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

Costa Mesa VCers Do It Differently

FINANCE: CerraCap pair tries to hit all out of the parkCerraCap Ventures LLC co-founders Saurabh Ranjan and Saurabh Suri decided to try a different model when they began the venture capital firm in 2015.

Habit Burger Signs Rare Franchise Deal

Habit Burger Restaurants Inc. said a franchisee will develop nine locations in Eastern Washington and Idaho, with the first ones scheduled to open early next year.

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Philharmonic Names President

The Philharmonic Society of Orange County in Irvine named Tommy Phillips president and artistic director, effective Oct. 1.

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Johnny Rockets Promotes President to CEO

Lake Forest-based Johnny Rockets Group Inc. named President Mike Nolan its chief executive, effective Oct. 1, replacing John Maguire, who has left the company.

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$400M Montage Project to Montana

Montage Hotels & Resorts will manage Montage Big Sky in Montana when it opens in 2021. The resort getaway project broke ground Friday in a partnership of Montage parent Montage International in Irvine and CrossHarbor Capital Partners LLC in Boston.

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Marwaha Family Buys 3rd SD Hotel

An affiliate of Anaheim-based Marwaha Group Inc. paid $22.7 million for Hampton Inn Carlsbad in North San Diego County; the deal closed Aug. 31.

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Allergan to Buy NB’s Bonti

Allergan PLC announced it will buy Newport Beach-based Bonti Inc. for $195 million.

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Pizza Chain Names Yum Vet President, COO

Mountain Mike’s Pizza LLC hired Jim Metevier as president and chief operating officer.

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BPM Buys Santa Ana Accountancy

San Francisco’s BPM LLP, one of the 50 largest accountancies in the country, is entering Orange County with the purchase of Santa Ana’s Kramer & Olsen Accountancy Corp.

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Language School Plots Franchise Growth

Portal Languages in Costa Mesa plans six franchised locations to add to three sites it has opened so far in OC.

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Rossignol Picks Global Bike Chief

Rossignol Group, a French maker of ski, snowboard and biking products, named Scott Rittschof to a new position as senior vice president of its global bicycle business, based in Irvine.

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Smile Brands Plans M&A Growth

Smile Brands Inc., an Irvine-based dental business support services provider, named Kevin Rogus as vice president of mergers & acquisitions.

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Restaurant Temp Firm Adds Delivery

ShiftPixy Inc. said it will offer delivery driver employees to fast food and fast casual restaurant clients.

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PE-Backed Sauce Maker Buys Salsa Co.

Stir Foods LLC in Orange and Pacifica Foods, which has a facility in Corona, bought an Oceanside-based salsa maker on undisclosed terms.

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Ruby’s Files BK

Six affiliates of Ruby’s Diners Inc. filed for bankruptcy August 29, including Ruby’s Quality Diners LLC, Ruby’s SoCal Diners LLC, and four covering specific locations in Huntington Beach, Laguna Hills, Oceanside, and Palm Springs.

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Marijuana Themed Sub Shop to OC

Cheba Hut Franchising Inc. in Ft. Collins, Colo., wants to open eight locations in Orange County, part of a push for at least 38 shops in Southern California.

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UCI Gets $9 Million

A new institute will be established at the University of California-Irvine thanks to a $9 million donation by Japanese analytical and measurement system company Horiba Group to the university’s advanced power and energy program.

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Midday Stock Roundup

The S&P 500 is flat in midday trading at 2,896.60.

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El Pollo Loco Creates Chief HR Role

El Pollo Loco Holdings Inc. in Costa Mesa named Jennifer Jaffe chief people officer, a new position. She held the same role at Too Faced Cosmetics in Irvine and worked at Estée Lauder Cos., which bought Too Faced in Nov. 2016 for $1.5 billion.

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OC Jobs Drop as State Rises

Orange County lost 10,100 jobs in July while California added 46,700, according to the state’s Employment Development Department.

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Alorica Hires 4 C-Suite Execs

Alorica Inc., an Irvine-based outsourcing company with 100,000 employees, said it hired several high-level executives: Chief Financial Officer KJ Tjon, who replaces Cindy Fiorillo; Chief Operating Officer Greg Haller, and Chief Information Officer Steve Phillips.

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Photo Prints E-commerce Co. Buys Again

Huntington Beach-based MailPix Inc. bought PrintShopLab, the printing unit of Denver-based Photobucket Corp., on undisclosed terms.

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Veritone Sales Sour Traders

Shares of Veritone Inc. (Nasdaq: VERI) plummeted after the company reported second quarter results that missed Wall Street expectations.

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Veritone Plans Two Acquisitions

Veritone Inc. shares jumped today after the Costa Mesa-based company announced two pending acquisitions, one for its emerging artificial intelligence business and the other for its media-buying arm.

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Nicholas Hires Top Defense Firm

Broadcom cofounder and billionaire philanthropist Henry Nicholas III has hired one of the most prolific, and high-profile defense attorneys in Nevada after his arrest late Wednesday night on suspicion of trafficking heroin, methamphetamine, ecstasy and cocaine.

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Biolase Gets New CEO

Irvine-based Biolase Inc. (Nasdaq: BIOL) on Aug. 8 named Todd Norbe president and chief executive.

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