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North Bay Business Journal

Monday, January 7, 2013, 5:00 am

Business News: Week of Jan. 7, 2013

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    Banking

    Sterling Financial Corporation (NASDAQ: STSA), owner of Santa Rosa-based Sonoma Bank, announced that its principal operating subsidiary, Sterling Savings Bank, has entered into a definitive agreement to acquire the Seattle-area operations of Boston Private Bank & Trust Company, a wholly owned subsidiary of Boston Private Financial Holdings, Inc. The transaction, which has been approved by the boards of directors of Sterling and Boston Private, will enhance Sterling’s presence in the Puget Sound area, a priority market for Sterling. It is the latest in a series of acquisitions for the bank. As of Sept. 30, 2012, Boston Private Bank & Trust Company had aggregate loans of approximately $270 million and deposits of $190 million. The transaction, which is subject to regulatory approval and other customary conditions of closing, is expected to be completed during the first half of 2013.

    Real Estate

    Sunrise Management (sunrisemgmt.com) has more than doubled its Northern California presence with the recent addition of six multifamily properties to its portfolio, including Estancia Apartments in Santa Rosa. These six additions bring Sunrise’s regional portfolio total to well more than 1,200 units. Also added earlier was Santa Rosa complex Cedarwood Apartments.

    Retail

    Oxbow Public Market is planning a week-long birthday party on Jan. 21–25 to celebrate the five-year anniversary of the public market in downtown Napa. Daily specials, live music, nightly drawings for great prizes and other surprises will greet market visitors beginning at 5 p.m. on Monday, Jan. 21 and continuing throughout the week. The week culminates in a birthday party bash on Friday, Jan. 25, from 5 to 8 p.m., featuring complimentary birthday cake and ice cream from The Model Bakery and Three Twins Ice Cream to celebrate the anniversary of the market. The Oxbow Public Market serves over one million visitors annually. In addition, the market is at capacity with 22 merchants employing over 250 people and hosts the seasonal Napa farmers market every Tuesday and Saturday along with the popular weekly Locals’ Night and many community non-profit organizations’ events.

    Restoration Hardware Holdings, Inc. (NYSE: RH) announced financial results for the third quarter of fiscal year 2012 ended October 27, 2012. Highlights noted by the company included a 22 percent increase in net revenue, on top of a 25 percent revenue increase last year. Comparable store sales grew 29 percent on top of 36 percent comp growth last year. Direct sales increased 24 percent on top of a 17 percent increase in direct sales last year. Adjusted net income increased 147 percent, to $2.7 million, and GAAP net income increased to $1.7 million. Adjusted earnings per diluted share were $0.07.

    Solar

    Geostellar, the award-winning startup that coordinates the process for a solar photovoltaic system installation, rolled out its groundbreaking online marketplace today in areas across the Mid-Atlantic, New England and West Coast, including San Francisco and its surrounding areas. The platform gives people instant, free and independent appraisal of the value of the sunlight that shines on each and every roof. The company is partnering with Real Goods Solar, which has major offices in Marin County. Geostellar’s system uses a three-dimensional analysis to map sunlight to the square meter, allowing detailed of solar energy production.

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