With its $56.4 million purchase of another Central Coast bank, Heritage Oaks Bancorp lays the foundation to build the region’s next big community banking franchise and emerges as the dominant player in the market.
Paso Robles-based Heritage Oaks said Oct. 21 that it is buying Mission Community Bank, based in San Luis Obispo, in a cash-and-stock deal expected to close in the first quarter of 2014. The combined bank would have $1.5 billion in assets, making it the largest bank based in the Tri-Counties.
Despite dire warnings that future pension costs could cause a fiscal meltdown for tri-county governments, credit ratings for Santa Barbara, Ventura and San Luis Obispo county bonds remain mostly unaffected by looming gaps in their retirement obligation funding.
Standard & Poor’s, a leading rating agency, ranks all three counties near the top of a scale that spans from its highest AAA to C, the lowest rating a bond can have without defaulting. Santa Barbara County carries the agency’s second highest AA-plus designation. Ventura County is assigned a slightly lower AA-rating this year and SLO County is ranked AA-minus.
David Prenatt, the Montecito real estate investor who took in $18 million from more than a dozen people and then used the cash to support what a bankruptcy trustee called “lavish spending habits,” is headed for a sentencing in federal criminal court on Dec. 9.
Prenatt struck a deal with federal prosecutors this summer and pleaded guilty to giving false loan application information to Lompoc-based CoastHills Federal Credit Union. Prenatt’s creditors forced him into an involuntary bankruptcy proceeding in 2009. Earlier this fall, his former wife Maria Prenatt filed for personal bankruptcy claiming $27.1 million in debts.
Shares of Goleta-based Deckers Outdoor Corp. jumped 14 percent in after-hours trading as the owner of Ugg, Teva and other casual footwear brands beat Wall Street expectations and said the rest of the year is on track.
Deckers said its acquisition of Hoka One One helped boost third-quarter sales 3 percent to $386.7 million; sales of its flagship Ugg brand gained 1.3 percent. The company, which is building a new headquarters on Hollister Avenue, said a new web site and more retail stores also helped.
Shares of Paso Robles-based Heritage Oaks Bancorp were up 3.33 percent in after-hours trading after third-quarter profits hit analyst expectations and several key metrics painted a rosy picture as the bank spearheads its expansion into Ventura County. Profits actually declined to $2.8 million for the third quarter, down from $6.4 million. But the decline stemmed Read More →
[wikichart align=”right” ticker=”NYSE:BAC” showannotations=”true” livequote=”true” startdate=”23-04-2013″ enddate=”23-10-2013″ width=”300″ height=”245″] A fraud verdict against Bank of America and its former Countrywide unit – once a major employer in East Ventura County – has handed the U.S. government a rare victory in a lawsuit that stems from the subprime mortgage meltdown and subsequent financial crisis. A Manhattan Read More →
Shares of Thousand Oaks-based Amgen climbed past the $117 mark in after-hours trading Oct. 22 as third-quarter results blew through analyst forecasts with profits rising 24 percent. The world’s biggest biotech company reported a profit of $1.37 billion, or $1.79 per share, on revenue of $4.75 billion. Analysts were forecasting revenue of $4.6 billion and Read More →