton Plaza.
The judge for the competition is Anne M. Lyden, associate curator of the Department of Photographs at the J. Paul Getty Museum in Los Angeles. Lyden selected 109 photographs for the exhibition in which more than 15,400 entries were received. Entries came from 72 countries. Artists chosen by Lyden represent 25 countries. A total of $10,000 will be awarded to the top 15 artists selected by Lyden.
The exhibition will be in San Diego through Oct. 23.
Lyden is one of seven curators in the Department of Photographs, which was established in 1984 and has a collection of about 100,000 objects emphasizing the first 150 years of the medium. A native of Scotland, Lyden received her master’s degree in the history of art from the University of Glasgow and her master’s degree in museum studies from the University of Leicester, England. Since joining the Getty in 1996, she has curated numerous exhibitions drawn from the museum’s permanent collection.
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. 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).
• Sept. 12 Financial Statements: What They Mean, How to Use Them 9:30 a.m. to noon at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door).
• Sept. 13 Internet Marketing 302: Develop a Winning Email Marketing Success Strategy 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).
• Sept. 14 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).
• Sept. 16 Women’s Networking Breakfast and Exhibits 8 to 11 a.m. at Morgan Run Resort & Club in Rancho Santa Fe (5690 Cancha de Golf, Rancho Santa Fe 92091; Attendees: $30 pre-paid registration by Sep. 13, $40 thereafter; Exhibitors: $80 pre-paid registration by Sep. 13, $90 thereafter).
• Sept. 16 Managing Grants and Contracts for Nonprofits 9 to 11:30 a.m. at The San Diego Foundation in Point Loma (2508 Historic Decatur Rd., #200, San Diego 92106; pre-paid registration $39, $49 at the door).
• Sept. 19 Business Basics 101 9 a.m. to noon at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; 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.