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

Costa Mesa VCers Do It Differently

FINANCE: CerraCap pair tries to hit all out of the parkCerraCap Ventures LLC co-founders Saurabh Ranjan and Saurabh Suri decided to try a different model when they began the venture capital firm in 2015.

Chipotle Adds Legal, Development Execs

Chipotle Mexican Grill Inc. (NYSE: CMG) in Newport Beach named Roger Theodoredis chief legal officer and Tabassum Zalotrawala chief development officer.

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Chapman Sees Slowing Economy

The economies of Orange County, California and the U.S. should continue their expansions next year, albeit at slower rates, according to Chapman University’s annual economic forecast.

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Buena Park Food Maker Sold

Buena Park-based Simply Fresh Foods was sold to Lakeview Farms LLC in Delphos, Ohio.

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Taco Bell Gets 2nd Down Under Franchiser

Taco Bell Corp. of Irvine signed its second franchiser for Australia and New Zealand, more than doubling the number of units it plans in the two countries to 110.

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Grippo’s New Berth: Bellwether, Dana Point

Bellwether Financial Group in Newport Beach named Ralph Grippo a principal, the company said.

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Uniti Bought for $63.9 Million

Uniti Financial Corp., the largest Korean-American based bank in Orange County, is being bought by Walnut Creek’s BayCom Corp. (Nasdaq: BCML), the holding company for United Business Bank, for $63.9 million.

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Windjammer Fund Raises $870 Million

Newport Beach’s Windjammer Capital Investors said it has completed fundraising for its fifth fund, Windjammer Senior Equity Fund V LP, with aggregate capital commitments of $870 million.

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20 Habits to Greater Chicago

Habit Restaurants Inc. (Nasdaq: HABT) said a new franchisee to its system, Bloomfield, Mich.-based Tremendous Brands Group LLC, will open 20 locations in Illinois and Indiana, with the first to come by mid-2019.

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No Mazzo Deal Yet

Late Tuesday, Judge David Carter ordered a second hearing, set for Thursday, before he will sign off on James Mazzo’s agreement with the Securities and Exchange Commission to settle insider trading charges.

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Fresh Marketing for El Pollo Loco

Costa Mesa-based El Pollo Loco Holdings Inc. (Nasdaq: LOCO) named Hector Muñoz chief marketing officer ahead of an expected spring 2019 relaunch of the brand.

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Opus CEO Resigns

Opus Bank (Nasdaq: OPB), the third-largest Orange County-based bank by assets, said Chief Executive and President Stephen Gordon resigned.

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Taco Bell Bangkok in Early 2019

Taco Bell’s Thailand franchisee plans to open its first location in Bangkok by early next year, local news reports said.

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Unemployment Up to 2.9%

Orange County’s unadjusted unemployment rate rose to 2.9% in October from a revised 2.8% in September and down from year-ago estimate of 3.2%, according to the state Employment Development Department.

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Philanthropy Day Honors Zhangs, Ueberroths

OC’s chapter of the Association of Fundraising Professionals honored nine of the county's outstanding givers at the annual National Philanthropy Day luncheon Thursday before a crowd of 700 at City National Grove in Anaheim—part of a day of recognition, nationwide.

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Buena Park Group in Hotel Deal

Harbor Hotels LLC, an Arizona family investment group affiliated with Cornerstone Hotel Group LLC in Buena Park, bought the Courtyard by Marriott near Long Beach Exchange, a shopping and entertainment development, from Delaware-registered Mach II Chartres Long Beach.

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Next Pendry: Utah, Near Montage

Pendry Hotels plans to build a ski resort in the Canyons Village area of Park City, Utah, about five miles from Montage Deer Valley, a resort run by Pendry sister company Montage Hotels & Resorts.

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SEC Drops Complaint Against Mazzo

The Securities and Exchange Commission is dropping its complaint of insider trading against James Mazzo, former chairman and chief executive officer of Advanced Medical Optics Inc., for allegedly tipping information about his company's acquisition to a friend, former professional baseball player Doug DeCinces.

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Select Interior 3Q Sales Up 35%

Select Interior Concepts Inc., an Anaheim-based building products and services company, reported third quarter sales increased 35% to $127.6 million from the same period a year earlier.

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Kofax Buys Unit for $400M

Irvine-based Kofax Inc. is paying $400 million in cash to obtain the document imaging division of Nuance Communications Inc. (Nasdaq: NUAN).

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Cylance Being Sold for $1.5B?

Irvine’s Cylance Inc. may be sold to BlackBerry Ltd for as much as $1.5 billion, according to a Business Insider report that cited unidentified people familiar with the matter.

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Allied Universal Names CFO

Santa Ana-based Allied Universal, the largest U.S. security firm, named Andrew Vollero incoming chief financial officer to replace Bill Torzolini, who retires next year after 15 years in the role.

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Midday Stock Roundup

The S&P 500 declined 1.1% in midday trading to 2,774.09.

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AutoWeb Q3 Revenue Down, Stock Slides

AutoWeb Inc. (Nasdaq: AUTO), an Irvine-based marketing firm for automakers and dealers, reported a third quarter loss of $18 million, or $1.41 per share, compared to net income of $69,000 a year ago.

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Skyworks Shares Down on Guidance

Shares of Skyworks Solutions Inc. are down after the chipmaker provided December quarter revenue and earnings targets below Wall Street expectations.

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Disney Resorts Q4 Revenue Up 9%

Walt Disney Co.’s parks and resorts division, which includes Anaheim’s Disneyland Resort, said fourth quarter profit climbed 11% to $829 million as revenue rose 9% to $5.1 billion from the same period a year earlier.

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