Pacific Coast Business Times Proudly serving Ventura, Santa Barbara and San Luis Obispo counties 2016-08-24T22:56:28Z http://www.pacbiztimes.com/feed/atom/ Staff Report <![CDATA[San Luis Obispo’s REC Solar names new CEO]]> http://www.pacbiztimes.com/?p=28833 2016-08-24T17:17:10Z 2016-08-24T17:17:10Z Read More →]]> Matt Walz

Matt Walz

Former Duke Energy executive Matt Walz replaced Al Bucknam as CEO of San Luis Obispo-based REC Solar, the company announced Aug. 24.

Walz previously served as the vice president of marketing and later as the vice president of commercial solar for Duke Energy in the Cincinnati area. He replaces Bucknam, who joined REC Solar in October 2014.

In 2015, Charlotte, N.C.-based Duke Energy bought a majority stake in REC Solar, which makes commercial scale solar systems for businesses around the world. Duke Energy also pledged to invest $225 million into future REC Solar projects.

An REC Solar spokeswoman told the Business Times the move is part of a joint strategy to expand further into the small-to-midsized commercial solar market.

• Contact Philip Joens at pjoens@pacbiztimes.com.

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Staff Report <![CDATA[Parent of Ojai Community Bank raises funds]]> http://www.pacbiztimes.com/?p=28829 2016-08-23T23:08:13Z 2016-08-23T23:08:13Z Read More →]]> OCB Bancorp, parent company of Ojai Community Bank, raised additional funds by issuing $3 million of subordinated notes to facilitate future growth.

“During this extended period of low rates, many corporations have found it advantageous to issue corporate bonds instead of common stock to assist capital growth,” President and CEO Dave Brubaker said in a news release. “With our bank holding company structure, OCB Bancorp can issue corporate debt and downstream funds to the bank in the form of common equity, which will allow the bank to continue to grow, maintain and improve its regulatory capital ratios.”

Rather than dilute shareholders by issuing additional stock, a small group of OCB Bancorp directors provided the bank with notes at an annual interest rate of 6.5 percent — a percentage that is less than it could have borrowed elsewhere, the bank said. The notes will take five years to mature.

The $3 million in notes supplements the bank’s previous borrowings of a $4 million term loan and a $3 million credit line. It down-streamed most of the proceeds to the bank, using a portion to reduce the outstanding balance of its credit line and retaining a small amount to provide for future debt service.

“It’s a strategy many banks are deploying at this time,” George Melton, chairman of the OCB Bancorp board, said in a news release. “Increasing capital by issuing more common stock is always the best alternative, especially when a bank can raise capital at attractive levels. The current difficulty for many small banks, Ojai Community Bank included, is that regardless of how well banks are doing, to issue common stock at today’s discounted prices is not in the best interest of our shareholders.”

OCB Bancorp, a locally owned and operated holding company, was formed in September 2013 as the parent company of Ojai Community Bank, which also operates branches under the trade names of Santa Barbara Community Bank, Ventura Community Bank and Santa Paula Community Bank.

“In this period of low interest rates, banks must expand to become more profitable,” Brubaker said.  “At $250 million in assets, we are just now entering our stride.”

• Contact Alex Kacik at akacik@pacbiztimes.com.

 

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Staff Report <![CDATA[Ventura’s The Trade Desk to hold $86.2M IPO]]> http://www.pacbiztimes.com/?p=28825 2016-08-23T21:56:39Z 2016-08-23T21:56:39Z Read More →]]> Ventura-based digital marketing firm The Trade Desk filed documents Aug. 22 with the Securities and Exchange Commission saying it intends to go public.

The Trade Desk did not say in the early filing with the SEC what it intends to price its stock at. The filing said though the company intends to offer a maximum of $86.2 million in stock.

The company said in the filing it intends to use the proceeds to expand.

“We intend to use a significant portion of the proceeds for general corporate purposes, including working capital, funding the expansion of our business, including expanding our sales and marketing programs, and making investments in our technology and development teams to support the development of new applications and features for, and enhancements of, our platform,” the filing said.

In 2015, The Trade Desk generated $115.8 million in revenue, up 156 percent from the $44.5 million The Trade Desk generated in 2014.

The document is a preliminary prospectus, and did not set the date of the offering.

• Contact Philip Joens at pjoens@pacbiztimes.com.

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Staff Report <![CDATA[Limoneira not affected by California wildfires]]> http://www.pacbiztimes.com/?p=28821 2016-08-22T21:31:15Z 2016-08-22T21:31:15Z Read More →]]> Santa Paula-based Limoneira said Aug. 22 that the company is not being affected by the current wildfires in California.

In addition, the company reiterated its fiscal year 2016 guidance ranges and announced that it will report its financial results for the third quarter ended July 31, 2016 on Sept. 8, 2016.

For the fiscal year ending Oct. 31, the company continues to expect to sell between 2.7 million and 3.0 million cartons of fresh lemons at an average price of approximately $23 per carton and expects to sell approximately 8.5 million to 9.5 million pounds of avocados at approximately 80 cents per pound.

The company expects operating income for fiscal year 2016 to be $8.6 million to $9.1 million. Fiscal year 2016 EBITDA is expected to be in the range of $14.6 million to $15.1 million. The company expects fiscal year 2016 earnings per diluted share to be in the range of 28 cents to 33 cents.

• Contact Glenn Rabinowitz at grabinowitz@pacbiztimes.com.

 

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Staff Report <![CDATA[Capps honored for work on safe rental car law]]> http://www.pacbiztimes.com/?p=28817 2016-08-22T20:15:58Z 2016-08-22T20:15:58Z Read More →]]> U.S. Rep. Lois Capps, D-Santa Barbara, was honored Aug. 19 by Consumers for Auto Reliability and Safety for her leadership in helping pass the Raechel and Jacqueline Houck Safe Rental Car Act of 2015.

Since 2012, Capps has been working with Ventura County resident Cally Houck, whose daughters Raechel and Jacqueline Houck were killed in a 2004 crash while driving a rental car that had been under safety recall for a defective steering component prone to catching fire.

The 2015 Safe Rental Car Act forbids rental car companies from renting or selling vehicles subject to recall. The act also gives the secretary of the Department of Transportation the authority to inspect rental car company safety records and conduct investigations into those records.

The act also orders a seven-year study on the safety of rental trucks.

• Contact Philip Joens at pjoens@pacbiztimes.com.

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Staff Report <![CDATA[University Glen apartments in Camarillo acquired]]> http://www.pacbiztimes.com/?p=28814 2016-08-22T20:15:08Z 2016-08-22T20:09:47Z Read More →]]> Real estate investment company Kennedy Wilson acquired the University Glen apartments near CSU Channel Islands for $81 million, the company announced on Aug. 22.

The Camarillo property that was built in phases between 2002 and 2006 includes 386 apartments and about 30,000 square feet of retail. University Glen houses CSUCI faculty, staff and affiliates as well as area residents.

Kennedy Wilson plans to renovate the units, improve tenant amenities and build a new community center, leasing office, clubhouse and fitness center.

“We are excited to acquire this high-quality asset in close proximity to CSU Channel Islands,” Nicholas Bridges, managing director of Kennedy Wilson Multifamily Investments, said in a news release. “We believe our proven institutional asset management program will be very beneficial to CI, its students, faculty and staff, and the residents of the University Glen community.”

Kennedy Wilson invested $18 million of equity and secured a seven-year loan of $65 million to facilitate the deal. The company’s portfolio includes 25,000 units in 132 communities throughout the world, including eight communities and 2,811 units in Southern California.

CSUCI is adding 600 beds to its on-campus housing stock for incoming freshmen this fall with the Santa Rosa Village project, a four-story, 120,000-square-foot complex. The $58 million project is funded through the CSU system’s Revenue Bond Program and will be repaid with student housing fees over a 30-year period.

• Contact Alex Kacik at akacik@pacbiztimes.com.

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Staff Report <![CDATA[Carpenter, Hill vie in SLO County supervisor race]]> http://www.pacbiztimes.com/?p=28779 2016-08-18T23:53:23Z 2016-08-19T16:00:15Z

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