Daily Business Report — March 27, 2012
AmericanWest Bank to Acquire Security Business Bank of San Diego
Spokane-based AmericanWest Bank, which operates more than 70 branches in Washington, Idaho, California and Utah, is acquiring Security Business Bank of San Diego, the companies announced today. The deal is expected to close in the third quarter of this year. “Security Business Bank has built an impressive reputation in the Greater San Diego area and it is our pleasure to welcome their skilled employees and valued customers to AmericanWest Bank,” said Scott A. Kisting, Chairman and CEO, AmericanWest Bank. Security Business Bank’s four locations are in Downtown San Diego, Carmel Valley, Carlsbad and Escondido. At Dec. 31, 2011, AmericanWest Bank had total assets of $2.3 billion and deposits of $2 billion. For that same period, Security Business Bank had total assets of $233 million and total deposits of $181 million.
“Our merger with AmericanWest Bank represents the next stage of growth for Security Business Bank,” said CEO Paul Rodeno. “Access to additional products and services, expanded infrastructure and new office locations will help solidify our position as San Diego’s premier, community‐focused business bank.”
Under the terms of the merger agreement, it is expected that Security Business Bancorp shareholders will receive aggregate consideration in cash equal to approximately $26 million at closing, subject to adjustment as described in the merger agreement. As of February 29, 2012, Security Business Bancorp shareholders would have received in cash $14.32 per share of common stock in connection with the transaction.
Water Authority Proposes 3 Percent Rate Hike Cap
The San Diego County Water Authority is urging the Metropolitan Water District of Southern California (MWD) to cap its rate hikes in 2013 and 2014 to 3 percent. The Water Authority said the rate cap could be accomplished through a budget reduction of $116.5 million over the next two years. MWD’s board of directors is expected to adopt a two-year budget at its April 10 meeting. “MWD’s current staff recommendation calls for an ‘average’ 7.5 percent rate hike in 2013 and another 5 percent ‘average’ hike in 2014,” the Water Authority said in a statement. “Because no one pays an ‘average’ rate at MWD, the actual proposed rate increases consumers will experience will be higher than the rate increases formally adopted by the board of directors.” The Water Authority said its recommended package of budget reductions and proposed rate increases would protect all funding for water supply and infrastructure programs, while cutting operational expenses 10 percent, saving $76.5 million.
Naval Base Coronado Gets New Dormitory for Sailors
Construction of the $67 million John William Finn Hall, a 200,000-square-foot dormitory that will house more than 1,000 sailors at Naval Base Coronado, has been completed and is ready for move-ins. The dormitory was developed by RJC Architects, Joseph Wong Design Associates as part of a team with Hensel Phelps Construction Co. The dormitory will include 264 room modules to house sailors while their ships are ashore. The facilities also include a community center and multipurpose rooms with views of Downtown San Diego and the Silver Strand, as well as a mess hall and recreational areas, including basketball and volleyball courts and a running track with workout stations. The building is LEED-Gold certified by the U.S. Green Building Council and has sustainable features to provide a 30 percent reduction in energy and a 40 percent reduction in water usage. The building was named after the late John W. Finn of San Diego, the oldest living Congressional Medal of Honor winner and the last living recipient who survived the attack on Pearl Harbor at the time of his death in 2010. The project was awarded by the Naval Facilities Engineering Command Southwest Division to Hensel Phelps Construction in 2009. Funds for construction were from the American Recovery and Reinvestment Act of 2009.
Upper Deck Cuts Trading Card Deal With Mike Tyson
Trading card company Upper Deck of Carlsbad has signed former heavyweight boxer Mike Tyson to a trading card and memorabilia deal. Tyson will appear new trading card releases and sign autographed memorabilia. Tyson will make his trading card debut in Upper Deck’s 2012Goodwin Champions and appear in several other trading card releases this year. Upper Deck Authenticated said it will hold a signing session with Tyson soon.
Mothers Against Drunk Driving to Present Annual Awards
Mothers Against Drunk Driving will hold its annual recognition program honoring outstanding DUI officers of the year and prosecutors and community leaders on March 28 at the Town and Country Resort & Convention Center in Mission Valley. Besides the Outstanding DUI Officer of the Year awards, ceremonies this year will include numerous award categories including: Outstanding Prosecutor of the Year, MADD Victim Impact Panel, Campaign to Eliminate Drunk Driving, Century Awards, Top Arresting Officer and the Distinguished Service Award in memory of California Highway Patrol Officer, Christopher D. Lydon. Special Community Leader awards will be presented to non-law enforcement community members and partners. These awards will be presented with the help of this year’s event presenting sponsor, The Gomez Law Firm.
Junior League Holds Spring Style Soiree
The Junior League of San Diego will put on a major fundraising show — the Spring Style Soiree — on March 30 from 6 to 9 p.m. at the FLUXX Nightclub in Downtown San Diego. The event will showcase both men’s and women’s latest styles and trends with a variety of designers and boutiques, both international and regional. Fashions will range from casual to dressy for the upcoming seasons. Tickets are $20 at the door. For more information, visit jlsd.org.
HomeAid Puts on Tailgate Tribute
HomeAid San Diego, an affiliate of HomeAid America Inc., a national nonprofit organization that builds and renovates multi-unit shelters for America’s homeless, will celebrate its 10th anniversary with a Tailgate Tribute May 10 from 6 to 10 p.m. at the Rancho Bernardo Courtyard, 16935 W. Bernardo Drive, San Diego. The event will honor Mark Read, a founding member, for his 10 years of support. Tickets for the event are priced at $60 each, with VIP tickets at $150 each. The public is invited to register at homeaidsd.org. Former Charger Rolf Benirschke will serve as honorary chair. Tailgate activities include interactive sports games, tailgate food and drink, live music, a photo booth and cheerleaders from the Chargers and San Diego State.
PERSONNEL MOVES ____________________________________
San Diego — Jill Lozier has been promoted to senior vice president and branch manager at California Bank & Trust’s Downtown San Diego office. She previously was vice president and manager of the bank’s Mission Gorge office. Lozier has more than 25 years of experience in the industry. She is a graduate of the Pacific Coast Banking School and a member of the Children’s Dental Health Association, which assists with providing dental health care to underserved communities.
San Diego — James Iagmin has been named managing partner of The Gomez Law Firm to manage its day-to-day litigation, personnel and business matters. Firm founder John Gomez said he will assume the role of lead trial attorney, focusing his time almost exclusively on trial work and community service. A graduate of the University of San Francisco Law School, Iagmin has for several years been named a Top 100 California attorney by the National Trial Lawyers, a “Top 10” San Diego Personal Injury Attorney and a “Super Lawyer” in the Personal Injury field.
SCORE Small Business Workshops
• March 28 – Internet Marketing 302 – Develop a Winning Email Marketing Success Strategy – 9 a.m. to noon at National University – Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $49, $59 at the door).
•March 29 – Intellectual Property – Promise and Practicalities – 9:30 to 11:30 a.m. at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door)
• March 30 – Introduction to Starting Your Own Business – 9 a.m. to 4 p.m. at National University – Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $69, $79 at the door).
The Daily Business Report is produced by SD METRO. Contact: Manny Cruz (619) 287-1865. manny@sandiegometro.com.
