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Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...

Illumination Foundation’s Homelessness Tack

NONPROFITS: Program partnerships; ‘discharge problem’He wandered Orange County for almost a decade, 29 but looking much older from harsh street living.

Unemployment Rises to 3.3%

Orange County’s unadjusted unemployment rate rose to 3.3% in June, up from a revised 2.6% in May and down from 3.7% a year ago, according to the state’s Employment Development Department.

China Chicken Franchise Adds 3 in OC

China-based Yang’s Braised Chicken and Rice plans three franchised locations in OC, following its first store in the U.S., a corporate location that opened in Tustin in September.

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Taco Bell Goes Big Overseas

Taco Bell Corp. in Irvine signed current franchisees in Spain and Brazil to add 40 locations a year between the two countries over the next decade.

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PAAMCO Prisma’s Co-CEOs to Step Down

Fund of hedge funds PAAMCO Prisma Holdings co-Chief Executives Jane Buchan and Girish Reddy are stepping down a year after combining their firms.

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Avid Names CFO

Avid Bioservices Inc. (Nasdaq: CDMO) appointed Daniel Hart chief financial officer.

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AutoGravity Names New CEO, CTO

AutoGravity named a new chief executive and chief technology officer to replace two award-winning executives who unexpectedly departed the fast-growing Irvine fintech in the past two months.

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Urovant Seeks $150M IPO

Irvine-based Urovant Sciences Inc. is seeking $150 million via the public markets to extend clinical trials of therapies to treat urologic conditions.

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Allied Universal Buys USSA for $1B

Santa Ana-based Allied Universal, the largest private security firm in the U.S., said it will pay $1 billion to acquire U.S. Security Associates (USSA) from Goldman Sachs’ Merchant Banking Division.

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AutoGravity’s Co-Founder Departs as CEO

Andy Hinrichs in May departed as chief executive of AutoGravity, an award-winning fintech company he co-founded in 2016, the Business Journal has learned.

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Iteris Gets $3.5M OCTA Deal

Iteris Inc. will synchronize traffic signals and make other timing and infrastructure changes at 59 intersections under a three-year, $3.5 million contract with Orange County Transportation Authority.

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Segerstrom Adds to Board

The Segerstrom Center for the Arts in Costa Mesa appointed four members to its board of directors on Tuesday.

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Carrick Invests $80M in Exiger

Newport Beach-based Carrick Capital Partners said it made an $80 million, series A minority investment in Exiger.

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Alliant Buys Texas Firm

Newport Beach's Alliant Insurance Services Inc., the largest insurance broker based in Orange County, said it acquired Austin,Texas-based CLS Partners, which has more than 50 employees. Terms were undisclosed.

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Taco Bell Heats Up Down Under

A franchiser of fast food restaurants has said Australia looks good for more Taco Bell locations—in some cases possibly replacing Sizzler locations it operates there.

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UCI Gets $5M Grant

The National Science Foundation awarded the University of California-Irvine a $5 million grant to help it boost enrollment of low-income engineering students focusing on advanced manufacturing.

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Americor to Open 250-employee Center

Americor Inc., an Irvine-based consumer debt company, said it will be opening a new center with 250 employees.

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Donor Name Removed from UCI Sciences Building

The University of California-Irvine will remove donor and Professor Francisco Ayala’s name from its biology school and rename the it the UCI School of Biological Sciences.

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Banc of California to Cut Workforce 9%

Santa Ana’s Banc of California Inc., Orange County’s largest bank by assets, plans to cut its workforce by 9% to align its cost structure to focus on commercial banking.

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Windjammer Buys Ohio Manufacturer

Windjammer Capital Investors of Newport Beach bought Rowmark LLC, a Findlay, Ohio-based manufacturer in the engraving, signage and awards markets, from Bertram Capital.

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Six OC RIAs on FT’s Top 300 List

Six registered investment advisory firms based in Orange County made the Financial Times’ annual list of the “top” 300 RIAs in the United States.

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UST Attracts $250M Investment

Aliso Viejo-based IT services provider UST Global has received a $250 million investment from Temasek Holdings Pte. Ltd., Singapore’s state-run investment fund, the company announced today.

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Samueli Academy Gets $900K

The Santa Ana-based Orangewood Foundation won a $900,000 grant from the Federal Home Loan Bank of San Francisco’s Affordable Housing Program that will help fund the nonprofit’s Samueli Academy expansion.

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McQuaid to Retire From OneOC

Daniel McQuaid will step down as president and chief executive of OneOC at the end of the year. The nonprofit’s board named Tim Strauch, vice president and chief operating officer, to replace him, effective Jan. 1.

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Broughton to Run Hotels for U.K. Partner

Anaheim-based Broughton Hospitality Group’s hotel management division will “develop, acquire, and manage” properties in North America with Warrington, U.K.-based Bespoke Hotels, a press release said.

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Hotel Owner Starts ‘Holistic’ Brand

Private equity firm Alpha Wave Investors in San Clemente has formed Soul Community Planet to provide branding for hotels and other projects, with an initial investment of about $1 million, according to Chief Executive Ken Cruse.

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