Channel Technologies files for bankruptcy protection
Channel Technologies, a Santa Barbara-area ceramic components maker that built products used in the Navy’s sonar gear for decades, has filed for bankruptcy protection amid losses on long-term contracts. The company was expected to lose $11.6 million this year on around $30 million in revenue as it struggled to meet the terms of contracts it Read More →
Montecito Bank & Trust net income down but loan, deposit growth strong
Santa Barbara-based Montecito Bank & Trust reported $10.9 million of net income in the third quarter, down from $12.2 million over the same period last year, but had strong loan and deposit growth. In 2016, MB&T discontinued reversals of excess loan loss reserves to support loan growth, which is reflected in the reduced year-to-date net Read More →
Freeport-McMoRan selling onshore Central Coast oil and gas properties
Freeport-McMoRan will sell its onshore California oil and gas properties, which include several facilities throughout the Central Coast, to Sentinel Peak Resources California LLC for a total of $742 million, according to SEC filings. The deal includes $592 million in cash and an additional $50 million per year in 2018, 2019 and 2020 if the Read More →
Amgen to pay $1 quarterly dividend
Thousand Oaks-based biotech giant Amgen announced another quarterly dividend of $1 per share Oct. 14 for the fourth quarter of 2016. The dividend will be paid on Dec. 8, 2016, to all stockholders of record as of the close of business on Nov. 16, 2016. • Contact Philip Joens at [email protected].
OCB Bancorp loan portfolio hits $200 million mark
OCB Bancorp — parent company of Ojai Community Bank, Santa Barbara Community Bank, Ventura Community Bank and Santa Paula Community Bank — has eclipsed a $200 million loan portfolio, the company recently announced. As its loan portfolio has grown at around 30 percent to 35 percent annually over the past several years, OCB Bancorp now has Read More →
Former Cottage Hospital supervisor charged with embezzling
A former Santa Barbara Cottage Hospital employee was charged with embezzling more than $200,000 from the hospital’s unincorporated Medical Staff Association, the Santa Barbara County District Attorney announced on Oct. 14. Cottage’s former Medical Staff Services Supervisor Pamela Cochran-Escalante is charged with one count of grand theft with the special allegation that she took more Read More →
Embracing trade does not make you a traitor
By Gerhard Apfelthaler On a recent trip to Iran, I couldn’t help but notice the difference in the public narrative regarding the lifting of the sanctions against Iran. While many people in the United States — at least according to mainstream media — seem to think that they got the short end of the stick, Read More →
