South Valley National Bank announced two appointments with the
recent retirement of Vice President and Branch Manager Myles
Taketa, of the Morgan Hill office. Taketa retired after nine years
of service.
South Valley National Bank (SVNB) has announced two appointments with the recent retirement of Vice President and Branch Manager Myles Taketa, of the Morgan Hill office. Taketa retired after nine years of service to the Bank and community.
Effective immediately, Della Neighbors, will serve as Vice President and Branch Manager of both the Morgan Hill and Madrone Village offices. Neighbors has 25 years experience in the financial services industry; most recently with Greater Bay Bank as Vice President and Relationship Manager. Neighbors is an active member of the community and serves with the Morgan Hill Chamber of Commerce and the Morgan Hill School District.
Adelita King, Vice President, who recently led the Madrone Village office, will shift into an expanded role as Relationship Manager for the Morgan Hill region. Also active in the community she currently serves as a Morgan Hill Ambassador for the Chamber of Commerce and is Treasurer of Morgan Hill Law Enforcement.
King is a 30-year Morgan Hill resident and has 28 years experience in the financial services industry. She has been with the Bank since 2007.
“We thank Myles for his commitment to the Bank and wish him the best in his retirement,” said, Clay Larson, Vice Chairman of Pacific Capital Bancorp, SVNB parent company. “We welcome Della and with Adelita serving as Relationship Manager, we will continue our excellent service to our customers and the Morgan Hill community.” South Valley National Bank is a division of Pacific Capital Bank, N.A., a nationally chartered regional bank.
The Bank’s Web site is www.svnb.com.
Blockbuster may close 960 stores by end of next year
Blockbuster Inc. said in a regulatory filing last week that 18 percent of its stores are unprofitable and it may close 960 stores by the end of next year.
It said an additional 250 to 300 stores could be converted to outlets. An additional 275 to 300 stores may be eligible for better lease terms or could also be closed. In total, Blockbuster said as many as 1,560 stores may be affected.
In the United States Blockbuster operates 3,750 company owned-stores and franchisees operate 606 stores. About 80 percent of its earnings before income taxes and depreciation and amortization come from 35 percent of its core store base, the company said in the filing.
Last month during the Dallas-based company’s conference call to review second-quarter results, chairman and chief executive officer Jim Keyes said that the growth of kiosks will allows the company to be “more aggressive with store closures as we develop a longer-term hub and spoke strategy.”
“This strategy will actually increase our points of presence while reducing our real estate liability,” Keyes said.
With an average of only 2.5 years on its store leases, he said, Blockbuster is at a point where it can significantly rationalize its real estate portfolio. The plan is to have fewer of its larger 5,000 square foot stores, “a possible increase in our small urban 2,000 square foot stores, for example, and a significant increase in vending kiosks over the next few years,” Keyes said in August.
