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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WD Deal for Stake by Chinese Investor Off

Irvine-based Western Digital Corp. said a unit of China-based Unisplendour Corp. Ltd. would not buy a 15% stake in the storage products maker for $3.8 billion after a U.S. government agency said the deal would undergo a formal review.

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Del Taco to Enter Pennsylvania

Lake Forest-based Del Taco Restaurants Inc. plans to enter a new market in 2018 with the first of six franchised stores in Pennsylvania.

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United Capital Buys Wealth Scorer

Newport Beach-based United Capital Financial Advisers LLC has acquired FlexScore, a financial technology product designed to help customers.

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WD Investor Opposes $19B SanDisk Buy

One of Western Digital Corp.’s largest investors plans to vote against its $19 billion takeover of Milpitas-based SanDisk Corp. at a special shareholders meeting next month.

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OC Hotel Development Rising

Orange County had 37 hotels with 6,705 rooms under construction or in planning at the end of 2015, a report by Irvine-based Atlas Hospitality Group Inc. said.

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Plaza Bank Triples Quarterly Income

Irvine-based Plaza Bancorp Inc. reported unaudited net income of $3.4 million on net interest income of $11.3 million for its quarter ended Dec. 31.

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BJ’s Earns $11 Million in Quarter

Huntington Beach-based BJ’s Restaurants Inc. reported net income of about $11 million on revenue of $233 million for its quarter ended Dec. 31.

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Vans Revenue Up in Quarter, Year

Vans Inc. revenue was up 3% in the fourth quarter of 2015, according to its parent, Greenboro, N.C.-based VF Corp. The Cypress-based shoe and apparel division’s full-year sales totaled $2.2 billion, a 7% increase compared with 2014.

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Quality Systems Names New CFO

Irvine-based Quality Systems Inc. appointed James Arnold Jr. to the post of chief financial officer, effective March 1.

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Ingram Micro Sold for $6B

Ingram Micro Inc. shares surged more than 21% in midday trading after the Irvine-based company said it’s set to be sold for $6 billion to a Chinese conglomerate.

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Kaiser Aluminum Swings to Loss for 2015

Kaiser Aluminum Corp. said it swung to a loss of $237 million last year.

Irvine Company Takes Amenities Up a Notch

REAL ESTATE: Fitness, health centers, outdoor upgrades

Irvine Company, Orange County’s dominant landlord, is preparing to launch a package of fitness, wellness and outdoor amenities for a large portion of its office portfolio.

Lenders Buy Laptop Accessories Maker

Anaheim-based Targus Group International Inc. was acquired by its lenders for an undisclosed amount in a foreclosure sale on Feb. 1.

OC Broadcom Office Bears Brunt of Cuts

San Jose-based Broadcom Ltd. will slash nearly 700 employees in Irvine as part of a nationwide cost-cutting plan under Chief Executive Hock Tan.

St. Joseph Gets Home Nurse Franchises

Irvine-based St. Joseph Health bought 26 Nurse Next Door franchises with an option to buy 12 more.

Cove Fund Vets Diabetes Device, Cell Phone Filter

Angel Investors Start Due Diligence on Pair of Startups

The Cove Fund I selected two startups to move on to the next stage—due diligence—after hosting a pitch session on Jan. 26.

CareTrust Ups Credit, Pays Off Debt, Buys Properties

Wants to Focus on Buys Pipeline Without Equity

San Clemente-based CareTrust REIT Inc. is keeping itself busy as February unfolds by reworking its credit, paying off debt and making deals.

Opus Hires NY Firm to Fill Niche on Smaller Loans

On Deck To Help Bank Maximize Position

Opus Bank in Irvine signed a marketing and referral agreement with New York-based On Deck Capital Inc., whose financing products focus on small businesses.

California Fantasy Sports Regulation Bill Advances

Would Introduce Player Vetting, Operator Licenses

Daily fantasy sports operators and fans in California notched a big win at the state legislature late last month that would pave a path to regulating a booming segment of the gaming world.

Real Estate Deals

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

Christine and Jeff Chow sold an industrial condominium in Fullerton to Dolce Vita Property Investments LLC for $1.2 million, or $185 per square foot.

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MemorialCare, Fresenius Join for Dialysis

Fountain Valley-based MemorialCare Health System said today that it has entered into a joint venture with Fresenius Medical Care North America to operate 15 kidney dialysis clinics in Orange and Los Angeles counties.

Chapman’s Artsy Uncle

How, Why School Became Home for Couple’s $7 Million Art Collection

Family matters at Chapman University, although that won’t be obvious to visitors to the opening of the school’s Hilbert Museum of California Art later this month.

$100M Makeover in Costa Mesa

Developer Plans Creative-Office Space at Former LA Times Plant

The former Los Angeles Times printing plant in Costa Mesa is slated to be turned into Orange County’s largest creative-office redevelopment project to date.

Fast-Growing Startup Looks to Speed Up

TELECOM: Ultra Mobile tops $150M in revenue in third year

A Costa Mesa-based startup is rolling out two brands to complement its booming international calling card business.

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Mirman Group Will Wait on Freedom Bid

An investment group led by Freedom Communication Inc. Chief Executive Richard Mirman will not submit the initial or “stalking horse” bid for the company’s assets by today’s deadline.