FINANCE

Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...

2017 Year in Review: Finance

Who says bankers are dull? They aren’t in Orange County, not this year.

CoolSys Hires New CFO, COO

CoolSys, a newly rebranded refrigeration company based in Brea, named Andy Mandell chief financial officer and Amy Freeman chief operating officer.

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OC Fair Folk Land Cirque for 10 Years

Orange County Fair & Events Center will ink a 10-year deal to host Cirque du Soleil extravaganzas on its grounds in Costa Mesa, with five shows slated for production in that time.

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PHG to Exit Balboa Bay

Irvine-based hotel owner-operator Pacific Hospitality Group Ventures Inc. won’t co-run Balboa Bay Resort, Balboa Bay Club, and Newport Beach Country Club after March 2018.

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Impac Hires loanDepot Vet

Irvine-based Impac Mortgage Holdings Inc. (NYSE: IMH) hired a longtime mortgage expert from larger rival loanDepot Inc. of Foothill Ranch.

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Perry New Segerstrom Board Chair

Mark Perry on Jan. 1 will become the new chairman of the Segerstrom Center for the Arts board of directors, succeeding John Ginger.

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Gateway One Cuts 231 Jobs

Gateway One Lending & Finance LLC, the Anaheim-based automotive finance unit of TCF Financial Corp. (NYSE: TCF), is cutting 231 jobs, according to California’s State Employment Development Department.

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Toshiba, Western Dig Reach Deal

Toshiba Corp., its memory unit and San Jose-based Western Digital Corp. have struck an agreement to resolve several legal and arbitration disputes that stalled the $18 billion proposed sale of Toshiba Memory Co.’s flash storage business.

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Girl Scouts OC Name CEO

Girl Scouts of Orange County said Victoria “Vikki” Shepp will be chief executive, effective Jan. 1, replacing Nancy Nygren, who is retiring after 12 years at the helm of the Irvine-based group.

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Providence St. Joe Might Merge

Providence St. Joseph Health and Ascension Health are discussing a merger that would create the largest hospital system in the U.S., news reports said.

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Fifth Third Hires Yurosek

Joseph Yurosek, Comerica Bank’s market president for the Orange County region, has been named California Market President for Fifth Third Bancorp.

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New CEO for Nonprofit Housing Group

American Family Housing in Midway City named Milo Peinemann chief executive, replacing Donna Gallup, who left the post in October after three years at the helm of the non-profit.

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Broadcom Beats and Boosts

Singapore-based Broadcom Ltd., which operates a major hub in Irvine, closed the books on its fiscal year with sizeable gains in revenue and net income.

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Chapman: Tax Reform to Boost Economy

The U.S. economy will slow to a 2.2% increase in 2018 from an estimated 2.3% this year, according to the newest forecast from Chapman University’s A. Gary Anderson Center for Economic Research.

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Core Capital, Brighton in SD Hotel Deal

Brighton Management bought the 150-room Hyatt Place in Vista from Core Capital Management LLC for $27 million.

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Kianis Get ADL Award

Joe and Sarah Kiani got the Anti-Defamation League’s Humanitarian Award at a dinner and program Tuesday night at the Beverly Hilton Hotel in Beverly Hills.

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Edwards Pays $100M for Mitral Device Maker

Edwards Lifesciences Corp. in Irvine bought Harpoon Medical Inc. in Baltimore on Dec. 1 for $100 million; milestone payments over the next decade could bring the total price to $250 million.

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McKay & Carnahan Sold

Cleveland-based CBIZ, Inc. (NYSE: CBZ), the No. 10 U.S. accounting firm, bought McKay & Carnahan Inc. of Newport Beach on undisclosed terms.

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SEC Charges Accountancy

The Securities and Exchange Commission is accusing Anton & Chia LLP, a Newport Beach accounting firm listed as the 26th biggest in Orange County, with fraudulent auditing of penny stocks.

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TTM in $775M Deal for NY Manufacturer

TTM Technologies Inc. has agreed to pay $775 million to affiliates of New York private equity firm Veritas Capital for East Syracuse-based Anaren Inc.

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'Grey Friday': Nov. Sales Mixed for OC Carmakers

OC-based automakers saw mixed sales results in November and year-to-date.

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RSI Sells for $1.075 Billion

RSI Home Products Inc., an Anaheim manufacturer started by Ron Simon, is selling itself in a deal worth $1.075 billion to American Woodmark Corp. (Nasdaq: AMWD).

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Boardriders Wants to Buy Billabong

Huntington Beach-based Boardriders Inc. offered to buy the shares of Billabong International Ltd. (ASX: BBG) it doesn’t yet own for $1 apiece, in a deal that values Billabong at about $150 million.

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Oregon Bank Expands in OC

Umpqua Bank, a subsidiary of Portland-based Umpqua Holdings Corp. (Nasdaq: UMPQ), said it hired Todd Abboud to a new position as regional director, executive vice president, for Orange County.

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Emerald Buys Hosted B2B Shows

Emerald Expositions (NYSE: EEX) in San Juan Capistrano bought Connecting Point Marketing Group in Rye, N.H., on undisclosed terms.

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Avanir Restructures, Will Cut 11% of US Workforce

Avanir Pharmaceuticals Inc. will lay off 73 employees by the end of January from its US work force as part of a restructuring. We’re told the majority will be outside of its Aliso Viejo headquarters.

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