It’s déjà vu for investment bankers
We’ve been there before. The movie “The Big Short” explains how and why the financial services industry helped to bring down our economy during 2007-08. Banks took home mortgage loans that were made based on shaky credit and pooled them into a basket of mortgage-backed securities (MBS) that were backed by the homes. These were Read More →
Compass real estate platform expands into Santa Barbara, Montecito
An online real estate platform called Compass is expanding into the region with offices in Santa Barbara and Montecito. New York-based Compass connects luxury real estate renters, buyers and sellers with agents, offers market insight and features online listings. Since the company entered the California market about two months ago, it has hired more than Read More →
Santa Barbara County wine industry worth $1.7 billion in 2013
The Santa Barbara County wine industry had around a $1.7 billion economic impact in 2013, according to a recent study commissioned by the Santa Barbara Vintners Association. Spending a weekend afternoon in downtown Santa Barbara’s Funk Zone or driving through the Santa Ynez foothills demonstrate the industry’s growth and wine’s popularity. Yet, St. Helena-based Stonehenge Read More →
Settlement ends Amgen drug kickback saga
A drug kickback program is finally behind Amgen, the Thousand Oaks-based pharmaceutical giant. Louisville, K.Y.-based PharMerica was the last of three companies to settle lawsuits relating to Amgen allegedly paying kickbacks to PharMerica and another company to prescribe patients the anemia drug Aranesp. PharMerica settled the suit for $2.5 million in December, Louisville Business First Read More →
Bank of the Sierra buying Coast National Bank
Sierra Bancorp, the holding company of Bank of the Sierra, will acquire San Luis Obispo-based Coast Bancorp, pending regulatory approval, the banks announced late Jan. 4. It’s the latest move in a wave of tri-county banking mergers and industry sources have told the Business Times there are likely more in the works. “Bank of the Read More →
Crab fishing ban in tri-counties partially lifted
Tri-county crab fishermen have some reprieve from the near two-month fishing ban. The California Department of Public Health partially lifted the ban on Dec. 31, saying that all crab caught on the mainland south of Piedras Blancas Light Station in northern San Luis Obispo County was safe to eat. Officials have found high levels of Read More →
American Riviera Bank merges with The Bank of Santa Barbara
American Riviera Bank completed its previously announced merger with The Bank of Santa Barbara. The merger, first announced on July 15, was approved by shareholders of American Riviera Bank and The Bank of Santa Barbara and received required regulatory approvals. American Riviera Bank had $227 million in assets and The Bank of Santa Barbara had Read More →
