Los Angeles Business Journal

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.

High Court Weakens Port's Clean Truck Program

The U.S. Supreme Court on Thursday further weakened the Port of Los Angeles’ Clean Truck Program, overturning two minor provisions that had been upheld by a lower court.

Hanmi Names New CEO

Chong Guk Kum, former chief executive of Westlake Village’s First California Financial Group Inc., has been named chief executive of Koreatown’s Hanmi Financial Corp.

Wilshire Bancorp Makes East Coast Acquisition

Koreatown’s Wilshire Bancorp Inc. on Monday said it plans to acquire a small Korean-American bank in New Jersey, adding to its East Coast presence.

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Private Equity Firm Picks Up Acquisition Pace

INVESTMENT: Clearlake buys IT firm and fashion website in two recent deals.

Santa Monica private equity firm Clearlake Capital Group has been putting a new fund to work with two acquisitions announced in recent weeks.

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Amazon Raising Stakes in L.A. With Delivery Service

GROCERY: Meat vendor makes the cut as one of first clients.

Huntington Meats hopes Amazon’s new delivery service will beef up its business.

IPO for Colony Spinoff Is Priced

The coming public offering of Colony Capital LLC spinoff Colony American Homes could bring in more than $230 million.

Getting Off Ground

Atmosphere is changing around SpaceX as it looks to become a steady rocket launcher.

Toymaker Game to Bring Staff to HQ in El Segundo

MANUFACTURING: Move part of Mattel’s new focus on relations with retailers.

Barbie parent Mattel makes play to boost North American division by consolidating in El Segundo.

Riches Under the Radar

SPECIAL REPORT: Wealthiest Angelenos

Some of L.A.’s richest residents elude the spotlight while piling up millions and even billions in low-profile industries.

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Auctioneer Has Lots in Its Pouch

Nate D. Sanders house handling items from ‘Captain Kangaroo.’

Huge collection of items from classic kids’ show “Captain Kangaroo” gets local house hopping.

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Former Clients to Get Convicted Accountant’s Files

INVESTIGATION: Plaintiffs hope hard drives will help lawsuits against bank.

Politicians and campaign organizations suing a local bank over money stolen by campaign accountant Kinde Durkee could get their hands on more evidence in coming weeks.

Shares Rise as Oaktree Beats Expectations

Oaktree Capital Group LLC shares rose after the company beat Wall Street expectations again with first-quarter results reported Tuesday.

Judge Orders Colony to Proceed With Casino Sale

A New Jersey judge has ordered Santa Monica firm Colony Capital LLC to proceed with the sale of an Atlantic City hotel and casino to the operator of an online poker site.

Depression-Era Stock Brokerage Smiles at Merger

INVESTMENT: Davidson offer too good to pass up for Crowell Weedon.

Downtown L.A. stock brokerage Crowell Weedon & Co. was founded during the Great Depression – and its age was showing.

Montana Firm Buys L.A.’s Oldest Brokerage

A Montana stock brokerage has bought downtown L.A.’s Crowell Weedon & Co., the oldest local brokerage and one of just a few remaining in Los Angeles.

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Gem of a Deal?

Firm polishes up diamonds as investment

Chris Duffield and Kristopher Schellhas hope to polish up investors’ portfolios with diamonds.

Medical Employee Firm’s Stock Gets Shot in Arm

HEALTH CARE: Increase in patient visits helps boost shares of IPC.

Investors check into IPC after the medical employee business reports healthy quarter

L.A. Banker to Announce Syrian Reconstruction Fund

A Los Angeles banker, the head of a Middle Eastern investment bank and retired General Wesley Clark plan to announce Monday the formation of an investment fund to help rebuild Syria.

BBCN's Quarter Hurt by Bad Loan

Koreatown bank holding company BBCN Bancorp’s earnings fell well short of investors’ expectations, thanks in part to one bad loan.

Lower Wilshire Profit Better Than Expected

Wilshire Bancorp Inc. on Monday reported sharply lower first-quarter profits compared to last year, though the results topped Wall Street expectations.

Fashion Retailer’s Equity Arrangement Tailor Made

FINANCING: Owners of Planet Blue retain larger stake with debt transaction.

Santa Monica retailer and fashion brand Planet Blue needed cash to buy more inventory, redo its website and attract more online customers.

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Brokerage Takes Stock of Poland

INVESTMENT: Wedbush aims to tap Warsaw exchange.

Stock brokerage Wedbush is betting its zloty on Poland’s Warsaw exchange as a revenue generator.

City National Reports Higher Profit

Downtown L.A. bank holding company City National Corp., parent of City National Bank, on Thursday reported higher first-quarter net income that fell just shy of investors’ expectations.

BBCN to Buy Chicago Bank

BBCN Bancorp is heading east with Tuesday’s announcement that it plans to acquire a Chicago-based Korean-American bank for $4.6 million.

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Sequencing Venture Capital

Special Report: Tech Finance

Business Journal takes a step-by-step look at how funding needs are met as tech startups mature, with profiles of local investors.

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Bonds Break At Brokerage

INVESTMENT: Vets exit TCW as Carlyle takes over.

TCW can no longer bank on a stable image as veteran executives continue to jump ship.

Green Dot CFO To Depart

Monrovia’s Green Dot Corp. is in the market for a new chief financial officer after John Keatley announced he plans to leave the company by September.

Fired KPMG Auditor Is Prominent L.A. Businessman

The fired auditor at the center of a Los Angeles insider trading case has been identified as Scott London, a longtime partner in the downtown L.A. office of accounting firm KPMG and a board member of the Los Angeles Area Chamber of Commerce.

Private Equity Firm Sees Filter Maker as Pure Play

ACQUISITION: Vance Street takes controlling interest in Micronics.

The filters that separate precious metals from wastewater at a mine or pull impurities out of milk at a dairy aren’t expensive, but they’re vital pieces of equipment that companies will continue to buy if they’re reliable.

Suitor for Skin-Care Firm Rubs In an Improved Offer

HEALTH CARE: Valeant’s latest bid for Obagi might fall short as stock surges.

Valeant fleshes out a bigger offer for skin-care products company Obagi.

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Stocked Up

Farmers bank keeps share number low, value high

Is Farmers & Merchants Bank the Berkshire Hathaway of Los Angeles?

Auctioneer Has Pen Pals

Fitzgerald poems and Richard III signature to go up on block.

Nate Sanders hopes poems by F. Scott Fitzgerald and Richard III’s signature have the write stuff with bidders.

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Shapes Of Future

MANUFACTURING: Keck-Craig out of its depth competing with 3-D prototypes.

Old-school Keck-Craig found itself out of shapes when competing with 3-D modelers for prototype work.

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Bank Created Little Interest

LENDING: Evergreen can’t even sell off its charter.

Evergreen International Bank checks out after failing to find a buyer for its assets or charter.

Building Buyers Welcome Wells Fargo Into Fold

INVESTMENT: Oaktree, National Financial praise bank as stable tenant.

When Wells Fargo & Co. pays its rent next month, the San Francisco banking giant will be sending a few big checks to Los Angeles.

Skin Care Company Doesn’t Hide From Suitor

HEALTH CARE: Obagi accepts acquisition offer from Montreal’s Valeant.

Successful suitor Valeant fleshes out deal for skin care products maker Obagi.

Traders Crank Volume on Plastic Resin Company

INVESTMENT: Cereplast activity partly fueled by new shares from debt deals.

Investors have turned up Cereplast’s stock trading volume as they attempt to sound out the plastic resin maker’s future.

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Success in the Bag?

FOOD: Snak King restyles packaging of Whole Earth brand to accent flavor over health benefits.

Snak King hopes shoppers bite on the refocus of its Whole Earth line from healthy to tasty products.

Seeking Clients Who’ve Never Heard of Factoring

Fast A/R Funding uses online advertising to pursue clients outside of factoring’s traditional sectors.

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Growth Factors

Tightened credit standards at banks have prompted businesses to turn to factors for high-cost, short-term loans.

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Bad Buzz For Electric Sedan

AUTOMOTIVE: Coda may seek sale as firm grinds gears.

Coda brings in investment banker as the electric car maker spins its wheels saleswise.

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Bank Sheds Nonperforming Loans as Well as CFO

Broadway Federal Bank continued to shore up its balance sheet last month, selling off more than $13 million in nonperforming loans.

Pot Shop Deals Up in Smoke?

BANKING: Wary lenders look to cut ties to properties.

Lenders look to nip deals involving pot shops in the bud before the properties are seized by law enforcement.

Who's Who In Banking & Finance: Keith Sultemeier

Looking to Offer Services Beyond Mortgages

Keith Sultemeier is an outlier.

Who's Who In Banking & Finance: Jim Updike

Once a Customer, Now CEO

Jim Updike’s rise through the credit union industry started at the very bottom with a small loan to buy a TV set in 1969.

Hogwarts Heads for High Seas

Harry Potter fan shop looks to make waves with wizard cruise.

Shop for Harry Potter fans looks to buoy business with wizard-themed ocean cruise.

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High-Rise Owner Finds Portfolio Deal Tall Order

REAL ESTATE: Shares fall after MPG reportedly ends search for buyer.

MPG stock falters as property owner comes up short in deal for high-rise portfolio.

Horse Track Hands Reins To New Casino Manager

GAMING: Hollywood Park looks to beef up gambling operations while pursuing mixed-use development.

Hollywood Park puts its money on new casino operator while its mixed-use project isn’t out of the starting gate.