Los Angeles Business Journal

LA FINANCE

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

Discretion Paid In Bank Deal

lending: City National touts reserve in pickup by RBC.Discretion paid off for City National in its surprise acquisition by Royal Bank of Canada.

By Matt Pressberg January 26, 2015 midnight   $$ Share

City National, Medbox Among Week’s Big Movers

The Los Angeles Business Journal’s index of the largest local public companies rose for the week. The weighted LABJ Index rose less than 1 percent to close at 217, with gainers outpacing losers 80 to 72. Seven companies closed the week unchanged.

PE Roundup: Private Equity Deals Announced This Week

Packaged meat producer AdvancePierre Foods Inc. in Cincinnati, a portfolio company of downtown PE giant Oaktree Capital Management, announced Tuesday that it has agreed to acquire Landshire Inc. of Caseyville, Ill., a manufacturer of sandwich products. Terms of the deal were not disclosed.

Markets Mixed

The Dow Jones industrial average fell 141 points in Friday trading to close at 17,673. The S&P 500 fell 11 points to 2,052. The Nasdaq rose seven points to 4,758. The LABJ Stock Index fell one point to 217.

L.A. Unemployment Rate Dips Below 8 Percent for First Time in Six Years

L.A. County’s unemployment rate fell to 7.9 percent in December, the first time it was below 8 percent since mid-2008, state figures released Friday show.

Stocks Rise

The Dow Jones industrial average rose 260 points in Thursday trading to close at 17,814. The S&P 500 rose 31 points to 2,063. The Nasdaq rose 83 points to 4,750. The LABJ Stock Index rose three points to 217.

City National Sells for $5.4 Billion

City National Bank of Los Angeles has been acquired by Royal Bank of Canada for $5.4 billion, or $93.80 a share, in a cash-and-stock deal, the two firms announced Thursday.

Stocks Mixed

The Dow Jones industrial average rose 39 points in Wednesday trading to close at 17,554. The S&P 500 rose 10 points to 2,032. The Nasdaq rose 13 points to 4,667. The LABJ Stock Index fell one point to 214.

Cathay to Acquire New York Bank

Chinatown’s Cathay General Bancorp announced Wednesday that it has agreed to purchase fellow Chinese-American bank Asia Bancshares Inc. in Flushing, N.Y. for about $126 million in cash and stock.

Stocks Mixed

The Dow Jones industrial average rose four points in Tuesday trading to close at 17,515. The S&P 500 rose three points to 2,023. The Nasdaq rose 20 points to 4,655. The LABJ Stock Index fell one point to 215.

PE Roundup: Private Equity Deals Announced This Week

This week: Breakaway Capital, Gores Group, Riordan Lewis & Haden and Corridor Capital.

Manhattan Bancorp, Ducommun Inc. Among Week’s Biggest Gainers

The Los Angeles Business Journal’s index of the largest local public companies rose for the week. The weighted LABJ index climbed 1 percent to close at 216, despite losers outpacing gainers 98 to 53. Nine companies closed the week unchanged.

Stocks Rise

The Dow Jones industrial average rose 191 points in Friday trading to close at 17,512. The S&P 500 rose 27 points to 2,019. The Nasdaq rose 64 points to 4,634. The LABJ Stock Index rose four points to 216.

Local Federal Reserve Branch Appoints Executive Director of SAG-AFTRA

The Federal Reserve of San Francisco named a new chairman and made three other appointments to the board of its Los Angeles Branch, including Panda Express co-founder Peggy Tsiang Cherng.

Stocks Fall

The Dow Jones industrial average fell 106 points in Thursday trading to close at 17,321. The S&P 500 fell 19 points to 1,993. The Nasdaq fell 69 points to 4,571. The LABJ Stock index fell two points to 212.

Irvine Lender to Acquire El Segundo’s Bank of Manhattan

Plaza Bank in Irvine announced Wednesday that it had reached an agreement to acquire El Segundo lender Bank of Manhattan, marking the L.A. area’s first bank merger announced this year.