Daily Business Report — Nov. 8, 2012

Viejas-Owned Bank to be Acquired
By Sterling Savings Bank of Spokane

Borrego Springs Bank, owned by the Viejas Indian tribe, has agreed to be acquired by Sterling Savings Bank, a subsidiary of Sterling Financial Corp. based in Spokane Wash. The bank, which has three branches and several loan production offices, is being acquired for $6.5 million in cash. The acquisition is considered a distress sale.

Turner Construction to Begin Construction
of Athletic Facilities at Army and Navy Academy

Turner Construction Co. on Saturday is to break ground on new $10 million athletic facilities at the Army and Navy Academy in Carlsbad. The facilities, named the Duffield Sports Center, will provide a training ground for future service members at the only military academy for high school students in California and surrounding states. The new Duffield Sports Center will include an athletic facility building, a press box, new bleachers, a football field and a baseball field with dugouts. The two-story press box building will include restrooms, concessions, executive suites, and boxes for press, home coaches, and visitors. The two-story, 27,250 square foot athletic facility will house a gymnasium with seating for 650, locker rooms, a wrestling room, a trainer’s room, a weight room, restrooms, administrative offices and conference rooms. The building site is at 2605 Carlsbad Blvd. The Army and Navy Academy is a college-preparatory boarding school for boys in grades 7-12.

City National Bank Sells Gas Station for $1.73 Million

A gas station at 1599 La Media in San Diego has been purchased by Octane Resources LLC for $1.73 million. The buyer was represented by Petroleum Group of Newport Beach. City National Bank, the seller, was represented by NAI San Diego.

San Diego State Opens Tissue Regeneration Institute

San Diego State has opened the new Integrated Regenerative Research Institute, which is to bring researchers from around the world to advance the area of tissue regeneration. The institute is led by Mark Sussman. “What we’re trying to do is turn back the aging clock of your heart,” said Sussman, speaking at the Frontiers in Cardiovascular Rengeneration International Symposium on campus. “How can we take the process of tissue regeneration, which normally happens over the course of a lifetime, and make it happen in a year? We are bringing together the incredible resources of the San Diego region to advance our cutting-edge research in this area.”

BofI Federal Bank Reports Financial Results

BofI Holding Inc., parent of BofI Federal Bank, announced financial results for the first quarter ended Sept. 30, 2012. Net income was a record $8,989,000, an increase of 37.6 percent over net income of $6,533,000 for the quarter ended Sept. 30, 2011. Earnings attributable to BofI’s common stockholders were $8,912,000 or $0.67 per share for the first quarter of fiscal 2013, an increase of 15.5 percent from $6,407,000 or $0.58 per share for the quarter ended Sept. 30, 2011. Core earnings increased 35.1 percent to $9,150,000 for the quarter ended Sept. 30, 2012 compared to $6,771,000 for the quarter ended Sept. 30, 2011.

Filner Promises Neighborhood Focus for City

Mayor-elect Bob Filner said Wednesday he will do what he promised voters — shift political power from what he called “Downtown special interests” to the neighborhoods — and added that he looked forward to working with those who opposed him during the election season. Filner, who stressed his mandate by holding a late afternoon news conference at a park in University Heights, said residents did not choose a “status quo” administration. “We have a diversity in this city that has simply not been tapped by those who have had control and power,” he said. His remarks came hours after Councilman Carl DeMaio conceded the race, trailing by about 9,800 votes out of 320,000 cast. Another 475,000 or so absentee and provisional ballots remain to be counted, according to the Registrar of Voters office. DeMaio told reporters it was possible, but not probable, he could overcome Filner’s lead. (City News Service)

Ballot Counting Continues

Staffers at the San Diego County Registrar of Voters office are to resume counting some 475,000 provisional and mail-in general election ballots today, according to Registrar Deborah Seiler. The large amount of ballots is a looming issue since several major races from Tuesday’s election remain too close to call. Port Commissioner Scott Peters leads Rep. Brian Bilbray, R-Solana Beach, by 685 votes in his attempt to win the 52nd Congressional District seat; and Solana Beach Deputy Mayor Dave Roberts holds a 1,896-vote edge over Bilbray’s chief of staff, Steve Danon, in their race to succeed retiring county Supervisor Pam Slater-Price.

Several other election races are also still undecided: Mike Hansen leads Sharon Jenkins by 35 votes for the second of two spots on the San Marcos City Council; Amanda Young Rigby leads Cliff Kaiser by 51 votes for the second of two seats on the Vista City Council; and Nancy Ann Hensch leads Rose Marie Dishman by 421 votes for the third of three seats on the Palomar College governing board. Seiler told City News Service that counting could take a few weeks. (City News Service)