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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.

Opus Shares Plummet on Q3 Report

Shares of Opus Bank (Nasdaq: OPB) plummeted 18% after the Irvine bank reported third quarter earnings that missed analyst estimates.

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OC Unemployment Falls to 2.8%

Orange County’s unadjusted unemployment rate fell to 2.8% in September from a revised 3.1% in August and 3.3% a year earlier, according to the state Employment Development Department.

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Hospitality Shows Go To OC Operator

Emerald Expositions Events Inc. (NYSE: EEX) bought several hospitality-focused trade shows, publications, and events from ST Media Group International and Hospitality Media Group on undisclosed terms.

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Spectrum Pharma Names CMO

Spectrum Pharmaceuticals Inc. (Nasdaq: SPPI) named Francois Lebel as chief medical officer, overseeing the company’s clinical program including directing clinical trials and development as well as regulatory submissions.

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Angels Opt Out of Lease

The Los Angeles Angels of Anaheim today opted out of their lease at Angel Stadium, where they have played home games since 1966.

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Del Taco Ratchets Guidance Down

Del Taco Restaurants Inc. (Nasdaq: TACO) lowered full-year guidance in its most-recent quarterly report. Revenue and net income grew on a 1.4% increase in systemwide same-store sales, with franchised restaurant comps growing faster than company-owned locations.

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Sears Closing South Coast Plaza Location

Sears Holdings Corp. plans to shutter its location at Costa Mesa’s South Coast Plaza as part of its just-announced Chapter 11 bankruptcy filing.

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Microsemi Execs Sue Microchip

Ousted Microsemi Corp. Chief Executive James Peterson and three of his former executives are suing Microchip Technology Inc. and its executives for alleged slander, libel and unfair business practices.

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Obit: Com RE Exec Lutton

Mike Lutton, a fixture in the local commercial real estate industry for 30 years, has died; he was 62.

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Commercial Bank Names New OC President

Irvine’s Commercial Bank of California (CBC) appointed Michael J. Helmuth to a new role as Orange County market president and Claudia Bodan to a similar new role for Los Angeles.

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Vizio Reaches $17M Settlement in TV Spying Lawsuit

Vizio Inc. has reached a $17 million preliminary settlement related to a class action lawsuit filed in Santa Ana in 2016 that alleged the Irvine-based company tracked the viewing habits and demographic information of its smart TV viewers and sold that data.

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Taco Bell Operator Plans 50 in Australia

Collins Foods Ltd. will open 50 Taco Bell locations in three years in three states in Australia.

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GSF in Talks to Sell Some Sites

Golden State Foods Corp. in Irvine said it’s talking with Rosemont, Ill.-based McDonald’s distribution and logistics firm Martin-Brower LLC to sell some distribution centers serving the Golden Arches and reinvest the proceeds to diversify operations.

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Pimco Buys Muni Fund Manager

Newport Beach-based Pacific Investment Management Co. is buying a municipal-bonds specialist to expand its tax-exempt investments business. Terms were undisclosed.

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Foundation Sells Business Unit

Tustin-based Foundation Building Materials Inc. (NYSE: FBM), a distributor of building products, said Thursday it will sell its mechanical insulation business to Dunes Point Capital LP of Rye, N.Y., for $122.5 million.

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Nékter in 4-State, 30-Unit Deal

Nékter Juice Bar Inc. in Santa Ana said a franchisee will open 30 locations of the juice and smoothie chain in Florida, Tennessee, Maryland, and Washington D.C. The latter two are new markets for Nékter; the first store should open in Florida early next year.

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Willdan Gets $17M Schools Projects

Willdan Group Inc. (Nasdaq: WLDN) got $17 million in contracts with Colorado school districts.

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OrigAudio Acquired by HUB

Fountain Valley-based consumer electronics company OrigAudio LLC has been acquired by HUB Promotional Group in Braintree, Mass. for an undisclosed sum.

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Nuvision to Acquire Alaska Credit Union

Huntington Beach-based Nuvision Credit Union announced Monday that it will merge with Anchorage, Alaska-based Denali Federal Credit Union, effective Oct. 1.

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Kaiser Buys in NJ

Kaiser Aluminum Corp. in Foothill Ranch bought Columbia, N.J.-based 3D metal printer Imperial Machine & Tool Co. on undisclosed terms.

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Habit Burger Signs Rare Franchise Deal

Habit 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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