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Richard Clough

Stories by Richard

Niche Accent

Korean banks cast a big shadow in Los Angeles, but there’s a range of lower-profile institutions with other specific ethnic focus.

Former IndyMac Chief Settles with FDIC

Michael Perry, the former head of failed mortgage lender IndyMac Bank, has reached a settlement with the Federal Deposit Insurance Corp. in a lawsuit stemming from the institution’s 2008 failure.

Web Links

Social media pioneer David Bohnett got jump on Facebook’s online connections with his 1994-launched Geocities.

Social media pioneer David Bohnett remains friendly with the Internet industry as a venture capitalist.

Bank Makes Out Like Bandit After Sale Holdup

ACQUISITION: Delay pays off for First California as PacWest boosts bid.

The board of First California Financial Group Inc. took heat from shareholders for rejecting an acquisition offer earlier this year.

PacWest to Buy First California

Six months after PacWest Bancorp first offered to acquire First California Financial Group Inc., the bank holding companies have agreed to a deal. First California shares jumped more than 12 percent on Wednesday.

Record Run of No New Banks

Finance: Regulations, recession hinder openings.

Numbers don’t add up for launching a new bank in Los Angeles County.

Koreatown Bank Purchase May Be First in Series

Expansion: BBCN’s Seattle-area acquisition provides larger footprint.

Koreatown’s BBCN Bank announced a small acquisition last week, but that could be just the first step in a significant expansion.

BBCN to Buy Seattle Bank

BBCN Bancorp Inc., the Koreatown parent of BBCN Bank, said that it will acquire Pacific International Bancorp Inc., a small bank holding company in Seattle.

Bank Now Feels Heat in Democratic Treasurer Case

Former clients say First California aided Kinde Durkee’s scheme.

Former clients of Democratic campaign treasurer Kinde Durkee accuse First California Bank of abetting her alleged crimes.

Kaiser Federal Bank to Change Its Name

Kaiser Federal Bank announced plans to change its name to Simplicity Bank.

Green Dot Plunges on American Express-Wal-Mart Deal

Shares of prepaid debit card issuer Green Dot Corp. nosedived Monday after Wal-Mart Stores Inc. announced a partnership with American Express Co. to launch a competing prepaid product.

Coast Almost Clear for Former IndyMac Chief

BANKING: Michael Perry settles several lawsuits but still faces $600 million case.

Former head of failed lender IndyMac has whittled down his lawsuit load but a large case looms.

Money-Laundering Issue Comes Out in the Wash

REGULATION: U.S., state officials send consent order to Banamex on compliance.

State and federal regulators have called out Banamex USA over concerns about the Century City bank’s compliance with money-laundering laws.

Fed Lifts Restrictions on Wilshire Bancorp

Wilshire Bancorp Inc. has announced that the Federal Reserve Bank of San Francisco has lifted an informal enforcement action on the Koreatown bank holding company.

Former IndyMac CEO Settles SEC Fraud Case

Michael Perry, former head of failed mortgage lender IndyMac Bank, has reached a settlement in a civil fraud case related to the thrift’s collapse.

Tattoo Removal Business Fleshes Out Expansion Plan

HEALTH CARE: Dr. Tattoff chain aims to ink deals for more clinics.

Tattoo removal business Dr. Tattoff looks to put more skin in the game by setting up new clinics.

U.S. Agency Files Lawsuit Against Securities Seller

LENDING: Barclays sold bad mortgage loans to now-shuttered WesCorp.

When the giant San Dimas corporate credit union known as WesCorp went under in 2009, bad mortgage-backed securities were blamed for the debacle.

Hard Lessons Pay Off for School Furniture Maker

MANUFACTURING: Harsh Virco cutbacks fuel surge in earnings, share value.

School furniture maker Virco’s stock is making the grade after a profitable quarter.

Card Punchers

SPECIAL REPORT: Banking & Finance Quarterly

The growing prepaid debit card market has drawn in a wide range of providers including celebrities and L.A. County’s transit agency.

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‘We’ll All Be Using Our Phone to Pay, Not Plastic’

Mobile wallets could pocket customers currently using debit cards

Numbers No Longer Add Up for Parent of Thrift

AUDIT: Broadway Financial to restate earnings for last year and first quarter.

In yet another setback for Broadway Financial Corp., the beleaguered thrift holding company said it will restate earnings for last year and the first quarter of this year.

Long Way Down

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A few weeks ago, Fasha Mahjoor looked down from the top of an eight-story building and had quite a fright.

Recession Proved

BANKING: CapitalSource has become area’s fourth-largest bank despite launching a few weeks before 2008 financial downturn.

BANKING: CapitalSource has parlayed a recession-era acquisition into the fourth biggest bank based in Los Angeles

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Irvine Bank Steps Up Foothold Activity in L.A.

LENDING: Private Bank latest institution acquired in First PacTrust spree.

LENDING: First PacTrust could be looking to pick up its acquisition pace

Aviation Acquisition May Be Ready to Leave Nest

INVESTMENT: Oaktree may sell off jet-leasing business Jackson Square.

Oaktree Capital Group LLC could have a big payday coming.

Washington State Bank Invests in L.A. Presence

BANKING: AmericanWest looks to grow with more acquisitions and branches.

BANKING: AmericanWest might be looking to invest more capital into expanding its presence in Los Angeles

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Not Kidding Around

Startup guides young people in launching their own businesses.

Kidworth is all business when it comes to guiding young entrepreneurs.

Children’s Museum Exhibits Signs of Life

Children’s Museum of Los Angeles bolsters finances after losing Friedman’s pledge of $10 million.

Small Firm Left Standing Tallest

Sale of TCW shows impact of MetWest deal.

Small fixed-income firm acquired by TCW comes up big in sale of the asset manager.

Too Good to be True


Big-hearted philanthropist, enthusiastic baseball fan and upstanding family man, the late Bruce Friedman was also a convicted felon accused of using lies and manipulation to steal the fortunes of retirees. Friedman’s promises to clients and charities proved to be nothing but talk after authorities shuttered his business as an alleged Ponzi scheme.

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Carlyle to Acquire TCW

Carlyle Group LP, a private equity firm headquartered in Washington, D.C., has reached an agreement to acquire L.A. asset manager TCW Group Inc., the two sides announced Thursday.

Small Private-Equity Firm Begins to Think Big Again

Brentwood sees ripe conditions for exits and new deals.

Private-equity firm Brentwood is going public with its plans for a revived market.

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Bank Parent Adopts Open Stance to Possible Sale

First California shareholder complaints spur change of heart.

Several months of investor complaints seem to be making a difference.

Private-Equity Giant Buys Into Billionaire’s Startup

NantWorks draws $125 million for its blood-based therapies.

Billionaire Patrick Soon-Shiong scores healthy private-equity investment for his NantPharma startup.

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Shareholder Calls for Sale of First California Financial

In a strongly worded letter sent late Thursday, one of the largest shareholders of First California Financial Group Inc. called on the board to sell the bank holding company.

Investors Profit From Variety of Businesses

SPECIAL REPORT: Largest & Most Profitable L.A. Companies

PROFITS: Moneymakers prove their worth in a variety of industries

Local Venture Capital Deals Buck National Trend

INVESTMENT: Funding for media and ad startups fuels healthy quarter.

Though venture capital investment is down nationwide, funding to startups in Los Angeles surged during the second quarter.

Strong Quarter for East West Bancorp

With declining credit costs and steady loan growth, East West Bancorp Inc. increased its second quarter net income by a healthy 17 percent, narrowly beating analyst estimates.

Charges on Deteriorating Loans Trip Up Lender

Preferred stock slides after downgrades by two analysts.

Investors check out of Preferred as loan problems are expected to squeeze the lender’s earnings.

Lender’s Collapse Gets Extra Credit

WesCorp’s fall leads to rewrite of industry standards.

Collapse of industry titan WesCorp spurred new federal checks on the corporate credit union system.

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L.A.'s Private Bank Expands Into Orange County

Private Bank of California, a small lender headquartered in Century City, announced the opening of its first branch in Orange County.

Investors Tell Discount Ticket Vendor to Take a Seat

TICKETS: Tix’s shares fall after chairman-CEO axes share acquisition plan.

News & Analysis: The ongoing battle for control of discount ticket seller Tix Corp. has taken yet another turn.

North Korean Missed Opportunity

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North Korea may not sound like a dream destination for most people, but then globe hopper Mickey Kantor isn’t most people.

Treasury to Bundle Bank TARP Stakes for Sale

Government says bailout equity small for individual auctions.

There are more than 300 financial institutions across the country – and about a dozen in Los Angeles County – still in the Troubled Asset Relief Program, and the Treasury Department wants them out.

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L.A. CEOs Can’t Always Bank on Big Paychecks

Execs rank among lowest and highest paid in nation.

Los Angeles County is home to many of the highest paid bank chief executives in the country, according to a new report. But the area has one of the lowest paid bank leaders, too.

Music Merchandiser in Tune With Private Equity

Brandon Hance recently faced a critical problem.

Awash in Cash

L.A.’s private equity firms are sitting on tens of billions of dollars. Why? They can’t find companies to invest in.

Private-equity firms have piled up billions as they wait for proper pickup opportunities.

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Green Dot Makes Deals

Wal-Mart, Dollar Tree, PayPal sign with prepaid card firm.

Green Dot Corp., the nation’s largest issuer of prepaid debit cards, announced last week that it has signed deals with several major national retailers that will bolster its already substantial distribution network.

China’s Banks May Have Growth Market in L.A.

Local lenders could face competition for Chinese-Americans.

China-owned banks’ expansion plans could squeeze L.A.’s Chinese-American institutions.

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SPECIAL SECTION: Wealthiest Angelenos 2012

Some of the nation’s wealthiest residents have significant business interests in Los Angeles, but not their primary residence.