ECONOMY: OC execs register slight dip in sentiment to start 2016
Orange County executives are entering the first quarter of the new year with mixed expectations that combine for a slight dip in overall business outlook, according to the latest quarterly index by California State University-Fullerton’s Mihaylo College of Business and Economics.
Recast Puts Emphasis on Relationships, Convergence of Tech, Entertainment
Pacific Mercantile Bank is a different kind of bank as 2016 approaches.
Orange County banks can expect to see local businesses take a more proactive approach to growth plans next year, according to Ted Tragos, a market manager with Bank of America Merrill Lynch.
FINANCE: Smaller group of bigger firms claim ground on mortgages
The recent halt to a proposed initial public offering by loanDepot Inc. served as a check on a rally in the mortgage finance industry here.
PIMCO last year named a battery of chief investment officers during internal turmoil and top executive changes that included the departure of co-founder Bill Gross.
Tran Tapped as CEO; IPO Under Consideration
The new year will see Khanh Tran go from chief advocate for Aviation Capital Group to chief executive of the aircraft leasing company.
Costa Mesa-based bankruptcy law firm Weiland Golden LLP added William Lobel and Alan Friedman as partners and changed its name to Lobel Weiland Golden Friedman LLP.
ECONOMY: 3.4% hike to 267,243 jobs; Disney keeps No. 1 spot
Orange County’s biggest employers grew their combined work force at the fastest rate in years.
The unemployment rate in Orange County moved up slightly in October despite an increase in local jobs.
A new state-chartered bank has been approved to be established in Orange County.
Costa Mesa-based bankruptcy law firm Weiland Golden LLP has added William Lobel and Alan Friedman as partners and changed its name to Lobel Weiland Golden Friedman LLP.
Huntington Beach-based insurance brokerage company Confie has acquired California Insurance Specialists on undisclosed terms.
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.
FINANCE: Latino market specialist now in 17 states
Fast-growing insurance brokerage firm Confie is reportedly on the sales block.
Costa Mesa-based Karma Automotive notched a deal to integrate BMW components into its vehicles.
Irvine-based startup Pop raised $6 million in venture capital funding.
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:
LoanDepot Inc. has withdrawn its initial public offering.
Costa Mesa-based Karma Automotive has notched a deal to integrate BMW components into its vehicles.
Irvine-based Banc of California named James McKinney its chief financial officer as part of a shuffle that included appointments to newly created chief investment officer and chief strategy officer positions.
Irvine-based startup Pop has raised $6 million in venture capital funding. The company develops a mobile application called POPin, which aims to provide a “crowd-solving” platform to enable input sharing among employees, customers and others.
Neel Kashkari, former Pacific Investment Management Co. executive, has been named president of the Federal Reserve Bank of Minneapolis.
Newport Beach-based wealth management firm United Capital Financial Advisers LLC has completed two acquisitions.
LoanDepot Inc. outlined details of its initial public offering, which appears to value the company at about $2.5 billion.
Wendy Cupps, global head of product management at Pacific Investment Management Co., announced plans to retire at year’s end.
Wendy Cupps, global head of product management at Pacific Investment Management Co., announced plans to retire at the end of the year.
LoanDepot Inc. has outlined details of its initial public offering, which appears to value the company at about $2.5 billion.
Billionaire hedge fund manager George Soros has reportedly pulled the $500 million investment he made about a year ago in a fund managed by Bill Gross at Janus Capital Group Inc.
Revenue Up 41%, Local Hires Double Overall Economy
Orange County’s fastest-growing public companies got faster this year.
Banc of California Focuses on Service In SoCal for 176% Revenue Growth
Fast growth continues for Banc of California Inc.
Irvine-based Plaza Bancorp reported $2.1 million in net income for the third quarter, the first full three-month period after its buy of Manhattan Bancorp.
Irvine-based Opus Bank has named Jennifer Simmons its chief operating officer and executive vice president.
Santa Ana-based security services company Universal Protection Service has acquired ABM Security Business for $131 million.
Irvine-based Opus Bank reported $14.7 million in net income for the third quarter, up 91% from the same time a year earlier.
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:
Newport Beach-based private equity firm Windjammer Capital Investors acquired Heritage Food Service Group Inc., a distributor of replacement parts for commercial kitchen equipment, on undisclosed terms.
Costa Mesa-based Pacific Mercantile Bancorp swung to a profit in the third quarter, reporting net income of $321,000 versus a net loss of $385,000 in the same period a year earlier.
Newport Beach-based private equity firm Windjammer Capital Investors acquired Heritage Food Service Group Inc., a distributor of replacement parts for commercial kitchen equipment.
The William and Sue Gross Family Foundation has committed $500,000 to Charles R. Drew University’s Mervyn M. Dymally School of Nursing in Los Angeles.
ECONOMY: Slight gain after Q3 dropoff for CSUF Index
Orange County business owners and executives have trimmed their outlooks for the local economy entering the fourth quarter, with mixed expectations that add up to a slight gain after a dropoff registered for the prior period, according to the latest quarterly index by California State University-Fullerton’s Mihaylo College of Business and Economics.
Foothill Ranch-based mortgage lender loanDepot Inc. has filed for an initial public offering with the Securities and Exchange Commission.
Irvine-based hedge fund manager John Brynjolfsson said he’s planning to close the fund to outside investors and become a family office.
Biggest Firms Combine For $570M, Up 13%
Orange County’s insurance brokers grew for the fifth straight year, notching a 13% increase in combined revenue last year.
Campus Approach, 24 Startups in San Juan Capistrano
Defining Frost Data Capital isn’t easy, says Stuart Frost, a serial entrepreneur who founded the San Juan Capistrano-based company to invest in startups focused on “big data.”
Consolidation among insurance brokerages continues at a pace that had a recent Deloitte report identifying “serial acquisitions” as the “core driver of brokerage growth.” The Business Journal’s Jane Yu asked Orange County brokerage executives to share their thoughts about the consolidation trend. They discuss some key factors that are contributing to the mergers and acquisitions activity, such as low interest rates and increasingly complex regulations, as well as risks that come with the changes. Here are edited excerpts of their responses.
Huntington Beach-based insurance services company Confie has acquired four insurance brokers in three states.
Irvine-based Pacific Premier Bancorp Inc. has agreed to acquire Security California Bancorp in Riverside for about $119 million.
Newport Beach-based Alliant Insurance Services Inc. has named Ilene Anders as chief financial officer.
Ten members of the Business Journal’s annual OC’s Wealthiest list made the recent Forbes 400 list, which ranks the wealthiest Americans by estimated net worth.
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