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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Hotel Deals Down in 2016

22 hotels sold in Orange County for $807 million last year, down 19% and 54%, respectively, from 2015, when 27 hotels sold for $1.8 billion, according to Atlas Hospitality Group in Irvine.

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Volcom Down in 2016

Costa Mesa-based Volcom Inc. posted $256.8 million in 2016 revenue, a 13.5% decrease from the prior year, according to Kering S.A., its Paris-based parent.

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2nd Big Shareholder to Bank Board

Irvine-based Banc of California Inc. on Friday announced the appointment of its second director this week from a large shareholder.

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JWA November Traffic Up

John Wayne Airport reported 865,000 passengers flew in and out of the airport in November, up 3.5% year-over-year.

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Disney Sets Star Wars Land Date

Disneyland Resort will open Star Wars Land in 2019, Walt Disney Co. Chairman and Chief Executive Robert Iger said on the company’s quarterly conference call.

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Bank's Shares Jump After Report

Shares of Irvine-based Banc of California Inc. soared after the bank issued a statement saying an independent investigation exonerated the company of accusations by a blogger.

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Mixed Results for First American

Santa Ana-based First American Financial Corp. reported title insurance and acquisitions boosted fourth-quarter revenue 11% to $1.5 billion.

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Stearns to Sell B2B Mortgage Unit

Santa Ana-based Stearns Lending LLC is selling its Delegated Correspondent Lending business to Flagstar Bancorp Inc. of Troy, Mich., for an undisclosed price.

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Bank Director Changes Course

Banc of California director Halle J. Benett has reversed course and decided to seek re-election after all to the Irvine-based bank’s board, according to a filing Tuesday with the U.S. Securities and Exchange Commission.

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WD Bids on Toshiba Unit

Irvine-based storage products maker Western Digital Corp. has placed a bid for a minority stake in Toshiba Corp.’s flash memory business, according to media reports.

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NB Tennis Team Sold

Laguna Beach resident Eric Davidson has purchased Orange County’s professional tennis team from Canadian technology and media entrepreneur Lorne Abony.

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Disney Parks Up in Down Quarter

The parks and resorts division of Walt Disney Co. in Burbank had quarterly operating income of $1.1 billion on revenue of $4.6 billion, up 13% and 6% compared with the same period last year.

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UCI Prof to Share $10M Grant

UCI Assistant Professor of Developmental & Cell Biology Ali Mortazavi will share $10 million in grant funding over four years with the California Institute of Technology in Pasadena to establish a mapping center to pinpoint where genes, and the regulatory elements that control them, lie within the entire genome.

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UCI, Rochester Tech in Joint Effort

University of California-Irvine and Rochester Institute of Technology’s Golisano Institute for Sustainability launched the Reducing Embodied-Energy & Decreasing Emissions Institute to improve the efficiency and competitiveness of U.S. manufacturing.

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State Funds UCI Innovation, Research

University of California-Irvine’s innovation institute has received $2.2 million from the state to help speed research and innovations to market.

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Rakuten to Exit Aliso Viejo

Rakuten.com Shopping is moving from Aliso Viejo to San Mateo in the Silicon Valley in March.

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CPA Firms Combine

Certified public accountancy Katherman Kitts & Co. in Irvine said its entire team has joined Haskell & White, effective Feb. 1.

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PAAMCO, KKR in Deal

Irvine-based fund of hedge funds Pacific Alternative Asset Management Company plans to join with a unit of KKR Inc. in New York to form a firm with $34 billion in assets under management, according to a statement by both companies.

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Rossignol Buys Irvine Bike Maker

Skis Rossignol S.A. in Grenoble, France, bought Felt Racing LLC in Irvine on undisclosed terms.

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Wet Seal Files for BK Again

Wet Seal LLC in Irvine filed for Chapter 11 bankruptcy protection Thursday, and is taking steps to liquidate its assets.

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MSC Sold for $834M

Newport Beach-based MSC Software Corp. will be sold for $834 million to Swedish IT service provider Hexagon AB, the companies said today.

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Glaukos Names New COO

San Clemente-based Glaukos Corp. promoted Chris Calcaterra as chief operating officer, effective immediately.

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Edwards Up in Q4

Edwards Lifesciences Corp. in Irvine reported fourth-quarter earnings of $767.7 million, up 14.4% year-over-year. U.S. and international sales were $421.5 million and $346.2 million, respectively.

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Razer Buys Phone Maker

Irvine-based video game products maker Razer Inc. has acquired the majority of assets of a San Francisco company that developed a mobile phone that offers unlimited cloud-storage capacity.

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Ad Testing Firm Sold

Ezoic Inc. in Carlsbad bought OC-based advertising technology firm AmpedSense.