Daily Business Report —June 11, 2012
New Campus Planned for Advanced BioHealing Inc.
Shire PLC announced that it expects to begin construction next year of a new campus for its regenerative medicine business, Advanced BioHealing Inc. The new campus will be located in Sorrento Mesa. Initial occuancy is targeted for 2014. Advanced BioHealing has entered into a lease agreement with BioMed Realty Trust for the new facility, which will house the company’s manufacturing and support operations. Kevin Rakin, president of Shire, said the new campus will give the company the increased capacity it needs to manufacture new regenerative medicine therapies.
Water Authority Sues Metropolitan Water
District of Southern California Over Rates
The San Diego County Water Authority has filed a lawsuit against the Metropolitan Water District of Southern California claiming that the new rates it approved in April violate the law and would overcharge San Diego County water ratepayers more than $50 million annually in 2013 and 2014. “This action is necessary to protect our region’s $186 billion economy and our 3.1 million ratepayers from billions of dollars in overcharges through the payment of water rates that will not deliver one drop of water or other benefit for San Diego County water ratepayers,” said Michael Hogan, Water Authority chairman.
Squadron Eleven Change of Command
Naval Base Point Loma — Capt. Thomas Ishee has relieved Capt. Richard Correll as commander, Squadron Eleven, Submarine Forces U.S. Pacific Fleet during a pier side ceremony aboard the Los Angeles-class submarine USS San Francisco. While under Correll’s command, Squadron Eleven oversaw submarines deployed to the Arabian Gulf, Western Pacific, Southern Pacific and the Arctic. Correll’s next assignment will be with the Navy Personnel Command in Millington, Tenn. Ishee previously served as commanding officer of USS Key West and later managed the U.S. Pacific Command portfolio of plans for the Under Secretary of Defense for Policy.
Camp Pendleton Undergoes
Major Construction Programs
Since 2008, Marine Corps Base Camp Pendleton has undergone one of the largest new construction programs, with more than $1.3 billion in active construction projects under way. Located on the coast next to Las Pulgas Road, the 41 Area at Camp Pendleton is undergoing a major expansion with the construction of new training and operations facilities for the 1st Reconnaissance Battalion and the 1st Air Naval Gunfire Liaison Company. The $124 million contract to design and construct 18 new facilities in the 41 Area was awarded by NAVFAC Southwest to a joint venture entity — Webcor / RA Burch. The scope of the project includes multiple operational and community facilities for the 1st Reconnaissance Battalion and 1st Air Naval Gunfire Liaison Company, as well as a five-story 200-room bachelor enlisted quarters complete with ocean views.
Better Business Bureau Mixer July 12
The San Diego Better Business Bureau will host a business-to-business networking mixer from 4 to 6 p.m., on July 12, at Gordon Biersch Brewery Restaurant, 5010 Mission Center Road in Mission Valley. Admission is $25 per person. To RSVP, contact Andy Ramos, BBB marketing and special events assistant, at (858) 637-6199, Ext. 324.
Six banks in the San Diego region have scored “A” grades for their commitment to small business lending under a rating system developed by MultiFunding, a small business financial advisory firm. Six banks with offices in Downtown San Diego received “F” or failing grades under the rating system.
Banks receiving “Excellent” or “A” grades are Bank of Southern California, Borrego Springs Bank, Home Bank of California, Neighborhood National Bank, Seacoast Commerce Bank and Security Business Bank of San Diego.
Under the proprietary rating system developed by MultiFunding, an A grade (Excellent) means a bank uses 25 percent or more of its deposits to make small business loans; B (Good) means it uses between 10 percent and 25 percent; C (Average) means it uses between 6 percent and 10 percent; D (Poor) means it uses between 3 percent and 6 percent; and F (Failing) means it uses under 3 percent of its deposits for small business loans.
Banks with offices in Downtown (92101) were given ratings ranging from “A” to “F.” Six of those received failing grades for their small business loan activity — Citibank, Bank of America, City National Bank, Union Bank, JP Morgan Chase Bank, and HSBC Bank.
Ratings by other Downtown banks:
• Bank of Southern California, Grade A
• Security Business Bank of San Diego, Grade A
• Regents Bank, Grade B
• Coronado First Bank, Grade B
• California Bank & Trust, Grade B
• Torrey Pines Bank, Grade B
• Pacific Western Bank, Grade B
• Bank of the West, Grade C
• Comerica Bank, Grade C
• U.S. Bank, Grade C
• Wells Fargo Bank, Grade D
Although Wells Fargo’s Downtown branches received a poor grade in the MultiFunding study, the bank’s San Francisco headquarters boasted that the bank is No. 1 in SBA 7(a) loans in dollars in 12 states, including California, during the first six months of the federal fiscal year 2012.
MultiFunding said banking grades are based on data gathered from quarterly FDIC call reports.