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Shareholder threatens to oust board after First California rejects offer

By   /  Monday, May 14th, 2012  /  Banking & Finance, Banking Industry, Top Stories  /  Comments Off on Shareholder threatens to oust board after First California rejects offer

An aggressive major shareholder in First California Financial Group has threatened to move to oust the company’s board after the bank rejected a buyout offer from PacWest Bancorp. New York-based Basswood Capital Management, which said in a regulatory filing that it owns 5.2 percent of the common stock of First California, issued the sternly worded Read More →

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Ergomotion pens year’s largest lease in Santa Barbara

By   /  Monday, May 14th, 2012  /  Latest news, Real Estate  /  1 Comment

Ergomotion, a company that makes adjustable bed bases, has signed the largest commercial lease in Santa Barbara so far this year. Year-to-date, the 9,656-square-foot lease at 203 Chapala St. is the largest in Santa Barbara in terms of square footage, according to Hayes Commercial Group. The commercial real estate firm brokered both sides of the Read More →

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NiMin reports $1.5M loss

By   /  Friday, May 11th, 2012  /  Banking & Finance, Earnings, Latest news, Technology, Tri-County Public Companies  /  Comments Off on NiMin reports $1.5M loss

NiMin Energy Corp., the Carpinteria-based oil and gas producer that is disbanding, said it narrowed its first-quarter loss to $1.5 million, compared to a loss of $8.5 million a year ago. The company said in late April that poor stock-price performance prompted it to start dismantling the business and selling its assets. The move came Read More →

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Making change: Penny Revolution’s offbeat economic stimulus plan

By   /  Friday, May 11th, 2012  /  Features, Small Business  /  Comments Off on Making change: Penny Revolution’s offbeat economic stimulus plan

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First California rejects PacWest takeover bid

By   /  Wednesday, May 9th, 2012  /  Banking & Finance, Banking Industry, Latest news, Tri-County Public Companies  /  Comments Off on First California rejects PacWest takeover bid

Westlake Village-based First California Financial Group has spurned an unsolicited takeover offer from Los Angeles-based PacWest Bancorp. First California, a $2 billion bank whose profits dropped drastically in the first quarter, is under pressure from three major shareholders to sell itself and has hired an investment banking firm to help evaluate its options. The company Read More →

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Vitesse widens loss

By   /  Tuesday, May 8th, 2012  /  Latest news  /  Comments Off on Vitesse widens loss

Vitesse Semiconductor Corp., a Camarillo-based company that makes chips for carrier and enterprise networks, reported a second-quarter net loss of $6.2 million, or 25 cents per share on May 8. The generally accepted accounting principles, or GAAP, numbers were lower than the 7 cent per share loss predicted by analysts. On a non-GAAP basis, the Read More →

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CalAmp signs $25M contract

By   /  Tuesday, May 8th, 2012  /  Banking & Finance, Latest news, Technology, Tri-County Public Companies  /  Comments Off on CalAmp signs $25M contract

Oxnard-based wireless products maker CalAmp Corp. has signed a $25 million contract with Navman Wireless for fleet-tracking products. CalAmp said May 7 that under the five-year deal, it has purchased several products and technologies from Navman and set up a research and development center in New Zealand that is staffed by 14 employees brought over Read More →

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