Orange County Business Journal

FINANCE

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

2016 YEAR in Review: Finance

Healy is co-founder and managing director of private equity firm L Squared Capital, which opened its Newport Beach office about two years ago.

December 12, 2016 midnight   $$ Share
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Fowlers Pledge $100M to Chapman

Dale and Sarah Ann Fowler will give $45 million to Chapman University to help it establish an engineering school, on top of a previous $55 million commitment to its law school.

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CSUF Gets Funds

California State University-Fullerton’s Master of Social Work program has received more than $1 million in federal funding for the seventh consecutive year.

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Kaiser Tops Expectations

Kaiser Aluminum Corp. beat Wall Street expectations on revenue and earnings for the fourth quarter and full year.

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Avenu Medical Raises $13M

Avenu Medical Inc. in San Juan Capistrano has raised about $13.1 million through private placement, according to filings with the Securities and Exchange Commission.

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Vans’ Revenue Tops for VF Corp.

Annual revenue at Vans Inc. climbed 6% to $2.3 billion in 2016, making it the largest and fastest growing brand for parent VF Corp.

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Palace Parent Posts Gains, Pares Loss

Palace Entertainment Holdings LLC in Newport Beach reported higher revenue in its most recent quarter, as part of a quarterly report by publicly traded parent Parques Reunidos Servicos Centrales SA in Madrid.

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Gen. William Lyon Steps Down from Homebuilder's Board

Newport Beach-based homebuilder William Lyon Homes said that its namesake and founder, General William Lyon, has stepped down as a director of the company.

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Midday Stock Roundup

The S&P 500 was down 0.1% to 2,343.22.

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CoreLogic CEO Takes Temporary Leave

Irvine-based CoreLogic Inc. said that Chief Executive and President Anand Nallathambi is taking a temporary medical leave of absence from the company.

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Sunstone Sells Fairmont for $125M

Hotel REIT Sunstone Hotel Investors Inc. in Aliso Viejo sold Fairmont Newport Beach for $125 million.

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$2.47B Allergan Buy Adds in Irvine

Allergan PLC announced that it will buy Pleasanton-based Zeltiq Aesthetics Inc.’s CoolScupting System for $2.47 billion, or $56.50 per share, in a transaction that’s expected to be completed in the second half of 2017.

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Hotel Deals Down in 2016

22 hotels sold in Orange County for $807 million last year, down 19% and 54%, respectively, from 2015, when 27 hotels sold for $1.8 billion, according to Atlas Hospitality Group in Irvine.

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Volcom Down in 2016

Costa Mesa-based Volcom Inc. posted $256.8 million in 2016 revenue, a 13.5% decrease from the prior year, according to Kering S.A., its Paris-based parent.

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2nd Big Shareholder to Bank Board

Irvine-based Banc of California Inc. on Friday announced the appointment of its second director this week from a large shareholder.

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JWA November Traffic Up

John Wayne Airport reported 865,000 passengers flew in and out of the airport in November, up 3.5% year-over-year.

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Disney Sets Star Wars Land Date

Disneyland Resort will open Star Wars Land in 2019, Walt Disney Co. Chairman and Chief Executive Robert Iger said on the company’s quarterly conference call.

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Bank's Shares Jump After Report

Shares of Irvine-based Banc of California Inc. soared after the bank issued a statement saying an independent investigation exonerated the company of accusations by a blogger.

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Mixed Results for First American

Santa Ana-based First American Financial Corp. reported title insurance and acquisitions boosted fourth-quarter revenue 11% to $1.5 billion.

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Stearns to Sell B2B Mortgage Unit

Santa Ana-based Stearns Lending LLC is selling its Delegated Correspondent Lending business to Flagstar Bancorp Inc. of Troy, Mich., for an undisclosed price.

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Bank Director Changes Course

Banc of California director Halle J. Benett has reversed course and decided to seek re-election after all to the Irvine-based bank’s board, according to a filing Tuesday with the U.S. Securities and Exchange Commission.

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WD Bids on Toshiba Unit

Irvine-based storage products maker Western Digital Corp. has placed a bid for a minority stake in Toshiba Corp.’s flash memory business, according to media reports.

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NB Tennis Team Sold

Laguna Beach resident Eric Davidson has purchased Orange County’s professional tennis team from Canadian technology and media entrepreneur Lorne Abony.

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Disney Parks Up in Down Quarter

The parks and resorts division of Walt Disney Co. in Burbank had quarterly operating income of $1.1 billion on revenue of $4.6 billion, up 13% and 6% compared with the same period last year.

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UCI Prof to Share $10M Grant

UCI Assistant Professor of Developmental & Cell Biology Ali Mortazavi will share $10 million in grant funding over four years with the California Institute of Technology in Pasadena to establish a mapping center to pinpoint where genes, and the regulatory elements that control them, lie within the entire genome.

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UCI, Rochester Tech in Joint Effort

University of California-Irvine and Rochester Institute of Technology’s Golisano Institute for Sustainability launched the Reducing Embodied-Energy & Decreasing Emissions Institute to improve the efficiency and competitiveness of U.S. manufacturing.