La Jolla Finance

The history of banking in La Jolla dates back to 1907 when the Southern Trust and Savings Bank first offered services to the village's 1,500 residents. Today, there are approximately twenty banks, ten savings and loan associations, and a dozen members of the New York Stock Exchange with tapes and computerized offices, plus dozens of other stockbrokers and investment counselors.

One of the first steel-and-glass modernistic complexes in town, 1205 Prospect, was completed in 1973 to house several financial institutions including what has now grown into the second largest locally owned independent bank in San Diego, La Jolla Bank & Trust. It received its charter and commenced business in 1973 under a founding board of directors comprised of local entrepreneurs. Today, many milestones and awards later, it offers full services of eleven offices with assets exceeding $400 million. But rapid growth and record profits seem the norm in La Jolla.

At the town's first land sales in 1869, acres were sold for $1.25 apiece. Since then La Jolla has developed into one of the most prestigious and highest priced housing markets in the country. The average residential real estate transaction is currently $1,300,000. It's no wonder that over 2,000 businesses are licensed in La Jolla.

In years to come, La Jolla is expected to become one of the nation's leading centers of research and development, attracting headquarters of scientific industries, biomedical healthcare firms, and diverse high technology companies in addition to many financial and legal firms.