Montecito Bank & Trust profits up 21 percent in 2015
Santa Barbara-based Montecito Bank & Trust reported net income of $15.9 million for 2015, up from $13.1 million in 2014. Total gross loans grew 17 percent year-over-year, totaling $711 million on Dec. 31. Total assets were up $53 million in 2015 to $1.2 billion. Total deposits increased 4.5 percent to $1.1 billion, up $48 million. Read More →
Read More →Community West Bancshares fourth-quarter income down from previous year
Community West Bancshares, parent company of Community West Bank headquartered in Goleta, reported a net income of $1.9 million for the fourth quarter of 2015, down from $2.2 million the previous year. For the full year, Community West reported net income of $2.9 million, down from $7 million in 2014. Excluding the $7.1 million net Read More →
Read More →Pacifica Hotels buys Milner Hotel in Los Angeles
Pacifica Hotels purchased The Milner Hotel in downtown Los Angeles, the company announced on Jan. 25. Pacifica is one of the largest independent hotel owners and operators along the Pacific Coast with an office on Cliff Drive in Santa Barbara. The company said it is evaluating its long-term strategy for the property at 813 S. Read More →
Read More →Ceres awarded patent in Australia for trait that increases crop yields
Thousand Oaks-based Ceres Inc., an ag-biotech company, was awarded a patent in Australia for a trait that allows growers to increase yields without increasing crop inputs like fertilizer. The patent extends intellectual property protection to the Australian market of a key gene that Ceres has licensed to a multinational crop developer. It covers uses of Read More →
Read More →Ventura County ag producers urged to build food-processing facilities
The Economic Development Collaborative of Ventura County is calling for the agriculture community to build food-processing facilities based on findings from a study it commissioned. The report, gathered by the Hatamiya Group and Applied Development Economics, estimated that the total additional revenue from crop processing would create thousands of jobs and double the value of Read More →
Read More →Los Olivos wine appellation gains American Viticultural Area designation
Federal officials have given final approval for a new American Viticultural Area in Santa Barbara County: the 22,820-acre Los Olivos District in the Santa Ynez Valley. The wine appellation has won recognition as a locale with distinctive climate, geology, soils and topographical features affecting the character of its wines. The federal Alcohol and Tobacco Tax Read More →
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VC Credit Union maps expansion
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