OCBJ SPECIAL REPORTS
Reporter Michael de los Reyes asked a sampling of Orange County bank executives, presidents, managers and others in the banking and credit union industry what they’re expecting in terms of further interest rate increases by the Federal Reserve and how their institutions are preparing for that possibility. Edited excerpts of their responses follow.
Numbers for 43 Biggest Up About 16%, Ranks Shift
Orange County banks and thrifts increased local deposits 15.8% for a total of $96.9 billion in the year ended June 30.
36 Biggest Still Employ 27,000-Plus in County
The biggest foreign-owned companies with regional headquarters or significant operations in Orange County employ more than 27,000 here, about the same as a year earlier.
The Business Journal often asks Orange County’s hoteliers to comment on changes we’ve noticed in the industry. This time we wanted to know what they were seeing and how they thought it would play out this year. We asked a sampling of executives, general managers, sales directors, and others in the hospitality and tourism industry here, “What is the most important trend you’ve identified for this year?” Answers focus largely on food and customized experiences, from food trucks to sand castle construction. Edited excerpts of their responses follow:
Changes Focused on Youth, Food, Local Flavor
Orange County hoteliers said their meetings and events marketing is heavy with the local “flavor”—from surf to sand to entertainment—and new food offerings.
Slight Increase in Current Stock, Several Newcomers in Works
Meeting space is meeting space, right?
Regulations, while they remain a common key challenge for all financial institutions, aren’t the only burden on bankers’ minds. There are other concerns that may be specific to a bank or credit union, including its size, customer base, and other factors. The Business Journal’s Jane Yu asked local bank and credit union executives to discuss their current concerns other than regulations. Their responses touch upon a variety of topics, ranging from data security and competition from online lenders to finding skilled talent and catering to younger generations. Here are edited excerpts of their responses:
20 Institutions Based Here See 38% Increase to $24.2 Billion
Orange County-based commercial banks have recorded the biggest year-over-year increase in assets in more than 10 years.
25 Biggest Combine For 8% Increase to $18 Billion
The biggest local credit unions have picked up the pace of growth, notching an 8% increase in combined assets to $18 billion.
Terra Tech Sales Up 754%, Largely On Cannabis Demand Surge
Terra Tech Corp.’s crops of basil, oregano, thyme, parsley and lettuce are a steady line of business, but the Newport Beach-based company’s newer line of products derived from another leafy green is the big growth driver.
Myriad technological tools have taken on increasingly important roles in day-to-day business in the information age, and the industry of wealth advisement is no exception.
Myriad technological tools have taken on increasingly important roles in day-to-day business in the information age, and the industry of wealth advisement is no exception. The Business Journal’s Jane Yu asked several Orange County-based advisers how they now use technology in their everyday operations and in the development of client relationships. Here are edited excerpts of their responses:
Top 25 Down to 1,705 Advisers in Past Year
The combined number of local registered representatives at Orange County’s biggest financial advisory firms dropped while the firms boosted their total OC work forces.
Dr. Bob Foresman, a local Orange County orthodontist and avid sailor, gathered around the kitchen table with his family and invented the first product of what would become an innovative profitable manufacturer nearly 50 years later.
Programs, Research Added to Meet Increased Demand
Orange County colleges and universities are launching and expanding programs in big data to train students to capture and analyze the reams of information that’s become available in an age when data storage capacity has ballooned.