L.A.’s Part-Time Billionaires
SPECIAL SECTION: Wealthiest Angelenos 2012 They don’t live in L.A. but invest in our companies, influence the economy and own some of the priciest real estate.
For many wealthy business people, Los Angeles is a nice place to visit, but they wouldn’t want to live here.
New Parent to Close West L.A. Office of Online Bank
Capital One to shutter ING Direct, end indirect mortgage loans.
Three months after it received regulatory approval to buy ING Direct USA, Capital One Financial Corp. confirmed that it plans to close the online bank’s West L.A. office and lay off about 280 employees.
Downtown L.A. Bank Invests in Diverse Pickups
City National buys equipment lease and wealth management firms.
Acquisitive City National branches out with equipment leasing and wealth management pickups.
Credit Union Aims to Get Handle on More Members
BANKING & FINANCE: Lockheed hopes new name will help draw customers.
Say goodbye to Lockheed Federal Credit Union and hello to … something else.
Investor Still Game For Toymaker Deal
But Oaktree has harsh words for Jakks board.
Asset management firm Oaktree puts on its game face in pursuit of toymaker Jakks.
Firm Reorganizes, Names Chief Financial Officer
Banking & Finance: SunAmerica network changes designed to streamline business.
SunAmerica Financial Group Inc., a life insurance and retirement services company headquartered in Woodland Hills, announced a series of moves last week designed to streamline its business and bolster management.
Grace Period Over for Cash-Strapped L.A. Churches
Bank foreclosures on track for record high in county.
Banks are foreclosing in record numbers on financially struggling L.A. churches.
Hana Won't Buy Majority Stake in Saehan
Just two months after Saehan Bancorp agreed to sell a majority stake to a South Korean financial firm, the two sides have called off the deal.
New CEO at Kinecta Federal Credit Union
Following the cancellation of a previously planned merger, Kinecta Federal Credit Union has appointed a new chief executive.
Failed Credit Union May Trip Bid to Lift Business Loan Cap
Collapse of Telesis could undercut other credit unions’ push to raise cap on business loans.
Keeper of the Einstein Rights
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When attorney Steven E. Bledsoe was growing up, he generally got good grades but he was no science whiz.
Downtown L.A. Firm Branches Out to Middle East
BANKING & FINANCE: TCW to manage trio of funds with Saudi Arabia’s NCB.
One of L.A.’s largest asset managers is looking to open up the U.S. equities market to the Middle East through a new partnership with a top Saudi Arabian investment firm.
Electronic Exchange’s Canceled IPO Zaps Investor
Wedbush could lose millions as Bats backs off public plans.
The Wedbush firm shares the pain from electronic exchange Bats’ aborted IPO.
Oaktree Raises IPO Target
Oaktree Capital Group hopes to raise nearly $600 million in its planned initial public offering, according to a regulatory filing.
L.A. Credit Unions Fail to Capitalize on Transfers
BANKING & FINANCE: Enrollment numbers stay flat despite drive to ditch big banks.
Los Angeles was ground zero for a nationwide movement to encourage bank customers to switch to credit unions, but that didn’t seem to have much of an impact on local institutions.
Marquee On Move
‘Bank to the stars’ City National expands role with out-of-state outposts.
‘Bank to the stars’ City National takes a shine to out-of-state growth strategy.
Debit Company Moves on Mobile
Green Dot dials up deal for payments via phones.
Debit card pioneer Green Dot dials up acquisition in effort to expand into purchases through mobile phones.
Capital Group Retains JBL’s Initial Approach
Special Report: BANKING & FINANCE QUARTERLY
Firm retains cautious philosophy of reserved founder.
Body Glove Guy Finds Music a Good Fit
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In work or in play, Russ Lesser just can’t seem to get away from the beach. And that’s the way he likes it.
Feelings Not Mutual
Special Report: BANKING & FINANCE QUARTERLY
Mutual fund manager Capital Group is trying to recapture ground lost to rival firms.
On the Money?
First California says pickup of another bank, branch closings unrelated to investors’ recent criticism.
First California buys rival and plans branch closures after investor complaints about profits and share value.
USC Business Grads Find Success With Search Fund
Duo raised money to hunt for and acquire existing company.
USC grads have found takers for their search fund set up to purchase an existing business.
Slowing to a Halt
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For the past five years, Bianca Vobecky has attended the annual Irwindale Chamber of Commerce silent auction with one goal: put in the winning bid for a season pass to the Toyota Speedway at Irwindale.
Private Equity Pioneer
Special Report: WHO’S WHO IN BANKING & FINANCE
Business Journal turns the spotlight on 10 local women executives who shine in the financial industry.
Small Banks Size Up Merger Deals
Rising regulation costs spur unions with big peers.
Rising costs from all the new regulations are spurring smaller institutions to pursue unions with bigger banks.
Navigating Directions at East West Bank
Special Report: WHO’S WHO IN BANKING & FINANCE
Business Journal turns the spotlight on 10 local women executives who shine in the financial industry.
Koreatown Bank Becomes Seoul Interest of Growth
BANKING & FINANCE: Hana of South Korea to acquire 51 percent stake in Saehan.
There could soon be a new entrant into the league of elite Korean-American banks.
New Wealth Management Firm Targets Top Crust
BANKING & FINANCE: Founder wants to bring institutional service to private clients.
Longtime wealth manager Jonathan Foster last week announced the launch of a firm catering to the investment needs of the area’s richest residents.
Bank Transfer Day Paying Dividends for Founder
BANKING & FINANCE: Activist in demand as social media strategist, public speaker.
Bank Transfer Day may have come and gone, but for Kristen Christian, the L.A. business owner who started the nationwide campaign, the movement hasn’t stopped.
Judge Won’t Revive Case Against Ex-Bank Officer
BANKING & FINANCE: Former Wilshire State executive had faced more fraud accusations.
A judge last week denied requests to reopen a fraud case against the former chief marketing officer of Wilshire State Bank.
In Distress
Veteran banking executive Mary Lynn Lenz says she’s not quite ready for a withdrawal from turning around financially troubled institutions.
Mary Lynn Lenz isn’t ready to check out of the stress of turning around distressed banks.
Baseball Team Owners Call Third Strike on Bank
Pohlad family, also stakeholders in First California, push for change.
Baseball family says a local bank has struck out and calls for change.
Securities Subsidiary Ready to Invest in Social Media
BANKING & FINANCE: Wedbush unit hopes to boost business via Twitter and Facebook.
The financial services industry has been somewhat reluctant to embrace social media, but one local investment firm is hoping to change that.
Former Banker Hit With More Claims
New borrowers say they were pushed into bad loans.
A former Koreatown banker faces new allegations of wrongdoing.
Cancer Drug Provides Healthy Boost to Biotech
Analyst calls Xgeva ‘key franchise to watch’ for Amgen.
Potential new use has boosted the prognosis for drug Xgeva and maker Amgen.
Bank Company’s Stock Goes on Rise With Analysts
BANKING & FINANCE: Hanmi earns praise with reverse split, share offering.
Hanmi Financial Corp. is making strides in a plan to regain its reputation as one of Koreatown’s strongest financial institutions.
Local Lenders Feeling Pressure Over Federal Money
Institutions see speedy repayment of TARP funds as bottom-line boost.
Local lenders hurry to shake bottom-line and public image burdens by paying off federal TARP loans.
Dinner With Royalty? No Joke
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Fasha Mahjoor flew to England last week to dine with royalty at Buckingham Palace.
Pent-Up Supply Fueled M&A Revival
Private equity helped breathe new life into L.A.’s M&A activity.
L.A. Stock Shake-Up
Most local stocks fell, but some did well in an especially volatile market year.
Who’s Lending?
Special Report: BANKING & FINANCE QUARTERLY
L.A.’s 50 biggest banks and thrifts, with details on their recent business-lending practices.
Lacking Loans?
Special Report: BANKING & FINANCE QUARTERLY
Loan-starved business look high and low for financial support while banks hunger for creditworthy borrowers.
Small-Business Loans Spur Banking Exec’s Big Idea
Brian Carlson forms El Segundo firm to outsource SBA work.
Industry veteran banks on institutions outsourcing their SBA loans.
California United Bank to Buy Anaheim Bank
California United Bank said that it will expand its limited presence in Orange County through the acquisition of a community bank in Anaheim.
EIGHT OVER 80: Fred Astman
Special Report
Business Journal turns the spotlight on eight Angelenos, all 80 years old or over, who still get worked up about punching the clock.
Cafe Documentary Might Unveil Seedy Side
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Stick around Hollywood long enough and you’re bound to get in to the film business. Just ask Vince Jung, owner of West Hollywood’s Formosa Café.
National Protest Flips Switch for L.A. Credit Unions
Institutions feast on new customers on Bank Transfer Day.
Local credit unions give a good accounting as new members flock in on Bank Transfer Day.
Troubled Lender Banks On New Business Plan, Name
BANKING & FINANCE: Newly dubbed EH to focus on Lebanese, Armenian businesses.
Excel National Bank, a six-year-old Beverly Hills lender that had struggled with declining credit quality, last week announced an overhaul of its business, including the hiring of new management and a major shift in its lending focus.
L.A.’s Biggest Bank Retains Crown for 10th Year
City National holds off East West to keep winning streak alive.
City National tops the Business Journal’s list of biggest locally based banks for the 10th year in a row.
Los Angeles Sees Big Spike In Small-Business Loans
BANKING & FINANCE: $1.6 billion for fiscal year a record high for local district.
Small-business lending declined sharply after the financial crisis, but things are finally starting to get back to normal.
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