Postal cutbacks signal crunch in public sector
Between the rise of e-mail and the Great Recession, the U.S. Postal Service hasn’t had an easy decade. Mail volume is down 20 percent since 2006 and the agency has even discussed eliminating Saturday delivery.
Unloading a recovery: Port of Hueneme expects more gains in ship traffic
The port was hit hard by the recession but has notched some gains in recent months. In November, automobile imports were up 43 percent year-over-year, to 19,753 revenue tons, the measure the port uses for tracking activity.
Teledyne regroups in face of defense cuts
Thousand Oaks-based Teledyne Technologies, a $1.6 billion military-industrial conglomerate, is rearranging itself to bolster its commercial camera sensor lines and shift toward the defense spending that’s farthest from the chopping block.
Cal Oaks merger closes
Encino-based California United Bank completed its $17.2 million acquisition of Thousand Oaks-based California Oaks State Bank on Dec. 31. Cal Oaks shareholders will receive compensation of $11.35 per share, half in cash and half in shares of California United common stock, the banks announced Jan. 3.
First California to buy into debit card business
Westlake Village-based First California Financial Group said Dec. 30 that it will buy the electronic banking division of Palm Desert-based Palm Desert National Bank, allowing it to move into the prepaid debit card market. Terms of the deal were not disclosed.
