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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Device Maker Gets $26M Loan

Irvine-based startup Lombard Medical Inc. said today it received a $26 million loan facility from a financier.

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Montage Moves Ahead on Los Cabos

Irvine-based Montage Hotels & Resorts said today it would develop Montage Los Cabos on Santa Maria Bay in Los Cabos, Mexico, its first international property.

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Education Company Nabs Investment

Santa Ana-based Greenwood Hall Inc. said Lincoln Park Capital Fund LLC in Chicago invested in the company.

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Del Taco Buyer Ticker Changes

The company that plans to buy Lake Forest-based Del Taco Holdings Inc. changed its Nasdaq markets ticker symbol Tuesday morning to “TACO.”

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Mitsubishi Motors Taps Ally on Finance

Mitsubishi Motors North America Inc. in Cypress said it will fold its in-house financing arm, Mitsubishi Motors Credit of America Inc., and rely on Detroit-based Ally Financial Inc. as its “preferred financing source.”

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Predixion’s Series D Round Led by Software AG

Aliso Viejo-based Predixion Software has kicked off its latest venture funding round with Germany-based Software AG, one of the largest software companies globally, as the lead investor.

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Opus Q1 Loans, Deposits Up; Profit Slips

Irvine-based Opus Bank posted $11 million in first-quarter net income, down 16% from the same period a year earlier.

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Pac Life Sells Pension Business to Goldman Sachs

Newport Beach-based Pacific Life Insurance Co. has sold its pension advisory business in New York to Goldman Sachs Assets Management.

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Pac Merc Restructures SBA Group, Reports Q1 Loss

Costa Mesa-based Pacific Mercantile Bancorp Inc. swung to a loss in the first quarter, affected by a one-time cost related to a “strategic realignment” of its Small Business Administration lending group.

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Edwards Posts Profit

Irvine-based Edwards Lifesciences Corp. reported a profit of $123.4 million, more than double the total for the same period a year ago.

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SJC Startup Lands GE Investment

San Juan Capistrano-based software maker PingThings Inc. has received a venture capital investment from GE Ventures, the venture capital arm of General Electric, and Frost Data Capital.

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ReShape Medical Gets $12M Loan

San Clemente-based medical device maker ReShape Medical Inc. has received a $12 million loan from a pair of financiers.

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Pacific Premier Loans, Deposits Up; Profit Down on Acquisition Costs

Irvine-based Pacific Premier Bancorp Inc. posted $1.8 million in first-quarter profit, down 32% from the same period a year ago.

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Taco Bell Revenue Up

The parent company of Irvine-based Taco Bell Corp. said new store openings and same-store sales increases boosted the Mexican-themed fast food chain’s revenue by 9% in the first quarter of this year.

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Broadcom Beats Forecasts on Q1

Irvine-based chipmaker Broadcom Corp. after the close of intraday trading reported first-quarter revenue and adjusted profits that beat Wall Street expectations and provided a revenue target for the current quarter in line with estimates.

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Tilly’s CFO to Depart

Tilly’s Inc. said it has started a search for a new chief financial officer, to replace Jennifer Ehrhardt, who is leaving in June to “pursue other professional interests.”

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Anaheim Recycling Company Sold

Anaheim-based recycling services provider Certified Recycling has been acquired by Tricor Pacific Capital, a Vancouver-based private equity firm with an office in Chicago.

Newport Sets Sail for Ensenada

Annual Race Tests Mettle of Crews, Helps Kids in Baja

Len Bose has been a part of 29 editions of the Newport to Ensenada International Yacht Race, the next of which is set for this weekend.

Laser Maker Uses Time to Advantage With Board Revamp

Newport Corp. Takes Age Limits as Cue for Makeover

Newport Corp. went to great lengths in the past few years to revamp its board with big names in the science and corporate worlds.

Q&A

The Business Journal’s Jane Yu asked a group of local chief financial officers how they perceive their roles in building corporate culture. The CFOs also discuss factors about Orange County that have an impact on the development of culture. Edited excerpts of their responses follow.

Medtronic Valve Gets FDA OK for Use in Procedure

Product For Patients With High, Extreme Risks

Medtronic CoreValve, a less-invasive heart valve that has Orange County roots, recently received the green light from the Food and Drug Administration for use in what’s known as “valve-in-valve” procedures for treating people whose surgical aortic valves have failed.

Steadfast Cos.’ Buying Binge Gets National Attention

Apartment Portfolio Now 30,000 Units, Ranked 40th

A healthy amount of acquisitions across the country over the past year has vaulted Irvine-based Steadfast Cos. into the ranks of the largest owners of apartments in the U.S.

Mohamed’s Moxie; NB’s Big Week; I Heart Ballet

The Insider has heard more than once that former Pimco CEO Mohamed El-Erian is a favorite for a cabinet-level job if Hillary Clinton wins the White House in 2016.

Western Realco Eyes More Industrial in Brea

REAL ESTATE: 3rd speculative project would be 216,000 SF

Newport Beach-based Western Realco has bought nearly 10 acres of land in Brea, where the developer is planning its third big speculative industrial project in the city since 2012.