The California Bankers Association announced that Steve Buster, president and chief executive officer of Richmond-based Mechanics Bank, will serve as the 2011-2012 chairman of the board of directors for California's largest banking trade association. The bank serves Alameda, Contra Costa, El Dorado, Marin, Napa, Placer, Sacramento and San Francisco counties. "The CBA is honored to have Steve Buster serve as our chairman of the board this year," said Rodney Brown, president and CEO of CBA.
San Francisco-based Zynga, the social-gaming company, is close to filing for an initial public offering and has interviewed banks to handle the sale, according to a person familiar with the plans. Zynga has interviewed Morgan Stanley and Goldman Sachs Group and is close to choosing bankers to help it prepare the regulatory filings, said the person, who asked not to be identified because the deliberations are private. The technology blog AllThingsDigital reported Tuesday that Zynga was close to filing for an IPO.
The Emeryville-based owner of the Jamba Juice chain lost $6.5 million on revenue of $63.2 million for its first quarter that ended April 19. In the year-ago quarter, Jamba lost $5.2 million. Revenue fell 17.7 percent. The company's revenue from its franchise stores rose 51.8 percent and totaled $3 million. Revenue from company-owned stores fell 19.5 percent. Same-store sales, though, increased 3.1 percent.
Microsoft leased 237,000 square feet of office space in Sunnyvale at the Moffett Towers development. The software giant is expanding its local operations and will shift workers now in Palo Alto and Mountain View to the Jay Paul-developed office complex, located at 1020 Enterprise Way. Brokers: Cornish & Carey, Jones Lang LaSalle.
Compiled from staff and wire reports.