Hanmi Financial Corp., a Koreatown-based holding company for Hanmi Bank, has agreed this week to acquire SWNB Bankcorp Inc. for a deal valued at $76.7 million.
Otis report finds $451 billion in economic output statewide
The creative economy, which includes entertainment and digital media, generates about $451 billion in economic output in California, according to a recent report, which found that the creative sector’s impact on the overall economic output in the Los Angeles region has slipped in recent years.
L.A. County’s unemployment rate dipped to 4.4 percent in April after three straight months at 4.5 percent as local employers added a modest 5,000 jobs to their payrolls, according to state figures released May 18.
The local inflation rate rose to 4 percent year-over-year in April, the fastest rate in a decade, according to federal data recently released.
EP Wealth Advisors, a money management firm based in Torrance, has named Patrick G. Goshtigian as its first chief executive officer, the company announced May 7.
Combined company worth estimated $1.5B
Beverly Hills-based Platinum Equity’s portfolio company, Interior Logic Group, announced its merger with competitor Interior Specialist Inc. on May 1. Terms of the deal were undisclosed.
Marina Del Rey-based LeaseLock, an insurance startup that eliminates the security deposit for renters in exchange for a minimum $19 monthly payment, announced a $10 million Series A funding round.
Los Angeles County will see moderate job growth of just over 1 percent for the rest of this year, but the median home price will rise as much as 10 percent.
Goldman Sachs Group Inc. has promoted a Los Angeles-based executive to the head of all private wealth management across the U.S. and Latin America, the company announced April 24.
Private equity firm Highview Capital’s first portfolio company, American Plastics, has acquired two Ohio-based manufacturing companies, the company announced on April 18. Terms of the deal were undisclosed.
Ares Management, a Los Angeles-based asset management company, added 159,000 square meters of office space across seven properties in Germany, the Netherlands, Austria and Finland to its real estate portfolio. The company declined to disclose the purchase price.
L.A. County’s economy continued to coast near full employment in March as the unemployment rate held steady at 4.5 percent for the third straight month and local employers added a relatively small 13,000 jobs, according to state figures released April 20.
A State Senate committee approved a bill April 18 to allow cannabis business owners to start a limited charter bank in California.
Clearlake Capital Group of Santa Monica has joined forces with GTCR of San Diego to invest in Lytx Inc., a video-based tech company to help fleets improve driver safety.
Westwood-based Provenance, a private equity firm, closed a “significant minority investment” in menswear brand Knot Standard, the companies announced April 9. Terms of the deal were not disclosed.