Daily Business Report — Jan. 30, 2012
Grandpoint Capital Completes Merger With Regents Bank
Grandpoint Capital Inc. has completed its merger with La Jolla-based Regents Bank following shareholder and regulatory approvals. Regents Bank is now a wholly-owned subsidiary of Los Angeles-based Grandpoint Capital. Regents Bank will continue to operate under its existing name with its current management team, led by President and CEO Dan C. Yates and Chairman Thomas C. Young. Regents has banking offices in San Diego, La Jolla, Carlsbad, El Cajon and Vancouver, Wash. At December 31, 2011, Regents had total assets of $345 million. In addition to his continuing role as CEO of Regents, Yates was appointed president of Grandpoint Capital by its board of directors.
Scripps Health Purchases Medical Office Building
Scripps Health has purchased a new medical office building for Scripps Coastal Medical Center in Oceanside. The facility is located adjacent to State Route 76 at 4318 Mission Ave. and will replace the original Scripps Coastal Medical Center facility on Mission Avenue. The new 33,500-square-foot medical office building is almost twice the size of the original medical center, provides more parking, easier accessibility and the latest wireless technology. Initially, the new building will house the 10 Scripps doctors and 40 staff from the existing medical center, expanding to a total of 20 physicians in the future.
San Diego Trust Bank Reports Earnings
San Diego Trust Bank reported its 29th consecutive quarterly profit with record fourth quarter 2011 earnings up more than 107 percent from the comparable period of a year ago. Net earnings after-tax totaled $691,000 for the three month period ending Dec. 31, 2011, compared to $333,000 for the same period the previous year. For the 12months ended Dec. 31, 2011, the bank reported net income of $1.61 million compared to $959,000 in 2010, representing an increase of 68 percent over prior year’s results.
AMN Healthcare Services Sells Home Health Care Business
AMN Healthcare Services Inc. has completed the sale of its home health care business to BAYADA Home Health Care Inc. AMN will receive cash proceeds of $9.65 million and retain working capital of $4 million. The company intends to use proceeds from the sale to pay down debt. “Given significant reimbursement changes and the current uncertainty in the regulatory environment, we determined a divestiture of home health care would allow an even sharper focus on our market-leading health care workforce solutions offerings,” said Susan R. Salka, the company’s chief executive officer.
• S. Andrew Pharies has joined DLA Piper as a partner in its trusts and estates group of the San Diego office. He is joined by associate Michelle C. Glasser. Both moved to the firm from Procopio, Cory, Hargreaves & Savitch. Pharies received his law degree from the University of Oregon. Glasser received hers from the University of Arizona.
• Dowling & Yahnke LLC has promoted Mark J. Muñoz to partner, Alana Asmussen and Jacqueline Bell to portfolio management directors and Karrol Gibbs as director of operations. Muñoz joined the firm in 2009 as chief operating officer. He holds a master’s degree from the University of Chicago and a bachelor’s degree from Miami University (Ohio).
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