Los Angeles Business Journal

Bad Bonds From Wedbush Pay Off For Former Broker

Arbitrators order Wedbush to pay its former broker $4 million for pushing bad bonds.

City National Profit Beats Expectations

City National Bank’s corporate parent reported solid earnings, with profits higher than analysts expected.

EARNINGS ROUNDUP: BBCN, Wilshire, Hanmi

BBCN Bancorp has reported growing profits, with net income of $23.5 million for the quarter ended Sept. 30.

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Investment Pays Project Rewards

ENGINEERING: Aecom gets jobs on developments it co-funds.

Aecom builds up its project list by co-funding developments through its investment arm.

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Pouring In Dollars

First Beverage taps maker of tea drink kombucha for its debut investment.

First Beverage Ventures sees kombucha maker Health-Ade as its cup of tea.

Profits Rise at East West

Pasadena’s East West Bancorp Inc. late Wednesday reported earnings just shy of Wall Street expectations.

Activists May Hold Up Lender’s Big Acquisition

BANKING: PacWest’s bid to pay $2.3 billion for CapitalSource questioned.

Community-minded groups look to mount hefty opposition to PacWest’s big deal to buy CapitalSource.

Thrift Charters Future as Bank

LENDING: OneWest would become L.A.’s second biggest.

Charter change would vault L.A.’s biggest thrift, OneWest, into this market’s second-biggest bank.

Bond-Focused Firm Pursues Alternative Strategies

INVESTMENT: TCW buys Craton as means to grow and diversify assets.

Most of the assets managed by downtown L.A.’s TCW Group Inc. are invested in bonds, but the firm has been working for the past year to build up assets invested in its so-called alternative strategies – private equity, direct lending and distressed debt.

Made Wave

CPA Russ Lesser helped Body Glove International make splash as wetsuit maker and brand licensor.

Accountant Russ Lesser caught the big wave when he joined wetsuit maker Body Glove International.

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Fit to Print?

TV Guide owner finds value in PennySaver

Classifieds mailer PennySaver earns investment firm and new owner OpenGate’s stamp of approval.

PacWest Merger Opposed

A group that lobbies banks to do more lending in low-income communities is protesting the merger of CapitalSource Inc. and PacWest Bancorp, saying PacWest executives are not committed to community development activities.

Shamrock Sells Globetrotters

Westwood private equity firm Shamrock Capital Advisors has sold the Harlem Globetrotters to a Georgia company that owns and operates theme parks.

TCW Acquires Craton Equity Partners

Downtown L.A. asset manager TCW Group Inc. has acquired Beverly Hills private equity firm Craton Equity Partners, TCW announced Monday.

Car Parts Investor Plans to Keep Hands on Wheel

AUTOMOTIVE: Shares in US Auto Parts rise after call for Oak to sell stake.

Biggest investor in vendor US Auto Parts spurns call to sell and says it will stay in driver’s seat.

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Debit Card Company Failed by College Lender?

FINANCING: Green Dot sues Sallie Mae over deal to draw in students.

Prepaid debit card company Green Dot looks to teach college lender Sallie Mae a lesson over collapsed deal.

Canadian Wealth Manager Pursues Heat in L.A.

INVESTMENT: Montreal’s Fiera steps into market by acquiring Bel Air.

The firm is still called Bel Air Investment Advisors, and it’s still based in Century City. But the private wealth management firm is now owned by a Canadian company that hopes to use Bel Air to start building its presence in the United States.

Bond-Buying Lays Foundation for Homebuilders

CONSTRUCTION: Shares rise after Fed announces it will continue program.

Investors come knocking for homebuilders’ stock after Fed continues bond-buying program.

Required to Do Good While Managing Risks

Banking & Finance Quarterly

Lenders bank on a variety of ways to satisfy the Community Reinvestment Act’s requirement to support poor communities.

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Firm Puts Money on Poor People

FINANCING: Core looks to cut into lines at payday lenders.

A. Arjan Schütte sees money to be made in saving poor customers from very high-cost lenders.

East West Buys Banks in San Diego and Texas

Pasadena’s East West Bancorp. said Wednesday that it will acquire a Houston bank holding company in a $273 million deal.

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Take Cash, Get Legal

Bank makes unusual loans for citizenship applications

Pan American Bank is lending money to immigrants to cover the cost of their citizenship applications. And if that wasn’t odd enough, the bank is making money by doing it.

Recapitalization Generates Interest In Bank’s Parent

LENDING: Recent deal vaults value of Broadway’s shares with investors.

Broadway Financial’s recapitalization pays off with increased investor interest.

Korean-American Lender Hangs Its Hat in Texas

EXPANSION: Hanmi joins L.A. rivals in setting up outpost in Dallas.

Koreatown lender Hanmi Bank recently opened a loan production office in Dallas, its second location outside of Southern California.

Car Battery Maker May Have Some Juice Left

ENERGY: Coda offshoot to adapt technology for vehicle-charging station.

Car-charging station deal could rev up interest in battery technology from failed auto maker Coda.

Former BBCN Chief Joins Commonwealth Board

Veteran banker Alvin Kang has joined the board of Korean-American lender Commonwealth Business Bank, the bank announced Friday.

Paso Robles Brewery Taps Venice for New Restaurant

Beer: Firestone Walker sees operation as mainly market research facility.

Firestone Walker brewery is pouring itself into a new dining and beer-making operation in Venice, which it will use to test market new brews.

Broadway Financial Completes Recapitalization

Broadway Financial Corp., the Mid-Wilshire parent of Broadway Federal Bank, has announced it completed a long-planned recapitalization.

Furniture Maker Looks to Pull Up Chair to Nasdaq

Manufacturing: Nova hopes to leave over the counter for bigger board.

Shares of Commerce furniture manufacturer Nova Lifestyle Inc. could soon be traded on Nasdaq.

L.A. Retailer Walter Diamond Dies

Walter Diamond, co-founder of local appliance and hardware retailer Snyder Diamond, has died of complications of lymphoma. He was 85.

Investment Banker Gordon Gregory Dies

Gordon Gregory, founder of Sherman Oaks investment bank Mosaic Capital LLC and co-founder of professional networking group ProVisors, has died of complications from cancer. He was 59.

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Banks Break Out Their Checkbooks To Buy Up Rivals

Local lenders sink their money into mergers in their own industry.

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Billionaire’s Bid Fails to Raise Toymaker’s Game

MANUFACTURING: Jakks shares fall despite buy-up by Patrick Soon-Shiong.

Billionaire Patrick Soon-Shiong bought toymaker Jakks’ stock as it was skidding.

Lenders’ Parent Bulks Up With Big L.A. Names

GROWTH: Eric Holoman and Antonio Villaraigosa to help crack market.

Irvine bank holding company Banc of California is raising its profile in Los Angeles, adding two big local names to its corporate ranks in the past two weeks.

BBCN Hikes Dividend on Strong Quarter

Koreatown bank BBCN Bancorp reported better-than-expected revenue and earnings for the second quarter and increased its dividend.

PacWest to Buy CapitalSource for $2.3 Billion

Century City’s PacWest Bancorp announced a blockbuster deal, disclosing plans to buy CapitalSource Inc., the downtown L.A. parent of industrial lender CapitalSource Bank.

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Chinese Check In

High-powered hotel buyers turn to low-key Frank Yuan for help.

Former apparel importer fashions career out of helping Chinese investors buy U.S. hotels.

Venture Capital Spending Picks Up Locally

Los Angeles companies raised nearly a quarter billion dollars from venture capital firms in the second quarter, an increase over a sluggish start to the year, according to a report from accounting firm PricewaterhouseCoopers and the National Venture Capital Association.

City National's Quarter Beats Expectations

Downtown bank holding company City National Corp. boosted loans and profits in the second quarter, beating analysts’ estimates.

Cathay General Profit Grows 8 Percent

Cathay General Bancorp on Wednesday reported solid second quarter earnings, backed by a growing loan portfolio.

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Bank Parent Looks to Lock Up Recapitalization

LENDING: Broadway hopes to boost share price to remain on Nasdaq.

Broadway Financial seeks a capital idea to boost its share price and preserve its Nasdaq standing.

Scaling L.A.

Raul Anaya has worked on some major transactions as president of local market for Bank of America.

Texas transplant Raul Anaya has compounded his local interest as president of Bank of America’s greater L.A. market.

Crowdfund Site Taps Star Power

FundAnything hopes celebrity campaigns will help it stand out from the crowdfunding competition.

Right Deal Crops Up for Gilmore and Grandpoint

ACQUISITION: Owner of Farmers Market sells one of county’s oldest lenders.

Gilmore Bank, a small Fairfax District lender and one of Los Angeles County’s oldest banks, will be acquired later this year by downtown L.A. bank holding company Grandpoint Capital Inc.

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New Execs Bank on Broader Bases

LENDING: Wells Fargo, Hanmi look beyond Koreatown market.

Two new executives hope to broaden the business base of their Koreatown banks.

Fund Exec to Put Focus on Women’s Businesses

Investment: Lorraine Spurge sees opportunity to tap overlooked companies.

After more than 20 years of winding through the worlds of high-yield bonds, publishing and entertainment consulting, Lorraine Spurge is trying out private equity. But she will draw from a limited pool.

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Digging In Again

BANKING & FINANCE QUARTERLY: Banks getting back into construction loans – very cautiously.

Some banks are now building up their construction loans after years of staying away. But they’re still super-cautious.

Not Ready for More Construction Lending – Yet

BANKING & FINANCE QUARTERLY

International City Bank still steers clear of construction loans after being nailed by them when the real estate market crashed.

Korn/Ferry Net Income Grows

Executive search firm Korn/Ferry International reported higher net income in its fourth quarter ended April 30.

Koreatown Bank’s Growth Plan Leads East ... to New Jersey

Wilshire Bancorp vaults into New Jersey as part of the Koreatown lender’s expansion strategy.