Blackhawk files for $200 million IPO
Pleasanton-based Blackhawk Network, a unit of Safeway that sells gift and prepaid cards, intends to raise up to $200 million through an initial public offering, Blackhawk said Monday in a regulatory filing.
Blackhawk, a nearly $1 billion company, did not list the number of shares it intends to include in the IPO. A date for the public offering was not listed in the filing with the Securities and Exchange Commission.
During 2012, Blackhawk earned $48.2 million on sales of $959.1 million, the regulatory filing showed. Compared with 2011, profit jumped 32 percent and sales rose 28 percent.
Pleasanton-based Safeway had said in 2012 that it planned to sell a minority stake in Blackhawk through an IPO.
Patelco CEO stepping down
Pleasanton-based Patelco Credit Union said that its CEO, Ken Burns, is stepping down as top boss of Patelco, which is California's sixth-largest credit union and third largest in the Bay Area.
To ensure a smooth transition, Burns will stay on as CEO until his replacement comes on board.
Burns has been head of Patelco since 2009, said Carla Spain, a spokeswoman for Patelco.
At the end of 2012, Patelco had $3.87 billion in total assets and $3.4 billion in deposits. During 2012, the credit union captured $55.5 million in profits, according to a regulatory filing by Patelco. Compared to the end of 2011, assets were up 7.2 percent and deposits were up 5.9 percent. Profits soared 355 percent higher than 2011.