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Montecito Bank & Trust
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Ryland’s Q3 profits jump 415% on higher home sales

By   /  Tuesday, October 29th, 2013  /  Banking & Finance, Earnings, Latest news, Real Estate, Tri-County Public Companies  /  Comments Off on Ryland’s Q3 profits jump 415% on higher home sales

Westlake Village-based Ryland Group made a roaring comeback in the third quarter, with profits up 415 percent to $53.6 million. The parent company of national homebuilder Ryland Homes said revenue rose 60.7 percent to $576.4 million on higher sales as the housing market continued to rebound.

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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.

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Ratings agencies unfazed as county pension costs rise

By   /  Friday, October 25th, 2013  /  Banking & Finance, Central Coast, East Ventura County, South Coast, Top Stories, Tri-County Economy, West Ventura County  /  Comments Off on Ratings agencies unfazed as county pension costs rise

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.

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Montecito investor gets sentencing date as ex-wife seeks bankruptcy

By   /  Friday, October 25th, 2013  /  Banking & Finance, Law, Real Estate, Top Stories  /  Comments Off on Montecito investor gets sentencing date as ex-wife seeks bankruptcy

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.

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Deckers steps up sales

By   /  Thursday, October 24th, 2013  /  Banking & Finance, Earnings, Latest news, Tri-County Public Companies  /  Comments Off on Deckers steps up sales

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.

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Heritage shares rise despite profit dip

By   /  Thursday, October 24th, 2013  /  Banking & Finance, Banking Industry, Earnings, Latest news, Tri-County Public Companies  /  Comments Off on Heritage shares rise despite profit dip

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 →

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Fraud verdict for former Countrywide unit

By   /  Wednesday, October 23rd, 2013  /  Latest news, Tri-County Public Companies  /  1 Comment

[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 →

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