Irvine-based subprime lender People’s Choice Financial Corp. has withdrawn plans for a $193 million public offering, the latest casualty of the tough market for Orange County’s mortgage sector.
“Various business and market reasons” were the reason behind pulling the filing, the company said in a letter to the Securities and Exchange Commission.
The company filed the registration statement in June. According to the statement, People’s Choice leases about 135,000 square feet of office space in the Irvine Spectrum and employes more than 1,000 workers nationally.
It originated about $5.7 billion in loans in 2005, and about $1 billion in the first quarter of 2006.
