Chemistry student Samantha Madziarski analyzes the capsaicin levels in Kern County grown peppers.

Scott Graham

The California Department of Financial Institutions has shut down Security Pacific Bank of Los Angeles, citing inadequate capital. It’s the 19th bank failure so far this year nationally.

Pacific Western Bank of San Diego will absorb Security Pacific.

All branches of Security Pacific Bank will reopen on Monday with no disruption in service, the state says. Over the weekend, depositors of Security Pacific Bank can access their funds by writing checks or using ATM or debit cards, DFI says. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of Oct. 31, Security Pacific Bank had total assets of about $510 million and total deposits of about $440 million. The DFI hasd ordered the bank to increase its capital reserves to a safe and sound level. But efforts by the bank to do so were unsuccessful.

Immediately following the closure, the DFI named the Federal Deposit of Insurance Corporation as receiver of the bank.

Brooke customers urged to verify status of insurance policies

Consumers who purchased insurance policies through Brooke Corp. franchises should verify the actually have coverage in light of recent closures at Brooke, says California Insurance Commissioner Steve Poizner.

It is unlikely that an insurance policy held by a California resident will be impacted, but consumers should take simple steps to verify their policy status, he says.

Brooke Corp., an Overland Park, Kan.-based company, operated an insurance agency franchise business in California, and throughout half of the country. There are or were upwards of 200 franchised agencies operating in California, the Department of Insurance says. The insurance agent's offices may advertise as Brooke Insurance and Financial Services, Brooke Auto Insurance, or a variation of Brooke Insurance.

On Oct. 28, Brooke filed for Chapter 11 protection with the U.S. Bankruptcy Court in Kansas City, Kansas.

Scott Graham is ‘Entrepreneur in Residence’ at Fresno State

California State University, Fresno students will have the opportunity to learn from successful entrepreneur Scott Graham, a Fresno State alumnus, who will be on campus Nov. 17-19 as this year’s Entrepreneur in Residence.

Mr. Graham is CEO of XPACS (Xtreme Personal Mr. Assistant Concierge Services).

The program, sponsored by the Lyles Center for Innovation and Entrepreneurship, brings an entrepreneur to campus each year to connect with students, entrepreneurs and community leaders.

XPACS is an international concierge service for corporations, celebrities and other individuals whose time is too valuable to take up with planning day-to-day details.

California’s revenue stream dwindles

California’s budget situation is getting worse as its revenue streams from taxes are dwindling.

“Our primary sources of revenue – income, sales and corporate taxes – continue to deteriorate,” says state Controller John Chiang. “Major tax receipts have not only missed budget estimates, but are also running $1.2 billion behind this point last year.”

Personal income tax revenues for the month of October were $146 million below (-4.5 percent) estimates found in the Budget Act, retail sales taxes were down by $34 million (-3.7 percent), and corporate taxes were down $84 million (-22.4 percent). Total General Fund revenue was $359 million below (-7.3 percent) the Budget Act projections.

By the end of October, the state had $6.9 billion remaining in special funds available for internal borrowing, Mr. Chiang says. Internal borrowing and Revenue Anticipation Notes were used during the first four months of the fiscal year to bridge the difference between $26.8 billion in receipts and $42.2 billion in disbursements.

Don’t get burned when buying firewood

As winter nears and the nights turn chilly, many people will choose to heat their homes with a nice, warm wood fire in the fireplace.

The state is warning that it’s also a time when many wood buyers get ripped off,

Firewood has its own special unit of measurement called a “cord.” Firewood, in units of 1/8th of a cord and above, must be sold by the cord or fractions of a cord. A cord of wood by law must equal 128 cubic feet.

For example, a pick-up cannot hold a cord of firewood. An 8-foot truck bed can hold one-half of a cord while a 6-foot bed can barely hold one-third of a cord.

To determine if you have a cord, the wood must be measured when it is stacked neatly in a row with the pieces of wood parallel and touching with as few gaps as possible. If, when measured, the width times the height, times the length equals 128 cubic feet, it is a cord of wood.

CSUB uses science to pick ‘hottest pepper’

The results are in and Richard McCoy of Bakersfield is Kern County’s “Hottest Pepper” grower, according to California State University, Bakersfield.

Mr. McCoy, along with nine others, participated in CSUB’s inaugural “Hottest Pepper in Kern County” competition last month.

CSUB chemistry students tested the submissions. Carefully.

“We were able to put the analytical skills of our students to work in a fun way that involved the community,” says Roy LaFever, chemistry professor.

Peppers were analyzed using the Scoville index of peppers and a system for determining capsaicin levels. Mr. LaFever says the peppers they received were “impressive” and the Scoville ratings ranged from 65,000 to 450,000.

The hottest pepper in this year’s competition was a red Caribbean variety of capsicum annum and had a Scoville rating of 450,000. The second place entry was also a red Caribbean that narrowly lost out to Mr. McCoy’s entry by 20,000 Scoville units.

The Scoville scale is based on a taste test that uses dilutions of pepper extracts to determine the taste threshold. The dilution amount then corresponds with a Scoville rating. Some peppers are sweet and have a Scoville rating of nearly zero, where as the hottest peppers known have a rating of nearly one million.

Prizes included gift cards to Chili’s restaurant and Lengthwise Brewery.