FCAL merger with PacWest set to close May 31
Los Angeles-based PacWest Bancorp and Westlake Village-based First California Financial Group have received the go-ahead from federal banking regulators to finalize a $237 million merger. The deal, which will merge First California into PacWest and likely result in about a dozen overlapping branches being shuttered, is expected to close on May 31. The banks said Read More →
PennyMac shares jump 2.6% on second day of trading
Shares of PennyMac Financial Services climbed another 2.6 percent the day after they started trading publicly for the first time. The Moorpark-based company, founded in 2008 by former top executives at Countrywide Financial Corp., raised just over $200 million in its initial public offering of stock after opening with a share price of $18.25 on Read More →
El Encanto owner reports $8.3M loss
Orient-Express Hotels, the Bermuda-based luxury travel firm that owns and operates the newly-reopened El Encanto hotel in Santa Barbara, reported an $8.3 million loss on revenue of $103.2 million for the first quarter. That’s a slight improvement over a $14.4 million loss during the same time period last year, and officials said in the May Read More →
K-Swiss sale to Korean firm closes
E.Land World Limited of Korea closed its $170 million buyout of Westlake Village-based athletic shoe company K-Swiss on April 30, after shareholders of the footwear company overwhelmingly approved the merger. Under the terms of the sale, K-Swiss shareholders will receive $4.75 per share in cash, marking the high point of the company’s 52-week stock price Read More →
Deckers shares plummet as Q1 earnings drop 87%
Shares of Goleta-based Deckers Outdoor Corp. plunged 8.6 percent on Friday as the Ugg boot parent reported first-quarter earnings were a fraction of what they had been a year earlier. Deckers said first-quarter profits were $1 million, or 3 cents per share, compared to $8 million, or 20 cents per share, a year earlier. The Read More →
Heritage Oaks’ Q1 profits jump as bank prepares to pay off TARP
Heritage Oaks Bancorp reported a $3.7 million first-quarter profit, up 131 percent over a year earlier, and said it is gearing up to repay $25 million in bailout funds it took at the height of the recession. The repayment comes with the announcement that two sets of banking regulators have lifted an order over the Read More →
101 One Hundred & Business Hall of Fame announced
The Business Times is pleased to announce our 2013 class of 101 One Hundred & Business Hall of Fame honorees. This annual special section published with the April 19 print edition. An evening awards reception for the honorees will be held on Tuesday, May 14 at the Four Seasons Resort The Biltmore Santa Barbara. [Buy Read More →
