Small change

San Diego Business Journal, August 18, 2008 by Mike Allen

Seacoast Commerce Bank reported a net loss of $1.77 million in the second quarter after setting aside $1.77 million for potential losses on problem loans. The bank grew its loans to $64 million, up 39 percent from the like quarter of 2007. Total assets were $75.9 million, up 20 percent ... San Diego City Attorney Michael Aguirre filed suit against Bank of America, the new owner of Countrywide Financial Corp., for the latter's predatory lending practices, and for illegal profit taking by some top executives, including Angelo Mozilo. BofA in a filing this month stated the Securities and Exchange Commission is investigating Countrywide, a leading lender of subprime mortgages, but didn't disclose the nature of the probe ... Mission Oakes Bancorp, with a loan production oflice in San Diego, reported net profit of $158,000 in the second quarter, compared to net profit of $576,000 in the like quarter of 2007 ... CUSO Financial Services LP, a broker dealer to the credit union industry, said it is providing back office support to Navy Federal Brokerage Services, the broker dealer for Navy Federal CU, the nation's largest with $35 billion in assets.

Send any news about locally based financial companies to Mike Allen via email at mallen@sdbj.com. He can be reached at 858-277-6359.