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Matt Pressberg

Stories by Matt

Purchased Lender Will Still Value Local Image

ACQUISITION: Canadian parent RBC plans to retain City National name, CEO.

Downtown L.A.’s City National Bank was officially acquired by Toronto’s Royal Bank of Canada on Nov. 2, but its local customers shouldn’t expect too much to change.

SPECIAL REPORT: Repeat Performers at It Again

Making it on the list of 100 Fastest Growing Private Companies in Los Angeles County is hard enough to do once. Doing it multiple times is truly impressive.

Regulators Approve Merger of Premier Business Bank and First Mountain Bank

PBB Bancorp, the parent company of downtown L.A.’s Premier Business Bank, announced late Thursday that it has received final approval from regulators for its merger with Big Bear Lake’s First Mountain Bank.

Royal Bank of Canada Completes Acquisition of City National

L.A.’s biggest bank is officially Canadian.

Ontario Lender Crosses County Line for Pickup

ACQUISITION: Citizens says Ventura market drew it to deal for institution.

Ontario to Ventura sounds like the commute from hell, but it was the right route to take for the Inland Empire’s biggest bank.

Fresh & Easy Stores to Close

Fresh & Easy, the El Segundo grocery chain that debuted in 2007 to much fanfare as British supermarket giant Tesco’s entrée into the United States, is checking out.

Seat at Table

NONPROFIT: Homeless participants in Chrysalis job program find employment at reopened Clifton’s Cafeteria.

Chrysalis’ job assistance program served to place homeless participants at the reopened Clifton’s Cafeteria.

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Survey Reveals Where Chinese Americans Save

INVESTMENT: Group more likely to rely on friends, family to guide strategy.

Plenty of business owners and real estate developers – particularly in Los Angeles – are keenly interested in the financial and investing habits of high-net-worth Chinese Americans.

PE Roundup: Private Equity Deals Announced This Week

Century City’s Breakaway Capital announced last Friday that it provided an $8.4 million senior secured credit facility to and made an equity investment in Lake Success, N.Y., urgent care clinic operator PM Pediatrics Management Group.

Commercial Bank of California to Acquire National Bank of California

This story has been updated from a previous version. Two banks controlled by Downey entrepreneur Alex Meruelo are set to formally join forces.

Citizens Business Bank to Acquire Ventura Lender

CVB Financial Corp., parent company of Ontario’s Citizens Business Bank, announced late Wednesday that it had agreed to acquire County Commerce Bank in Ventura for $41.25 million, equally split between cash and stock.

Landesa Wins Hilton Humanitarian Prize

The Conrad N. Hilton Foundation in Agoura Hills announced Tuesday that Seattle land rights organization Landesa had won the 2015 Hilton Humanitarian Prize. The award’s unrestricted cash prize of $2 million is the world’s largest for a humanitarian gift.

Clearlake Capital Agrees to Acquire Enterprise Software Firm

Santa Monica private equity firm Clearlake Capital announced Monday that it had agreed to acquire Syncsort Inc., a Woodcliff Lake, N.J., enterprise software company focused on data processing and analysis. Terms were not disclosed.

Shares Surge as Wall Street Digs Oil Companies

ENERGY: CRC, BreitBurn receive boost from report of dwindling supply.

Report of ebbing supply fuels investor interest in shares of oil companies California Resources and BreitBurn.

Making Room for Charity

Steve Hilton reflects on foundation, family

Steve Hilton plans to still give philanthropy his focus after stepping down from his family’s foundation this year.

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American Apparel Inc. Trading Halted, Assets Eyed

The New York Stock Exchange, acting in the wake of American Apparel Inc.’s Chapter 11 bankruptcy filing, has suspended trading in the company’s stock and begun the delisting process.

Investment Bank Exec Stakes Out Middle Ground

ADVISORY: Brean outpost to target deals between $100 million, $1 billion.

Financial advisers often talk about taking a barbell approach to building a portfolio, splitting it halfway between long-term and very short-term bonds, for example, diversifying to mitigate risk.

Wall Street Powers Up Shares of Electricity Supplier

ENERGY: Edison’s stock shines as investors seek refuge in rough market.

Edison International’s shares rise as anxious investors turn to the electricity supplier as a utility player.

Celebrity Investor Puts His Money on Los Angeles

INTERNET: ‘Shark Tank’s’ Robert Herjavec says city more than show-biz glitz.

“Shark Tank” big fish Robert Herjavec talks the challenges of reeling in acquisitions and scaling unfamiliar industries.

PE Roundup: Private Equity Deals Announced This Week

West L.A.’s Caltius Equity Partners announced last Friday that it had made an investment in MC Sign Co., a Mentor, Ohio, sign and lighting repair and maintenance company. Terms were not disclosed.

Westlake Hit With $44 Million Enforcement Action

The Consumer Financial Protection Bureau announced Thursday it had ordered billionaire Don Hankey’s auto finance company to refund $44.1 million to customers it alleges the company wronged through illegal debt collection tactics.

New Wine Wave Arrives in Malibu

Béatrice Cointreau looks to shore up SoCal’s market with vineyard by beach.

French vintner Béatrice Cointreau has put roots down in Malibu with her Admirable Family Vineyards.


Firms such as AST Defeasance expect to see business climb when Fed finally hikes rates.

Federal Reserve’s interest-rate boost, when it comes, could put businesses such as AST Defeasance in the money.

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Monday Rundown: SpaceX Inks Launch Deals; Patrick Soon-Shiong Licenses Amgen Drug; Siemer Finds Aussie Partner

Billionaire Elon Musk’s Space Exploration Technologies Corp., or SpaceX, on Monday announced two new orders to launch communications satellites on its rockets.

USC Aims to Make Grade With Mixed-Use Project

EDUCATION: President C.L. Max Nikias sees plus for students, South L.A.

C.L. Max Nikias talks how USC’s mixed-use project will break real ground for students and neighbors.

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Wealthy Investors Mull Diving Into Water Ventures

INVESTMENT: Some see potential for hefty payoff in coping with drought.

Adequate liquidity has taken on a whole new meaning for many wealthy Angelenos.

PE Roundup: Private Equity Deals Announced This Week

Beverly Hills firm Levine Leichtman Capital Partners announced Wednesday that it has it has completed the acquisition of Calabasas eating disorder treatment firm Monte Nido Holdings, alongside the company’s management. Terms were not disclosed.

Defunct Discount Mailer’s Assets Set For Auction

The presses have stopped, and now they’re being sold.

PE Roundup: Private Equity Deals Announced This Week

Beverly Hills firm Levine Leichtman Capital Partners announced Tuesday that it had completed the acquisition of Dallas environmental consulting firm Trinity Consultants Inc. Terms were not disclosed.

Credit Union Faces Future With Video-Chat App

LENDING: Xceed’s staff, financial advisers will be available 24-7 next month.

While mobile banking is a godsend for those who are more likely to have a smartphone than a checkbook handy, there are certainly some people who lament losing the personal touch they get when going to a branch.

Chinese Banks Go Bicoastal

LENDING: Local duo vault into New York with pair of pickups.

Chinese-American banks put their money on the Big Apple with New York pickups.

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Activision to Join S&P 500

Santa Monica video game company Activision Blizzard Inc. will join the S&P 500 after the close of trading Friday, becoming the second video game publisher to join the benchmark index.

PE Roundup: Private Equity Deals Announced This Week

Beverly Hills firm Levine Leichtman Capital Partners announced Monday that it has completed the acquisition of short line railroad firm Regional Rail in Kennett Square, Pa., alongside the company’s management. Terms were not disclosed.

C.R. Laurence Acquired in $1.3 Billion Deal

Vernon glass industry supplier C.R. Laurence Co. Inc. announced Thursday that it will be acquired by Oldcastle BuildingEnvelope, a subsidiary of Irish building products giant CRH Group, for $1.3 billion in cash, subject to regulatory approval.

Medbox Founder Retires Shares, Gives Some to Charity

Medbox Inc. Founder P. Vincent Mehdizadeh is letting 13 million shares of his company go up in smoke, raising the value of those held by others.

Optical Networking Firm Connects With Investors

COMMUNICATION: MRV’s shares soar after company reveals sale of subsidiary.

Networking firm MRV gets a line on investors after the firm announces the sale of an Italian unit.

Water Purifier Aims to Clean Up With Acquisitions

TECHNOLOGY: OriginClear picks up first firm despite never having turned profit.

Water purifier OriginClear looks to make a splash rolling up small players in its industry.

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PE Roundup: Private Equity Deals Announced This Week

Westwood firm Shamrock Capital Advisors, which began as an investment adviser for the Disney family, announced Wednesday that one of its portfolio companies, New York fantasy sports portal FanDuel, acquired New York sports analytics company NumberFire. Terms were not disclosed.

Investors Come Together For M&A Adviser’s IPO

FINANCE: Public debut turns into profitable day for Houlihan’s parent.

Investors unite behind IPO for mergers and acquisitions adviser Houlihan Lokey.

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Lender Vaults Into Growth Mode With First Pickup

ACQUISITION: Preferred takes New York institution with Chinese connection.

Downtown L.A.’s Preferred Bank had never made an acquisition in its nearly 24-year history. But in a New York minute, that all changed.

PE Roundup: Private Equity Deals Announced This Week

West L.A.’s Leonard Green & Partners and TPG Capital of Forth Worth, Texas, will take a majority stake in Ellucian Co. of Fairfax, Va., a maker of software used by colleges and universities.

Wednesday Rundown: USC Accounting School Receives $15 Million Donation, Kind Financial Needs New Slogan

Business leader and USC alumnus James Parks has donated $15 million to USC’s Leventhal School of Accounting to name its master of business taxation degree program and endow its chair, university officials announced Wednesday.

Earnings Rundown: Ares Earnings Miss Expectations, DTS Shares Fall on Lowered Guidance, Shares Fall

Century City private equity and debt giant Ares Management reported second-quarter economic net income of 32 cents a share, falling short of analyst predictions of 39 cents a share.

Bra Vendor Stretches Out To Third Shop

Jenette Goldstein says West L.A. store better fit for curvy clientele.

Bra dealer Jenette Goldstein hopes to widen her role as a bosom buddy to buxom women by opening a third shop.

New Megabank Likely Won’t Be Big on Change

CIT and OneWest executives say they will bank on staying the course now that the institutions have merged.

Remittances on Line in Cross-Border Crackdown

BANKING: Institutions say industry rules will squeeze customers, not drug cartels.

Execs say it will be ordinary customers, not drug cartels, who will pay for cross-border remittance restrictions.

PE Roundup: Private Equity Deals Announced This Week

Westwood firm Shamrock Capital Advisors, which began as an investment adviser for the Disney family, announced Tuesday that it has acquired audiobook publisher Recorded Books in Prince Frederick, Md. Terms were not disclosed.

American Launches Telluride, Jackson Hole Flights from LAX

American Airlines is betting plenty of Angelenos will be headed for ski slopes in the Rockies this winter.

Ares-Owned Neiman Marcus Going Public

Century City private equity and debt giant Ares Management could be in line for another big payday.

CIT-OneWest Deal Closes

It’s finally a done deal: CIT Group Inc. in Livingston, N.J. announced Monday it has completed its acquisition of Pasadena’s OneWest Bank for about $3.4 billion in cash and stock.