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Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
Banc of California Shuffles CEOs Again
Banc of California Inc., the second largest bank based in Orange County, decided 22 months was enough for Doug Bowers as chief executive.
Irvine Co.'s Wirta to Retire
Ray Wirta is retiring as President of Newport Beach’s Irvine Co., ending a nine-year run at Orange County’s dominant real estate company.
OC Unemployment Dips to 3%
Orange County’s unadjusted unemployment rate fell to 3.0% in February from a revised 3.3% in January, and below the year-ago estimate of 3.1%, according to the state Employment Development Department.
Hines’ OC Head To Run Asia Office, HQ
Commercial real estate development and investment giant Hines plans to ramp up its work in Asia, and has tapped the head of the firm’s busy Orange County office to lead the charge.
CoolSys Bought by Ares
CoolSys, a Brea-based company that installs and maintains refrigeration and heating systems for companies like Costco and Starbucks, was acquired by Ares Management Corp.
Report: Trout Nears $430M Deal
The Los Angeles Angels and Mike Trout are nearing a deal worth $430 million likely to keep the star, 27-year-old outfielder in Anaheim for the rest of his career, according to a report today from ESPN.
Field Goals
Execs enjoy soccer’s competition and camaraderie—and learn key business lessons
You don’t need much to play soccer—a ball, a flat patch of land and anything to serve as goal posts.
Mechanics Bank Buys Rabobank for $2.1 Billion
Mechanics Bank, whose Chief Executive John DeCero splits half of his time in its Irvine office, purchased Rabobank N.A. for $2.1 billion.
$218M Land Deal in Irvine
Five Point Holdings, LLC (NYSE: FPH) has sold an additional 41 acres of land at its Great Park Neighborhoods development in Irvine for about $218 million, the company announced Wednesday as part of its fourth quarter earnings report.
More Western Dig Job Cuts
Memory products maker Western Digital Inc. has sliced its local workforce another 7% , eliminating 102 jobs in Irvine as part of a larger cost-cutting initiative that eliminated hundreds of positions in California, according to a filing with the state Employment Development Department.
Edwards Expands Heart Portfolio
Edwards Lifesciences Corp. (NYSE: EW), the largest medical device maker in Orange County, announced today it has invested in two companies with structural heart disease technologies.
OC Unemployment Jumps to 3.3%
Orange County’s unadjusted unemployment rate jumped to 3.3% from a revised 2.7% in December, and above the year-ago estimate of 3.2%, according to the state Employment Development Department.
El Pollo Loco Shares Plunge
Shares in Costa Mesa-based El Pollo Loco Holdings Inc. fell sharply following its quarterly report, declining more than 15% Friday and dipping below a $500 million market cap.
OCers Hit, Miss Forbes Rich List
Forbes’ list of the world’s billionaires is out and several notable OC names are on it.
Lazy Dog Enters Houston
Costa Mesa-based Lazy Dog Restaurant & Bar plans to open a location near Houston later this year, a new market for the casual dining chain that has five locations open or in development in the suburbs of Dallas.
Banc of California Names New CEO
Banc of California Inc., the second largest bank based in Orange County, named Jared Wolff as chief executive officer, replacing Doug Bowers, effective April 29.
Coolsys Buys 160-Employee Firm
Brea-based Coolsys, the largest refrigeration and heating system company in the U.S., said it bought a 160-employee firm to expand into the northeast. Terms weren’t disclosed.
OC LEADER BOARD
Tales from Inside The Secret World of Private Equity
Editor’s Note: Adam Coffey is chief executive of Brea-based Coolsys, America’s largest refrigeration and HVAC service company.
Stretto Buys Bankruptcy Tech Firm
Irvine-based Stretto, which supplies services for both corporate and consumer bankruptcies, acquired CINgroup to enlarge its technology services.
American Vanguard to Buy Bankrupt Firm’s Products
American Vanguard Corp. (NYSE: AVD) in Newport Beach has agreed to buy product lines and inventory from Willowood USA LLC in Broomfield, Colo., subject to court approval as part of the seller’s bankruptcy and set to close, if approved, in mid-April.
Habit Shares Jump on Forecast
Habit Restaurants Inc. (Nasdaq: HABT) in Irvine forecast 2019 revenue higher than analysts expected, sending shares more than 15% higher in recent trading.
Tri Pointe Forecasts Fewer Homes
Irvine-based homebuilder Tri Pointe Group Inc. (NYSE: TPH) reported a 34% jump in net income during the fourth quarter while forecasting a decline in both new homes and their average selling prices this year.
Blackberry Completes Cylance Buy
Canada’s Blackberry Ltd (NYSE: BB) completed the previously announced $1.4 billion acquisition of Irvine’s Cylance Inc., a provider of Internet security using artificial intelligence.
BJ’s Income Up; Shares Down on Earnings Miss
Shares in Huntington Beach-based BJ’s Restaurants Inc. (Nasdaq: BJRI) declined about 8% to a market cap of $1 billion in Friday trading as the casual dining chain missed quarterly earnings estimates by a penny a share.
Sunstone Quarterly Revenue Up
Aliso Viejo-based hotel REIT Sunstone Hotel Investors Inc. (NYSE: SHO) reported better-than-expected fourth-quarter results Tuesday, with revenue increasing 3.2% to $280.9 million in the period.
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