Bruce Maclin out at San Joaquin Bank, jobless figures higher than expected

* ... SHAKEUP AT SAN JOAQUIN: Big news over at San Joaquin Bank where longtime chairman Bruce Maclin is out in questionable circumstances. It's being positioned as a retirement but Maclin is out, replaced as chairman by board member Rogers Brandon, co-owner of American General Media and a member of the board since 2000. This is a significant development that no doubt will be viewed favorably by potential investors, who are being asked to pony up significant money to keep the bank afloat and to get federal regulators off the bank's back. Maclin's role was seen by many as redundant since bank President Bart Hill is the real public face of the bank and has been in charge of the daily operations. His departure will not only save the bank significant money (his salary, canceled retirement package etc)  but also put a fresh face and new urgency behind the bank's quest to recapitalize. Brandon, Hill,  and newly appointed chief operating officer Steve Annis have been busy raising capital to satisfy federal and state demands that the bank raise at least $27 million by mid October.. Maclin's departure and his decision to surrender  his lucrative retirement package - the packages for Hill and Annis were surrendered earlier - together adds $6.5 million in additional capital. For the full story according to the bank's press released, read it here. Stay tuned for more.

 * ... MORE BAD NEWS ON THE JOB FRONT: Frightening to read in the Sunday New York Times that the jobless picture is actually worse than previously thought. Turns out new figures from the Bureau of Labor Statistics reveal that during the 12 months that ended last March, our economy lost 5.6 million jobs. That's  fully 824,000 more than the 4.8 million they previously reported. (read the full story here) And get this: they said it's not cleaer if the economy has even hit bottom yet in terms of employment, even though technically the recession may be over. Here's a sobering excerpt:

 "The government’s data since 1939 shows only one time when there was a larger percentage decline in civilian jobs. That fall, of 10.1 percent, came at the end of World War II when defense contractors laid off workers no longer needed for the war effort — a total of 4.3 million lost jobs. In no downturn since World War II did that many jobs vanish, until the current recession."

 * ... ANOTHER HONOR FOR WENDY:  Was nice to see another honor for Wendy Wayne, the community activist and all around good egg who has been battling non-Hodgins lymphoma. She was honored as "Humanitarian of the Year" by The Plank Foundation. Wendy received the award on Monday following the foundation's annual golf tournament at Bakersfield Country Club.


 

The Greens: Bakersfield's power couple featured in this weekend's BakersfieldLife magazine

"Power couple" is an overused and cliched phrase but it's hard to argue that it doesn't apply to Lisa and Jeff Green, the Bakersfield couple who will be featured on this Saturday's BakersfieldLife magazine. Lisa of course is the long-time deputy district attorney who is lined up nicely to succeed Ed Jagels as the county's chief prosecutor when he retires next year. She's tough as nails and has handled some of Kern County's most notorious murder cases, including vice principal-turned-killer Vincent Brothers. Jeff is chief counsel of Grimmway Farms, the nation's largest carrot producer, and like his wife he's active in the community. He did a term of the First Five Commission, asking tough questions others would not about this once ill managed group, and he served an interim term on the Bakersfield City Council. Beyond their public service, these are good people and good neighbors and it's good to see them featured in the magazine. Local writer Lisa Kimble did another thorough job bringing these folks to life.





The magazine also will have a short profile on Rogers Brandon, president of American General Media (the company owns a half dozen radio stations in town, including KERN news talk featuring Inga Barks) as well as the "Dining Divas" featuring eateries about town. Make sure you look for it in your home delivered Bakersfield Californian.

Out and about: a night at the Museum with the Kern Adult Literacy Council

Spent a lovely evening at the Bakersfield Museum of Art for an event for the Kern Adult Literacy Council. Few places spruce up as nicely as the museum for an informal event featuring a silent auction. Lisa Borda provided the finger food (delicious as usual) and Croad Vineyards provided the wine. The event was held to honor Ginger Moorhouse, publisher of The Californian and my boss who has been quite generous to the Literacy Council. Ginger could not make it because she was at UCLA Medical Center tending to husband John, to whom Ginger donated a kidney. John came down with Valley Fever after the transplant and he is on the mend. These events are always great venues to see folks: School Superintendent Larry Reider and wife Sandra were there, as were AGM radio group owner Rogers Brandon and his wife Esther, banker Bart Hill, (that's Rogers and Bart in the photo) Bridget Blackburn, my old friend Jan St. Pierre snapping photos, Community College District Chancellor Sandra Serrano, museum director Bernie Herman, Area communications director Susan Hersberger and of course a host of Californian folks including editor Mike Jenner and wife Jean, sales VP John Wells and wife Karen, HR VP Nancy Chaffin and new Content VP Olivia Garcia. The wine from Croad Vineyards was excellent.

Also had the pleasure of meeting Talia Anders, daughter of Dr. Alpha Anders and wife Avital, who last year graduated from prestigious Williams College in Williamstown, Mass. She's thinking of grad school. Another high achieving youngster there was Clarise Hammett, who is headed to an intensive French program at Middlebury College in Vermont after a couple years with the Peace Corps in Africa.

Federal Reserve tightens control on San Joaquin Bank; stock tumbles on news

It's yet another sign of the difficulty of the times when a local institution like San Joaquin Bank comes under the thumb of the Federal Reserve. All banks are under an intense Fed microscope these days as they struggle with bad loans made in the go-go days, and San Joaquin is no exception. Now it turns out, revealed today, that San Joaquin has entered into a 15-page agreement on tightened controls with the Federal Reserve. (read one version of the story here) Among other things the Fed is demanding a plan to strengthen board oversight of management and operations of the bank. Within 60 days, the bank must also submit a plan to strengthen credit risk management practices. The bank's board reads like a "who's who" of local business leaders including my boss, Ginger Moorhouse, publisher of The Californian, local accounting firm owner Lou Barbich, and Rogers Brandon, coowner of American General Media, a radio group. Also on the board are property manager Mel Atkinson, farmer Jerry Chicca and of course bank president Bart Hill and bank chairman Bruce Maclin.
Within a couple hours of the announcement, San Joaquin's stock fell from $6.50 to $4.22 at midday. No doubt that the new upstart competitor in town, Valley Republic Bank, will seek to use this to its advantage.

Cioppino feed: West Rotary's night out

West Rotary's Cioppino feed is one of my favorite charity fund raisers of the year(second only to the Southern Sierra Council Boy Scouts sporting clays shoot out at Five Dogs shooting range). The setting: Monsignor Leddy Hall at Garces Memorial High School, a huge tent next to the building with silent auction items, a beautiful spring evening, and just about anyone you would want to see. Jim and Beverly Camp, Steve and Pat Lloyd were there, Pat and Terri Collins, John and Karen Wells, Sue and Herb Benham, Bruce Jay, Bryan and Teresa Fahsbender and of course a cast of dozens of west Rotarians: David Gay, Brad Henderson, Rick Kreiser, Mike Rubiy and on and on. The steamed clams, salad and cioppino fish stew were superb, and all to benefit three local charities: The Children's Miracle Network of Bakersfield Memorial Hospital, The Ronald McDonald House and the Boys and Girls Club. In the picture, Rogers Brandon, Monsignor Braun and Geoff King have some fun.

Bakersfield Museum of Art: steady as she goes

One can't help but wonder when this recession is going to start hurting some of our local non-profits and art groups that hang on by a thread in the best of times. And so it was at the Bakersfield Museum of Art tonight when it held its opening for the Ludvic painting and sculpture exhibit. It was good to see so many of the loyal supporters of the arts there: Bart and Napier Hill, Larry and Sandy Reider, Rogers and Esther Brandon, Barbara Reid, Claude and Shirley Fiddler, Milt Younger, Sheryl Barbich, Sue Jennings, Bobbie George, Cynthia Icardo, George and Marcia Giumarra among others. Museum executive director Bernie Herman tells me it's a tough year for the museum, with expected cutbacks in support from the city and county amid a general sense of recession-borne frugality. But everyone seemed to enjoy themselves, including the Reiders and Rog Brandon shown in the photo.