November 3,2104 –
New VW & Ford Showrooms In Works
Perry Ford and Perry Volkswagen are planning on constructing two new car showrooms and service facilities on their 5.5 acre property on Los Osos Valley Rd in SLO City. VW general manager Shawn Taylor says the company is in the bidding process to build the two facilities that will sit side by side on LOVR. ”We hope to be in the buildings by the end of 2015” says Taylor. Bids call for demo and construction of the VW facility first to be followed by the Ford showroom.
Both car makers are fighting tough competition from other brands in both California and the nation this year. The California New Car Dealers Association says Ford’s market share in the state as of the second quarter dropped year over year from 11.6% in 2013 to 10.5% in 2014. VW fell from 3.4% to 2.7% market share over the same period in California. Ford made news in the past month with the rollout of an aluminum body Ford F-150,the nation’s best selling pickup truck. The new lighter truck will offer improved gas milage.
In SLO County car sales were up 5.6% in the 1st quarter of 2014, a major source of sales tax income to the city.
Monterey Bank Announces New Branch In SLO
October 31, 2014. 1st Capital Bank (OTCQB: FISB) today announced third quarter and year to date financial results through September 30, 2014. The Bank achieved record levels of loans, shareholders’ equity, and tangible book value per share at September 30, 2014.
The Monterey-based bank said it has received approval from its regulators to open a full service branch office in the City of San Luis Obispo, about 80 miles south of the Bank’s King City branch office along the 101 freeway corridor. The Bank is currently awaiting local permitting approval for the new branch office and related tenant improvements. “At this time, we anticipate opening the branch office late in the first quarter or early during the second quarter of 2015. In recent months, the Bank has been successful in attracting a sufficiently large base of business and professional clients from San Luis Obispo County to justify proceeding to open a branch office.”
On November 7 the bank will get a public hearing over their plan to use a building at 142 Cross St #130 without an environmental review.
The site is off Tank Farm Rd around the corner from Trader Joes.
1st Capital says they” significantly repositioned its balance sheet during the third quarter of 2014 with the objectives of improving its prospective earnings capacity and preparing for the addition of a fourth full service branch office. As subsequently expanded upon in this earnings release, the Bank increased its loan portfolio by 7.8% during the third quarter of 2014 while reducing its positions in cash equivalents, time deposits at other banks, investment securities, and bank owned life insurance. In addition, the ratio of shareholders’ equity to total assets increased from 8.69% at June 30, 2014 to 9.08% at September 30, 2014, which better positions the Bank to capitalize the projected growth resulting.”