Los Angeles Business Journal


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

PacWest Beats Expectations on Earnings

PacWest Bancorp in Westwood on Tuesday reported strong second quarter earnings, beating analyst estimates in the first quarter since the company closed its merger with CapitalSource, another Los Angeles bank.

EARNINGS: BBCN, Hanmi, Wilshire

Shares of Koreatown lenders BBCN Bancorp Inc., Hanmi Financial Corp. and Wilshire Bancorp all closed slightly down Tuesday after the three banks reported earnings.

Stocks Rise

The Dow Jones industrial average gained 62 points in Tuesday’s trading to close at 17,114. The S&P 500 rose 10 points to close at 1,984. The Nasdaq increased by 31 points to close at 4,456. The LABJ Stock Index gained 2 points to close at 199.

Bribes Lead to Prison for Bank Employee

A former Bank of America employee in Simi Valley received 30 months in federal prison on Monday for approving artificially low prices for property short sales in exchange for $1.2 million in bribes.

Herbalife Shares Fall After Pershing Square Renews Attack

Herbalife share prices fell on Monday after the company’s longtime foe William Ackman said he will present evidence Tuesday to show that the Los Angeles supplements company operates as a massive fraud.

Stocks Fall

The Dow Jones industrial average lost 48 points in Monday’s trading to close at 17,052. The S&P 500 slipped 5 points to close at 1,974. The Nasdaq dropped 7 points to close at 4,425. The LABJ Stock Index edged down less than a point to close at 197.

Los Angeles County Unemployment Rate Falls

Los Angeles County’s unemployment rate fell to 8.1 percent in June as employers added a net 4,800 jobs, according to figures released Friday.

Lions Gate Entertainment, Aecom Among Week’s Biggest Movers

The Los Angeles Business Journal’s index of the area’s largest public companies was flat for the week.

Stocks Rise

The Dow Jones industrial average rose 123 points in Friday’s trading to close at 17,100. The S&P 500 rose 20 points to close at 1,978. The Nasdaq rose 69 points to close at 4,432. The LABJ Stock Index rose 2 points to close at 197.

Ares Management Buys Veterinary Firm

Ares Management of Century City on Thursday announced its purchase of National Veterinary Associates in Agoura Hills.

Colony Financial Plans $336 Million Stock Offering

Colony Financial Inc., a Santa Monica real estate investment company, will seek to raise some $336 million via an offering of 15 million shares of common stock.

Partners Trust Real Estate Acquires Malibu Firm

Partners Trust Real Estate Brokerage & Acquisitions in Beverly Hills announced on Thursday it has purchased Arete Estates, a Malibu firm specializing in high-end real estate.

East West Net Income Rises

Pasadena’s East West Bancorp on Wednesday reported a double-digit percentage increase in profits for its latest quarter.

Smart & Final Going Public

Smart & Final Stores Inc. has filed for an initial public offering.

Banc of California Expects OK of Branch Purchases

A Banc of California executive said Tuesday he anticipates federal regulators will approve their planned purchase of 20 bank branches in Los Angeles and Orange counties despite the objections of an activist group.