July 10, 2025
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Treasury nets $3.2M loss on TARP in region

By   /  Friday, November 1st, 2013  /  Banking & Finance, Banking Industry, Top Stories, Tri-County Economy  /  Comments Off on Treasury nets $3.2M loss on TARP in region

As the last bank in the region exits the Troubled Asset Relief Program on the five-year anniversary of the federal aid program, the U.S. Treasury has recouped most of its investment in the Tri-Counties, taking a loss of $3.2 million on the $259.6 million it disbursed to area lenders.

By paying off $2.1 million in federal aid it received at the height of the financial crisis, Ojai Community Bank becomes the last of the region’s banks to exit TARP. All told, the U.S. Treasury received $256.4 million on the $259.6 million in aid it disbursed to nine banks in the Tri-Counties.

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Out of this world: Santa Barbara company produces saucer-shaped UAVs

By   /  Friday, November 1st, 2013  /  Features, Technology, Top Stories  /  Comments Off on Out of this world: Santa Barbara company produces saucer-shaped UAVs

Flying saucers have landed in Santa Barbara.

Aerobat Aviation, a Santa Barbara firm with ties to Georgia, is planning to take its saucer-shaped unmanned aerial vehicle, or UAV, on the road in the coming months hoping to raise $5 million from investors.

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On a 40-year roll: P&G paper plants set to mark milestone in Oxnard

By   /  Friday, November 1st, 2013  /  Features, Top Stories, Tri-County Economy, West Ventura County  /  Comments Off on On a 40-year roll: P&G paper plants set to mark milestone in Oxnard

Procter & Gamble will celebrate the 40th anniversary of its Family Care Plant in Oxnard this month, a remarkable milestone when viewed against the decline in manufacturing jobs in California and across the nation. The Oxnard plant makes Bounty paper towels and Charmin toilet tissue in huge quantities that supply California and parts of the western U.S.

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Refinery rail project would ease crude oil supply concerns

By   /  Friday, November 1st, 2013  /  Central Coast, Technology, Top Stories, Tri-County Economy  /  Comments Off on Refinery rail project would ease crude oil supply concerns

A Phillips 66 refinery on the Nipomo Mesa is hoping to supplement its dwindling inflow of California crude by extending a rail spur that will allow it to import oil from out of state.

The refinery — tucked away off of Highway 1 in South San Luis Obispo County — is a little-known yet critical part of the Golden State’s petroleum infrastructure. It processes the state’s heavy, sour crude into semi-refined products that flow through 200 miles of pipeline to Conoco’s 128,000-barrel-a-day facility in Rodeo in the Bay Area, where it is turned into gasoline.

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Tracking liquid assets: Groundswell creates Web-based water maps

By   /  Friday, November 1st, 2013  /  Agribusiness, Latest news, Top Stories  /  Comments Off on Tracking liquid assets: Groundswell creates Web-based water maps

Santa Barbara-based Groundswell Technologies makes Web-based software that can integrate data from any source — whether it’s a cutting-edge sensor connected via satellites or historical records — and generate “heat maps” of water supply or contamination on demand. The key is leveraging powerful computers in the cloud to handle lots of data and generate reports that used to take weeks in a matter of seconds.

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Mindbody breaks ground on $20M campus in SLO tech corridor

By   /  Tuesday, October 29th, 2013  /  Central Coast, Latest news, Real Estate, Technology, Top Stories  /  Comments Off on Mindbody breaks ground on $20M campus in SLO tech corridor

San Luis Obispo is set to get its flagship high-tech campus as software company MindBody CEO Rick Stollmeyer and local officials broke ground Oct. 29 on a $20 million project including a new office building, four-story parking structure and promenade that will link with an existing facility, eventually boosting employment to 1,300 people.

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Heritage buy sets stage to compete in big leagues

By   /  Friday, October 25th, 2013  /  Banking & Finance, Banking Industry, Central Coast, East Ventura County, South Coast, Top Stories, Tri-County Economy, West Ventura County  /  Comments Off on Heritage buy sets stage to compete in big leagues

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.