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Daily Business Report — Jan. 27, 2012

Torrey Pines Bank Reports Increased Revenues, Operating Income

Torrey Pines Bank, an affiliate of Western Alliance Bancorporation, announced an increase in revenues, net operating income, loans and deposits in fourth quarter 2011. The bank reports that net operating income reached $5.9 million in fourth quarter 2011, up $550,000 or 10.2 percent from third quarter 2011, and up $2,694 or 83 percent from the same period in 2010. The bank attributed the increase to its growth in business and real estate loans. In the fourth quarter of 2011, total revenue was $21.6 million, up from $20.7 million in the third quarter (or 4.4 percent) and up $3.3 million (or 17.8 percent) from the same time period in 2010. Pre-tax, pre-provision earnings were $10.5 million in the fourth quarter of 2011, down $190,000 from third quarter 2011 but up $2,270 or 27.4 percent from the same quarter in 2010.  Pre-tax, pre-credit return on average assets was at 2.26 percent, down slightly from 2.6 percent in third quarter 2011. Torrey Pines Bank’s loans grew to $1.3 billion, an increase of $255 million, or 24 percent, for 2011. Year-over-year deposits grew to $1.4 billion, an increase of $135million, or 10.5 percent , from fourth quarter 2010.

County Water Authority Works on Desalination Agreement

San Diego County Water Authority is finalizing an agreement for purchasing water from the Carlsbad Desalination Project. After negotiations are completed with Poseidon Resources, operator of the plant, the agreement will be taken to the Water Authority board for approval this summer. Ken Weinberg, director of water resources, said the final draft water purchase agreement for member agency and public review will be released this spring. Member agencies will have two months to review the agreement and decide whether they intend to purchase directly from the Water Authority a portion of the desalinated water supply from the Carlsbad project. The Water Authority expects water from the Carlsbad project will be available by 2016.

SANDAG Acquires Land for Preservation

SANDAG has acquired two pieces of land containing high-quality coastal scrub habitat and two breeding pairs of endangered California gnatcatcher. The property — two parcels adding up to 5.81-acres — is located next to the San Elijo Lagoon, east of Manchester Avenue between MacKinnon Road and Ocean Cove Drive, in the city of Encinitas. Two residential units had been proposed for development on the environmentally sensitive site owned by the Laser/Kramer Family Trusts. The cost of the acquisition was $1.5 million. Funds for the purchase came from the regional TransNet half-cent sales tax extended by voters in 2004.

Walgreens Store in Santee Sells for $8.7 Million

The Walgreens store at 10512 Mission Gorge Road in Santee has been sold for $8.7 million in cash to Santee CL, a limited liability company with Mabie & Mintz as a general partner. The property as sold by the original developer, Interra-Vision, LLC c/o Interra Development Partners LLC based in Chicago. The acquisition was part of an exchange from the buyer’s sale of the Colima Linda Apartments located at 7575 Linda Vista Road in San Diego. The 14,758-square-foot building was constructed in 2009. Cassidy Turley BRE Commercial’s Chris Rink represented the buyer in the transaction.

Better Business Bureau to Sponsor Student Ambassador Program

The San Diego Better Business Bureau is inviting high school juniors and seniors to participate in its 2012 Student Ambassador program, a volunteer speakers bureau where students deliver speeches to their peers on how to be smarter consumers and protect themselves from scams and fraud. Students who deliver the most speeches between March and May will be eligible to receive cash scholarships of $2,500, $1,500 or $1,000. The Student Ambassador program is open to any junior or senior who attends an accredited high school in San Diego or Imperial counties. Applications are available at bbb.org. Last year’s group of 16 student ambassadors from seven high schools in San Diego County delivered speeches to more than more than 2,942 high school students over a 13-week span during the 2011 spring semester. For more information, contact Andy Ramos at (858) 637-6199, Ext. 324.


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.


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