Orange County Business Journal

FINANCE

Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
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Banc of Cali Posts $19M Q4 Profit

Share prices in Irvine-based Banc of California Inc. continued to rise on Friday after the bank on Thursday reported quarterly profits of $19 million.

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WDC In-line in Q2 Amid PC Decline, Plant Closure

Irvine-based storage products maker Western Digital Corp. after the close of trading reported December quarter revenue in line with Wall Street expectations and adjusted profits that narrowly beat estimates.

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Quality Systems Reports Results, Names CTO

Irvine-based Quality Systems Inc. reported financial results that missed Wall Street expectations for the three months ended Dec. 31.

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Software Maker Gets $10M

Irvine-based security software maker SecureAuth Corp. has raised another $10 million and expanded operations to the Beltway.

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CHOC Expanding Neonatal Unit

Children’s Hospital of Orange County will expand its neonatal intensive care unit.

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Montage Investor to Provide Up to $200M for Growth

Montage Hotels & Resorts LLC in Irvine said a real estate fund affiliated with Ares Management LP in Los Angeles will buy up to 20% of the hospitality manager and, in addition, commit “up to $200 million” to acquire and develop properties which Montage would operate.

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Quiksilver Names Post BK Board

Huntington Beach-based Quiksilver Inc. selected a new board of directors to take over after bankruptcy proceedings end, according to documents filed with the U.S. Bankruptcy Court for the District of Delaware.

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Midday Stock Roundup

The S&P 500 was up 1.47% in midday trading to 1,904.72.

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Pacifica Hotels Buys in DTLA

Pacifica Hotels bought the Milner Hotel in downtown Los Angeles from Milner Hotels Inc.

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Opus Bank to Buy Trust Company

Irvine-based Opus Bank will buy San Francisco-based PENSCO Trust Co.

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Midday Stock Roundup

The S&P 500 was down 0.7% to 1.894.32.

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$3M Grant for CSUF

Cal State Fullerton has been awarded a $3 million grant from the California Institute for Regenerative Medicine to continue its scholar program in stem cell research and regenerative medicine.

Developer Would Raze Los Al City Hall for Retail

REAL ESTATE: Lincoln owns 10-acre parcel next door

Lincoln Properties Co. is in talks to buy the Los Alamitos City Hall and municipal center, a 3.1-acre site on Katella Avenue where the developer plans to build a shopping center.

Hines Adds to Local Portfolio With Former Fisker HQ

REAL ESTATE: Plans makeover to stand out in Anaheim Canyon

Hines Interests LP has bought the former headquarters of Fisker Automotive and Technologies Group LLC in Anaheim, adding another office to its already sizeable base of buildings in North Orange County.

Device Maker Axonics Gets $38 Million

Irvine-based Axonics Modulation Technologies Inc. raised $38.5 million in Series B financing.

Business Journal Honors CFOs

Orange County’s top financial professionals were honored in five categories on Jan. 21 at the ninth annual Business Journal CFO of the Year awards dinner, which drew a crowd of about 600 to Hotel Irvine.

Early Sales Show Luxury Market Off to Strong Start

Five Move in First Ten Days, Four on Coast

Five Orange County luxury homes sold during the first 10 days of the year, and four of those are ocean-view homes in OC’s priciest communities. The other is an expansive estate on an acre-plus spread in Coto de Caza that once graced the cover of Unique Homes magazine.

Koreatown South: LA Investor Buys Into Buena Park Downtown

REAL ESTATE: Adds 535,000 SF of retail in wake of sale of LA mall

A Los Angeles-based investor with ties to that city’s Korean-American community has bought a majority stake in Buena Park’s largest mall.

Platinum Triangle Pendulum Swings Back

For-Sale Project Follows Nearly 10 Years of Rental Developments

A Newport Beach-based homebuilder is planning the first dedicated for-sale housing project in Anaheim’s Platinum Triangle district in nearly a decade.

Activists Urge St. Joseph-Providence Combo Scrutiny

Fear Possible Faith-Based Access Restrictions

Some advocacy groups are urging regulators not to waive a merger review of Irvine-based St. Joseph Health and Renton, Wash.-based Providence Health and Services’ proposed mega-affiliation.

Real Estate Deals

Sales and leases of offices, industrial buildings, retail space and apartments

CT Realty Investors, New York State Common Retirement Fund and Artemis Real Estate Partners sold an industrial building in Huntington Beach to Rexford Industrial for $17.1 million, or about $149 per square foot.

‘Creative’ Offices Go Big With Latest Wave of Projects

Multistory Office Sites Get Developer Attention

Area office owners are super-sizing the latest crop of creative-office redevelopment projects on tap in Orange County.

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OC Unemployment Drops

Orange County’s unemployment rate ticked down to 4.1% in December from 4.2%

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Business Journal Honors CFOs

Orange County’s top financial professionals were honored in five categories on Jan. 21 at the Ninth Annual Business Journal CFO of the Year awards dinner, which drew a crowd of about 600 to Hotel Irvine.