Business Briefs

Local attorney appointed to editorial board

Jeanne Zolezzi, of the Stockton-based law firm of Herum Crabtree Brown, has been appointed to the editorial board of the "California Water Law and Policy Reporter."

The monthly publication, which was designed for attorneys, consultants and resource managers, covers water rights and water quality issues in California.

Zolezzi, along with five other members of the editorial board, determines the content of the publication, and provides commentary and legal analysis of key laws, policies and regulations.

Zolezzi graduated from Stanford University in 1982 and received her law degree from University of Santa Clara School of Law in 1985. She is a shareholder at Herum Crabtree Brown.

Zolezzi's practice focuses on counseling, administrative matters and water rights litigation.

Financial Center Credit Union earns safety rating

Bankrate.com has awarded the Stockton-based Financial Center Credit Union the only five-star safety rating among credit unions in Sacramento, San Joaquin and Stanislaus counties. It's the highest safety rating Bankrate assigns to credit unions, banks and thrifts.

Only one other financial institution was awarded the same rating in the three counties, according to a press release issued by Financial Center Credit Union.

Over the past quarter, Financial Center Credit Union has disbursed $27 million in consumer loans, paid a savings rate of 1.5 percent APY and maintained one of the highest levels of capital and reserves for credit unions nationwide.

"Safety and soundness have always been a part of our core values and our success in any economic environment," said Michael Duffy, the president and CEO of Financial Center Credit Union.

Forecast: Recession shallow but long

The Business Forecasting Center in the Eberhardt School of Business at University of the Pacific offered its third quarter California and Metro Forecast.

As in the two previous quarters, the forecast maintains that the state entered a mild recession in late 2007. The shallow but long downturn will extend into the spring of 2009 as the U.S. and much of the world joins the state in recession.

"California is now entering the second half of the recession where the housing meltdown spreads to other areas," said Director of the Center Jeff Michael. "Mortgage-based financial losses are tightening credit conditions across the economy, slowing growth, and extending job losses despite the relief from falling oil prices."

The Stockton and San Francisco metro areas have the strongest growth prospects in Northern California, while the East Bay and Vallejo lag behind the rest of the region, according to a press release issued by the center. Double-digit unemployment rates have made an unwelcome return to most of the Central Valley, but will still remain below levels common in the 1990s.