Daily Business Report-Feb. 5, 2018
The USS America houses 12 F35-B Lightning II aircraft off the coast of California, Nov. 18, 2016. (U.S. Marine Corps Photo by Lance Cpl. Dana Beesley/Released)
BAE Systems Receives $54.8 Million
Contracts to Modernize 2 Navy Assault Ships
BAE Systems has received two U.S. Navy contracts totalling $54.8 million to modernize the amphibious assault ship USS America (LHA 6) and the guided missile cruiser USS Cape St. George (CG 71). Both contracts include options that, if exercised, would bring the total cumulative value of the awards to $62.2 million.
The USS America was commissioned in October 2014. BAE Systems will perform hull, mechanical, and electrical repairs, as well as additional flight deck modifications to support F-35 Lightning II operations on board. Work on the 844-foot-long ship will be conducted at Naval Station San Diego by company employees and subcontractors. The modernization is expected to begin in March and be completed in December 2018.
The USS Cape St. George was commissioned in June 1993. BAE Systems will perform ship alternations and repairs aboard the 567-foot-long ship, including the replacement of critical aluminium structures and the removal of obsolete equipment, under the Navy’s cruiser modernization program. BAE Systems’ work on the Cape St. George, to be conducted at the company’s shipyard in San Diego, is expected to begin in March and be completed by January 2019.
__________________
Viejas Casino & Resort Opens
New Luxury Tower for Guests
Viejas Casino & Resort has opened its new luxury tower, Willows Hotel & Spa, as the third phase of its latest development plans. The 159 all-suite, adult-only tower features a new saltwater pool, a full-service spa, salon, and fitness center, plus three new restaurant concepts.
General Manager Todd Simons praised the adults-only tower as “the first in this market” and the Viejas Band of Kumeyaay Indians, who now employ a team of 2,100.
In a speech at the ribbon cutting ceremony, Viejas Tribal Chairman Robert J. Welch Jr. said, “We are proud to give back to our community in so many ways. We will continue to work tirelessly to be authentic and unwavering.”
Each suite features a contemporary design and has the functionality of a smart room, which can find information, act as an alarm, play music, and more. A pillow preference program allows guests to choose from a selection of bedding options. Spa highlights include a salt sauna, private spa pool, steam room, and outdoor cabanas where treatments can be provided.
Three new restaurant concepts feature fresh, gourmet international food offerings. Locale Kitchen and Lounge, the signature eatery with farm-to-table California inspired cuisine, serves lunch and dinner. Ginger Noodle Bar offers classic and contemporary Asian fare. The Daily Roast features Starbucks products and grab-and-go need,.
__________________
First New San Diego Bank in a Decade
Opens for Business in Symphony Towers
San Diego’s newest bank — Endeavor Bank — the first locally owned bank to be established here in 10 years, is now in business.
Organized by some of San Diego’s veteran banking executives, Endeavor was established with an initial capitalization of $26.6 million. Most of the 451 investors are from the San Diego business community. The bank’s board of directors is a who’s who of local business leaders.
Endeavor is headquartered in Downtown San Diego’s Symphony Towers and has a production office in Carlsbad.
“Endeavor Bank is what local businesspeople have been asking for,” said Dan Yates, Endeavor Bank’s CEO and a banking veteran with 38 years in the industry. “Statistics overwhelmingly demonstrate that business owners want to entrust their finances to local banks. They also want to know their banker personally and add their banker to their list of trusted advisers. At Endeavor, that’s who we are and that’s what we do.”
Steve Sefton, with 35 years as a banker, will serve as Endeavor Bank’s president. Other senior members of the management team include Robert Lampert, chief financial officer; Robert Horsman, chief banking officer; Scott Parker, chief credit officer; and Nasrin Rostami, chief operations/risk officer.
The path to starting a new bank is neither fast nor easy. Nationwide, since 2008, only a handful of banking entrepreneurs have attempted to start a bank from the ground up. The process takes time, money, and legal diligence to ensure the founders satisfy the requirements of the numerous state and federal regulations – causing Jack Henry & Associates, a company that supports financial institutions with core processing services, to appropriately state, “Starting a bank is no easy Endeavor.”
“The banking industry is increasingly technology focused. Endeavor Bank is embracing the need for our clients to bank with ease from their own offices,” said Sefton. “We are offering a complete digital platform of services where we bring the bank to our clients instead of requiring a client to come to a bank branch.”
“We are excited to bring a brand-new way of banking to our clients,” said Yates. “With our consultative banking platform, our clients will get unique services that look at a business as a whole, not just based on its banking needs.”
“Our starting point with new clients isn’t opening bank accounts – we first listen to their story to learn about their business and their needs,” adds Sefton. “Only after we understand what makes them tick do we start talking about banking services.”
__________________
Broadcom Makes ‘Best and Final’
$120 Billion Buyout Offer for Qualcomm
Broadcom raised its offer for Qualcomm by $12 per share on Monday, calling it the “best and final offer” to acquire the San Diego-based wireless pioneer. The new offer is for $60 in cash and $22 in Broadcom stock for each share of Qualcomm. The new offer increased the stock portion by $12.
“Our proposal includes substantially more Broadcom stock, which will allow Qualcomm stockholders a greater opportunity to participate in the upside created by the combined company’s strategic and operational advantages,” said Hock Tan, president and chief executive officer of Broadcom.
The new offer would value Qualcomm at $120 billion and would be the largest acquisition ever in the technology sector. Qualcomm confirmed it had received the new offer, and said its board will review the revised proposal. In November, the board unanimously rejected the first offer. The company’s stock was trading at $64.50, down 2.5 percent, an hour after markets opened in New York on Monday.
__________________
Noted Physician and Scholar Named Medical
Director at Scripps MD Anderson Cancer Center
Acclaimed physician, researcher and scholar Thomas Buchholz, M.D., has been named medical director of the Scripps MD Anderson Cancer Center, a comprehensive and clinically integrated cancer care program in San Diego expected to open for patient care in summer 2018.
Buchholz comes to San Diego after spending 20 years in Houston at The University of Texas MD Anderson Cancer Center.
In his new role, Dr. Buchholz will be responsible for directing, planning and coordinating all clinical activities and programs at Scripps MD Anderson Cancer Center, ensuring care delivery is efficient, effective and supports the patient-centered mission of the program. He will coordinate with the clinical division heads at MD Anderson in Houston to see that appropriate protocols, practices and standards are adopted and followed in San Diego.
He also will lead the development of clinical research activities, including collaboration with MD Anderson clinical trials and other industry-sponsored and investigator-initiated trials. Buchholz will maintain a part-time clinical practice in San Diego.
Buchholz currently practices radiation oncology at MD Anderson, where he also is a professor of radiation oncology and holds the Hubert L. Olive Stringer Distinguished Chair in Oncology. He previously has held a variety of clinical, research, academic and administrative leadership positions with MD Anderson, including division head and department chair of radiation oncology.
He will begin in his new position in mid-April.
__________________
Architect and UC San Diego Professor Wins
2018 Vilcek Prize in Field of Architecture
Architect, professor and urban researcher Teddy Cruz has been named winner of the 2018 Vilcek Prize in the Arts and Humanities in the field of architecture. Awarded annually, the Vilcek Prizes call attention to the breadth of immigrant contributions to American society. Cruz is originally from Guatemala.
“The work of Teddy Cruz and his partner, Fonna Forman, is as necessary as it is timely,” says Rick Kinsel, president of the Vilcek Foundation. “It highlights the harmony and connection that still exists, even in these divisive times.”
The award comes with a $100,000 cash prize.
Cruz is a professor at University of California, San Diego, and director of design at Estudio Teddy Cruz + Fonna Forman. Born in Guatemala, his work is deeply informed by his childhood there and his subsequent immigration to America.
Arriving in California at the age of 20, he was struck by the many ways that the cities and communities of San Diego and Tijuana were both united and divided. This sparked a lifelong interest in using the tools and framework of architecture and urban planning to redefine the concepts of borders, citizenship, and community. Most recently, this has taken the form of designing, with his partner Fonna Forman, cross-border community spaces that host a variety of arts and educational programming. Created in tandem with local governments, universities, activists, and nonprofit groups, the spaces emphasize the shared values, peoples, and ecology on both sides of the U.S.- Mexico border. Cruz’s writing has been published widely, including features in the New York Times, The Guardian, and Harvard Design Magazine. He has received the prestigious Rome Prize in Architecture, and the work of Estudio Teddy Cruz + Fonna Forman will be included in the American Pavilion at the 2018 Venice Architecture Biennale.
__________________
Cal State San Marcos Nursing
Program Ranked 13th in California
California State University San Marcos’ nursing program has been ranked 13th in the state by RegisteredNursing.org, which ranked the programs at 131 colleges and universities throughout California by assessing factors that represent how well a program supports students toward licensure and beyond.
CSUSM’s nursing programs are accredited by the Commission on Collegiate Nursing Education. The National Council Licensure Examination pass rate of the university’s students was 96 percent in 2016-17, and School of Nursing Director Lorna Kendrick notes it is currently 100 percent.
“This auspicious recognition is especially appreciated because it comes from our colleagues throughout the state of California,” said Kendrick. “It honors the hard work of our faculty, students and staff.”
