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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OC Unemployment Down Again

Orange County’s unemployment rate was down to 3.6% in May from a revised 3.9% in April as employers added 11,700 jobs.

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Cuts at PIMCO

Newport Beach-based asset management firm Pacific Investment Management Co. has cut 68 jobs, or about 3% of its 2,300 workers companywide.

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Payoff Raises $47 Million

Costa Mesa-based consumer financial services firm Payoff has raised about $47 million from 56 investors in a round expected to raise about $65 million, according to a Securities and Exchange Commission document.

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Goodman Birtcher Gets 133 Acres

Irvine-based developer Goodman Birtcher has bought a pair of massive distribution centers in Los Angeles County.

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QLogic Sold for $1B

Shares of Aliso Viejo-based networking equipment maker QLogic Corp. rose 10% after the company said it would be acquired for about $1 billion by Silicon Valley chipmaker Cavium Inc.

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Newport Beach PE Firm Buys in NY

Newport Beach-based private equity firm Kodiak Capital Group LLC has agreed to purchase $2 million in stock in Burn Entertainment Corporation, a New York media entertainment company that focuses on cannabis.

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PacMerc Joins Index

Costa Mesa-based Pacific Mercantile Bancorp will join the Russell 3000 Index after the market opens on June 27.

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Samuelis Give $10M to UCLA

The Samueli Foundation in Corona del Mar has given $10 million to the Henry Samueli School of Engineering and Applied Sciences at University of California-Los Angeles.

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Terumo Buys Aliso Device Maker

Aliso Viejo-based Sequent Medical Inc. has been acquired for $280 million by Japan’s Terumo Corp.

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Auto Dealer Insurer Names CEO

Irvine-based automobile-dealership insurer SouthWest Dealer Services named Vernon Leake as chief executive officer.

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Pacific Mercantile’s COO Resigns

Costa Mesa-based Pacific Mercantile Bancorp Inc. said that Chief Operating Officer Bob Sjogren has resigned and will leave the holding company, the bank and subsidiary PM Asset Resolution Inc. on June 17.

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Argyroses Pledge $2.5M to Theater

George and Julianne Argyros plan to give $2.5 million to a theater in Julia’s hometown of Adrian, Mich., according to a newspaper there.

SF Investor Makes FV Complex 3rd Office Buy in OC

REAL ESTATE: Swift nabs 2 buildings next to Hyundai HQ

San Francisco-based real estate investor Swift Real Estate Partners has made its third acquisition in Orange County in as many years, getting a two-building office complex in Fountain Valley.

$81M Defense Contract to Manufacturer

Irvine-based N2 Imaging Systems LLC was awarded a five-year, $81 million Defense Department contract to develop and manufacture sniper scopes.

New OC Company Developing Cannabis-Based Drug

Compound Could Treat Chemo-Induced Pain

Douglas Ingram’s drug development work encompasses more than just Alzheimer’s disease, which his Irvine-based Chase Pharmaceutical Corp. focuses on.

Homebuilder TRI Pointe Moves Local Division

HQ Staying at For-Sale Google Center Campus

Irvine-based homebuilder TRI Pointe Group Inc. is moving its Southern California division closer to some of the projects it has under way on the Irvine Ranch.

Slyde Handboards Gears Up for Summer Sales Tour

‘Shark Tank’ Investment, Beach Cleanup Lift Brand

A startup that created a brand of handboards, a one-handed surfboard that straps to a surfer’s hand for bodysurfing, started its summer tour over Memorial Day weekend.

New Name, Boss For Bank in Little Saigon

The former Saigon National Bank in Westminster appears to have made strides toward untangling its operations with a new owner and a new name.

$100M Raise Points to Cybersecurity Niche

The $100 million raised by Cylance Inc. last week highlights the booming demand for software security needed to thwart malicious cyberattacks in the public and private sectors—and the growing appetite of venture capitalists to fund Orange County-based businesses that are taking on the challenge.

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New Chancellor for Research at UCI

University of California-Irvine has named Pramod Khargonekar its vice chancellor for research, effective June 30.

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Cylance Raises $100M

Irvine-based security software maker Cylance Inc. has raised $100 million in a Series D funding round led by Blackstone Tactical Opportunities and Insight Venture Partners.

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Confie Buys in Calabasas

Huntington Beach-based insurance provider Confie acquired on undisclosed terms ExpressLink Inc. in Calabasas.

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Alliant Buys Carwash Insurer

Newport Beach-based insurance broker Alliant Insurance Services acquired on undisclosed terms the Western Carwash Insurance Program in Sacramento.

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Sniper Scope Maker in $81M Contract

Irvine-based N2 Imaging Systems LLC has been awarded a five-year, $81 million Defense Department contract to develop and manufacture sniper scopes.

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Pacific Premier Bancorp Names CFO

Irvine-based Pacific Premier Bancorp, Inc. named Ronald J. Nicolas, Jr., Chief Financial Officer of the company and the bank.