FINANCE
Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
Santa Ana Offices Sell for $97M
REAL ESTATE: Fourth OC buy for DrawbridgeSanta Ana’s office market continues to be a prime source of large local deals this year, after the two-building Pacific Center complex in the city traded hands for about $97.5 million.Del Taco Promotion: New COO
Lake Forest-based Del Taco Restaurants Inc. (Nasdaq: TACO) promoted Chad Gretzema to chief operating officer, a new position.
Banc of California Says Defrauded of $36.1M
Shares of Banc of California Inc. (NYSE: BANC) plunged as much as 10% after revealing it would take a $36.1 million charge involving an alleged fraud.
Veritone Plants AI Flag At Microsoft
Costa Mesa-based Veritone Inc. (Nasdaq: VERI) said its aiWARE artificial intelligence system launched on Microsoft Azure Government, which works with federal and other government agencies to secure and store data in the Cloud.
L Squared Invests $60M in Aerospace Testing
Newport Beach-based L Squared Capital Partners said it has formed Raptor Scientific LLC with a $60 million investment to acquire companies in the fragmented aerospace and defense-focused testing and measurement Industry.
PacLife to Sell Aviation Unit
Newport Beach-based Pacific Life Insurance Co. said it will sell its aviation unit for an estimated $3 billion to minority stockholder Tokyo Century Corp.
Richer Poorer Sets New Course After Turmoil
APPAREL: First store, elevating basics, $100M goal
Apparel company Richer Poorer has a pair of matching goals—corporate stability and ambitious sales growth—after a roller-coaster ride over the past five years that included multiple company sales, a change in product focus, and a near brush with bankruptcy.
Pacific Mercantile Gets New CEO
BANKING: Replacement has deep roots in OC
For three years, Tom Vertin made a long commute to his job at Costa Mesa-based Pacific Mercantile Bank.
Cloudvirga Plans to Hire 50
Irvine-based Cloudvirga plans to add 50 employees over the next year following its move to UCI Research Park.
Prologis Buys 12 Acres for $40M
San Francisco-based industrial developer Prologis (NYSE: PLD) paid $40 million for a 12-acre site in Anaheim.
KushCo Credit: $50M
KushCo Holdings Inc. (OTC: KSHB) secured a $50 million line of credit from Monroe Capital LLC in Chicago.
Fintech with Credit Card Alternative Gets $70M Funding
Fintech upstart Happy Money has raised $70 million.
Mechanics Bank Completes Rabobank Purchase
Mechanics Bank said it completed its acquisition of Rabobank, N.A., a subsidiary of Rabobank Group, for $2.1 billion.
Buchanan Street Adds in Colo.
Buchanan Street Partners bought an apartment complex in Colorado Springs.
Rocket Lab Makes Maritime, USAF Launches
Rocket Lab launched satellites for a French maritime surveillance startup and the U.S. Air Force.
Pacific Mercantile’s Vertin Leaving; New CEO Named
Costa Mesa-based Pacific Mercantile Bancorp (Nasdaq: PMBC) named Brad Dinsmore as chief executive, effective Sept. 3, succeeding Tom Vertin.
Allied Buys Again
Santa Ana-based Allied Universal bought Wyoming, Mich.-based Midstate Security on undisclosed terms.
CoolSys Names New CFO
CoolSys, a Brea-based parent of refrigeration and HVAC services companies, said it’s hiring Ed Dunlap as its new chief financial officer.
Ex-Goldman Sachs Man Could Take $4B Ingram Stake
Irvine-based wholesale technology distributor Ingram Micro may get a $4 billion investment led by RRJ Capital, which is run by former Goldman Sachs Group Inc. partner Richard Ong, according to Bloomberg.
Santa Ana ‘Cannabis Complex’ Breaks Ground
RETAIL: Terra Tech site runs 45,000 SF
Terra Tech Corp. (OTC: TRTC) hopes a soon-to-be-built facility in Santa Ana will make the area a Disneyland of sorts for the cannabis crowd.
Costa Mesa Marriott Nears Sale
Host Hotel Says Deal Imminent
Shortly after selling the Newport Beach Marriott Bayview in the largest local hotel sale in nearly a year, Host Hotels & Resorts is looking to unload another local property.
Global Genes Taps Haugstad as CEO
Founder to Focus On Development Efforts
Aliso Viejo-based Global Genes, a nonprofit that works to connect and educate people suffering from rare diseases, this month appointed Kimberly Haugstad as chief executive.
OC LEADER BOARD
How Inflation’s Return Will Affect Orange County’s Real Estate
There is a lot of debate over where inflation has gone and when, or if, it will return. There are some old theories evolving (or devolving), such as Modern Monetary Theory, or MMT, that attempts to describe the current conundrum of our lost inflation.
Landsea Goes Large on Inland Investment
Newport Beach-based Landsea Homes bought 334 lots at Ontario Ranch, and 8,200-acre master plan near Interstate 15 and the Pomona (60) Freeway.
OCTANe Unit Raises $307M
Aliso Viejo-based OCTANe’s LaunchPad accelerator raised $307 million through the first six months of 2019.
FDA Discloses Edwards Recall
Shares of Edwards Lifesciences Corp. were down 3.5% in midday trading Thursday, after the Food & Drug Administration said the company had recalled part of a transcatheter heart valve system made since last year.
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