Orange County Business Journal

FINANCE

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

New Name, Boss For Bank in Little Saigon

The former Saigon National Bank in Westminster appears to have made strides toward untangling its operations with a new owner and a new name.

By Michael de los Reyes June 13, 2016 midnight   $$ Share
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Microsemi Invests in SJC Startup

Microsemi Corp. invested in Veracity Security Intelligence.

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NB Biotech Gets $7.5M

Newport Beach-based Blueprint Bio Inc. has received $7.5 million in Series A funding.

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Incipio Buys Skullcandy for $177M

Incipio LLC, an Irvine-based maker of cell phone cases and other mobile device accessories, said on Friday it will acquire Skullcandy Inc. for $177 million.

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PHG in Deals for AC Irvine, Tempe

An affiliate of Irvine’s Pacific Hospitality Group is in deals for two AC Hotels—a 176-room property currently under construction at the Park Place mixed-use campus near John Wayne Airport and a recently opened location in Tempe, Ariz.—from Woodbine Development Corp. and USAA.

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Irvine Bank Joins Russell 2000 Index

Irvine-based bank First Foundation Inc. will become part of the Russell 2000 Index on Monday morning.

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AG Grants Conditional Consent to Providence-St. Joseph Combination

California Attorney General Kamala Harris has conditionally consented to Irvine-based St. Joseph Health’s proposed affiliation with Providence Health and Services.

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Pieology Buys Competitor

Rancho Santa Margarita-based Pieology Pizzeria bought competitor Carlsbad-based Project Pie.

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Verizon to Buy Telogis

Verizon Communications Inc. will buy Aliso Viejo-based Telogis Inc. on undisclosed terms.

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Irvine Software Maker Sold

Irvine-based data management software maker Vision Solutions Inc. has been sold to private equity firm Clearlake Capital Group L.P. in Santa Monica.

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SurfStitch Trims in Irvine

Australia-based SurfStitch Group Ltd. said it plans to eliminate 40 positions at Irvine-based subsidiary SurfStitch USA Inc.

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PacSun BK Auction Canceled

The bankruptcy auction for assets of Pacific Sunwear of California Inc. in Anaheim has been canceled, with San Francisco-based private equity firm Golden Gate Capital now set to acquire all of the retailer’s assets.

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El Pollo Loco Signs Tucson Franchisee

Costa Mesa-based El Pollo Loco Holdings Inc. signed PLM Restaurants LC in Ogden, Utah to open six new sites in Tucson, Ariz., by August 2019, and to buy the chain’s two existing company-owned sites there.

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OC Unemployment Down Again

Orange County’s unemployment rate was down to 3.6% in May from a revised 3.9% in April as employers added 11,700 jobs.

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Cuts at PIMCO

Newport Beach-based asset management firm Pacific Investment Management Co. has cut 68 jobs, or about 3% of its 2,300 workers companywide.

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Payoff Raises $47 Million

Costa Mesa-based consumer financial services firm Payoff has raised about $47 million from 56 investors in a round expected to raise about $65 million, according to a Securities and Exchange Commission document.

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Goodman Birtcher Gets 133 Acres

Irvine-based developer Goodman Birtcher has bought a pair of massive distribution centers in Los Angeles County.

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QLogic Sold for $1B

Shares of Aliso Viejo-based networking equipment maker QLogic Corp. rose 10% after the company said it would be acquired for about $1 billion by Silicon Valley chipmaker Cavium Inc.

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Newport Beach PE Firm Buys in NY

Newport Beach-based private equity firm Kodiak Capital Group LLC has agreed to purchase $2 million in stock in Burn Entertainment Corporation, a New York media entertainment company that focuses on cannabis.

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PacMerc Joins Index

Costa Mesa-based Pacific Mercantile Bancorp will join the Russell 3000 Index after the market opens on June 27.

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Samuelis Give $10M to UCLA

The Samueli Foundation in Corona del Mar has given $10 million to the Henry Samueli School of Engineering and Applied Sciences at University of California-Los Angeles.

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Terumo Buys Aliso Device Maker

Aliso Viejo-based Sequent Medical Inc. has been acquired for $280 million by Japan’s Terumo Corp.

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Auto Dealer Insurer Names CEO

Irvine-based automobile-dealership insurer SouthWest Dealer Services named Vernon Leake as chief executive officer.

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Pacific Mercantile’s COO Resigns

Costa Mesa-based Pacific Mercantile Bancorp Inc. said that Chief Operating Officer Bob Sjogren has resigned and will leave the holding company, the bank and subsidiary PM Asset Resolution Inc. on June 17.

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Argyroses Pledge $2.5M to Theater

George and Julianne Argyros plan to give $2.5 million to a theater in Julia’s hometown of Adrian, Mich., according to a newspaper there.

SF Investor Makes FV Complex 3rd Office Buy in OC

REAL ESTATE: Swift nabs 2 buildings next to Hyundai HQ

San Francisco-based real estate investor Swift Real Estate Partners has made its third acquisition in Orange County in as many years, getting a two-building office complex in Fountain Valley.