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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Allergan Still on Hunt for Deals

Allergan PLC Chief Executive Brent Saunders said today that the drug maker will continue to seek “growth pharma” deals—including possible acquisitions that would complement its Irvine hub for Botox, ophthalmology and medical aesthetics—after the termination of its $160 billion mega-deal with Pfizer Inc.

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PacSun to File for Bankruptcy

Pacific Sunwear of California Inc. is preparing to file for bankruptcy next week, according to news reports.

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Edwards Surges on Valve Trial

Irvine-based Edwards Lifesciences Corp.’s shares shot up today after it reported positive results on a pair of less-invasive replacement heart valve clinical trials.

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Banc of California Names New CAO

Irvine-based Banc of California, Inc. promoted Thedora Nickel to Chief Administrative Officer from executive vice president of operations.

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Confie Buys in Massachusetts

Huntington Beach-based insurer Confie has entered the Massachusetts market with the acquisition of Axiom Insurance Agency in Springfield.

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Alliant Buys Agency in Spokane

Newport Beach-based Alliant Insurance Services has acquired Andre-Romberg Insurance Agency in Spokane, Wash.

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Engineering Firm Purchased for $7M

Irvine-based Excalibur Engineering, Inc. was acquired April 1 by Transcat Inc. in Rochester, New York, for $7.35 million in cash.

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OC-Based Bank Joins S&P Index

Irvine-based Banc of California has been added to the S&P SmallCap 600 Index.

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Mazzo Asks Judge for Stay in Case

Longtime Orange County medical device executive James V. Mazzo has asked a judge for a stay in his federal insider trading case, according to court papers.

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eBay Buys Irvine Auto Marketer

Cargigi Inc. in Irvine was acquired by eBay Inc. on undisclosed terms.

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Broadcom Sues SpaceX

Broadcom Ltd. said in a lawsuit that Space Exploration Technologies Corporation—SpaceX—recruited engineers away from the chip maker after soliciting Broadcom's services and then declining to work with them.

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St. Regis to Drop Flag June 1

St. Regis Monarch Beach in Dana Point will drop its “flag” and change its name to Monarch Beach Resort on June 1.

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China Investor Wraps up Alliance Deal

Newport Beach-based Alliance HealthCare Services Inc. said today that Fujian Thai Hot Investment Co. completed its purchase of a majority stake in the medical imaging company.

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Lotus Innovations Hires CFO

Irvine-based private equity firm Lotus Innovations has hired Ommid Bavarian as chief financial officer.

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UCI Gets $8M to Create Vaccine

A University of California-Irvine scientific team has received $8 million from the U.S. Department of Defense to help develop a vaccine for Q fever, a highly infectious agent common among livestock.

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Irvine Ad Tech Firm to Culver City

Adaptive Medias Inc. in Irvine said it plans to combine with AdSupply Inc. and move its headquarters to Culver City.

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Microsemi Sells Secondary Lines

Aliso Viejo-based Microsemi Corp. has agreed to sell its embedded security, RF, microwave and custom microelectronics businesses for $300 million to Mercury Systems Inc.

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MemorialCare to Cut 194 Jobs in SC

Fountain Valley-based MemorialCare Health System will be cutting 194 jobs as part of its planned closure of the San Clemente location of its Saddleback Memorial Medical Center, according to a state filing.

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Quantum Fuel in Chapter 11 BK

Lake Forest-based Quantum Fuel Systems Technologies Worldwide Inc. has filed for Chapter 11 bankruptcy protection.

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SWELL President Named Parent’s Co-CEO

Australia-based online retailer SurfStitch Group Ltd. named Lex Pedersen and Justin Stone co-chief executives.

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Seychelle Replaces CEO

San Juan Capistrano-based Seychelle Water Filtration Products has replaced Chief Executive Carl Palmer with Chief Financial Officer James Place, effective immediately.

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William Lyon Homes Makes Management Changes

William Lyon Homes has announced a series of executive management changes to the Newport Beach-based homebuilder, including a new role for the company’s namesake and founder, General William Lyon, as well as a new stand-alone chief executive.

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Freedom to Go to Digital First

A bankruptcy judge in Santa Ana this morning approved the sale of Freedom Communications Inc. and its Orange County Register to Denver-based Digital First Media Inc.

Experian Offers New Experience

Seeks to Change Reputation From Credit Judge to Consumer Ally

No one wants to be seen as the bearer of bad news, even if it’s part of their job description. Experian plc, one of three major credit reporting agencies, is no exception.

Greenlaw Plans Rentals, Hotel Near Outlets Mall

REAL ESTATE: For-sale project in IBC also on developer’s agenda

Real estate investor and developer Greenlaw Partners is pushing ahead with plans to build more than 900 apartments and for-sale homes and a hotel in separate projects on land it owns in Orange and Irvine.