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Richard Clough

Stories by Richard


SPECIAL SECTION: Wealthiest Angelenos 2012

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

New Parent to Close West L.A. Office of Online Bank

Capital One to shutter ING Direct, end indirect mortgage loans.

Three months after it received regulatory approval to buy ING Direct USA, Capital One Financial Corp. confirmed that it plans to close the online bank’s West L.A. office and lay off about 280 employees.

Downtown L.A. Bank Invests in Diverse Pickups

City National buys equipment lease and wealth management firms.

Acquisitive City National branches out with equipment leasing and wealth management pickups.

Credit Union Aims to Get Handle on More Members

BANKING & FINANCE: Lockheed hopes new name will help draw customers.

Say goodbye to Lockheed Federal Credit Union and hello to … something else.

Investor Still Game For Toymaker Deal

But Oaktree has harsh words for Jakks board.

Asset management firm Oaktree puts on its game face in pursuit of toymaker Jakks.

Grace Period Over for Cash-Strapped L.A. Churches

Bank foreclosures on track for record high in county.

Banks are foreclosing in record numbers on financially struggling L.A. churches.

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Firm Reorganizes, Names Chief Financial Officer

Banking & Finance: SunAmerica network changes designed to streamline business.

SunAmerica Financial Group Inc., a life insurance and retirement services company headquartered in Woodland Hills, announced a series of moves last week designed to streamline its business and bolster management.

Hana Won't Buy Majority Stake in Saehan

Just two months after Saehan Bancorp agreed to sell a majority stake to a South Korean financial firm, the two sides have called off the deal.

New CEO at Kinecta Federal Credit Union

Following the cancellation of a previously planned merger, Kinecta Federal Credit Union has appointed a new chief executive.

Keeper of the Einstein Rights

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When attorney Steven E. Bledsoe was growing up, he generally got good grades but he was no science whiz.

Failed Credit Union May Trip Bid to Lift Business Loan Cap

Collapse of Telesis could undercut other credit unions’ push to raise cap on business loans.

Electronic Exchange’s Canceled IPO Zaps Investor

Wedbush could lose millions as Bats backs off public plans.

The Wedbush firm shares the pain from electronic exchange Bats’ aborted IPO.

Downtown L.A. Firm Branches Out to Middle East

BANKING & FINANCE: TCW to manage trio of funds with Saudi Arabia’s NCB.

One of L.A.’s largest asset managers is looking to open up the U.S. equities market to the Middle East through a new partnership with a top Saudi Arabian investment firm.

Oaktree Raises IPO Target

Oaktree Capital Group hopes to raise nearly $600 million in its planned initial public offering, according to a regulatory filing.

Marquee On Move

‘Bank to the stars’ City National expands role with out-of-state outposts.

‘Bank to the stars’ City National takes a shine to out-of-state growth strategy.

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L.A. Credit Unions Fail to Capitalize on Transfers

BANKING & FINANCE: Enrollment numbers stay flat despite drive to ditch big banks.

Los Angeles was ground zero for a nationwide movement to encourage bank customers to switch to credit unions, but that didn’t seem to have much of an impact on local institutions.

Debit Company Moves on Mobile

Green Dot dials up deal for payments via phones.

Debit card pioneer Green Dot dials up acquisition in effort to expand into purchases through mobile phones.

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Feelings Not Mutual


Mutual fund manager Capital Group is trying to recapture ground lost to rival firms.

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Capital Group Retains JBL’s Initial Approach


Firm retains cautious philosophy of reserved founder.

Body Glove Guy Finds Music a Good Fit


In work or in play, Russ Lesser just can’t seem to get away from the beach. And that’s the way he likes it.

On the Money?

First California says pickup of another bank, branch closings unrelated to investors’ recent criticism.

First California buys rival and plans branch closures after investor complaints about profits and share value.

USC Business Grads Find Success With Search Fund

Duo raised money to hunt for and acquire existing company.

USC grads have found takers for their search fund set up to purchase an existing business.

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Private Equity Pioneer


Business Journal turns the spotlight on 10 local women executives who shine in the financial industry.

Small Banks Size Up Merger Deals

Rising regulation costs spur unions with big peers.

Rising costs from all the new regulations are spurring smaller institutions to pursue unions with bigger banks.

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Slowing to a Halt


For the past five years, Bianca Vobecky has attended the annual Irwindale Chamber of Commerce silent auction with one goal: put in the winning bid for a season pass to the Toyota Speedway at Irwindale.

Koreatown Bank Becomes Seoul Interest of Growth

BANKING & FINANCE: Hana of South Korea to acquire 51 percent stake in Saehan.

There could soon be a new entrant into the league of elite Korean-American banks.

Navigating Directions at East West Bank


Business Journal turns the spotlight on 10 local women executives who shine in the financial industry.

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New Wealth Management Firm Targets Top Crust

BANKING & FINANCE: Founder wants to bring institutional service to private clients.

Longtime wealth manager Jonathan Foster last week announced the launch of a firm catering to the investment needs of the area’s richest residents.

Bank Transfer Day Paying Dividends for Founder

BANKING & FINANCE: Activist in demand as social media strategist, public speaker.

Bank Transfer Day may have come and gone, but for Kristen Christian, the L.A. business owner who started the nationwide campaign, the movement hasn’t stopped.

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Judge Won’t Revive Case Against Ex-Bank Officer

BANKING & FINANCE: Former Wilshire State executive had faced more fraud accusations.

A judge last week denied requests to reopen a fraud case against the former chief marketing officer of Wilshire State Bank.

Baseball Team Owners Call Third Strike on Bank

Pohlad family, also stakeholders in First California, push for change.

Baseball family says a local bank has struck out and calls for change.

In Distress

Veteran banking executive Mary Lynn Lenz says she’s not quite ready for a withdrawal from turning around financially troubled institutions.

Mary Lynn Lenz isn’t ready to check out of the stress of turning around distressed banks.

Former Banker Hit With More Claims

New borrowers say they were pushed into bad loans.

A former Koreatown banker faces new allegations of wrongdoing.

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Securities Subsidiary Ready to Invest in Social Media

BANKING & FINANCE: Wedbush unit hopes to boost business via Twitter and Facebook.

The financial services industry has been somewhat reluctant to embrace social media, but one local investment firm is hoping to change that.

Cancer Drug Provides Healthy Boost to Biotech

Analyst calls Xgeva ‘key franchise to watch’ for Amgen.

Potential new use has boosted the prognosis for drug Xgeva and maker Amgen.

Local Lenders Feeling Pressure Over Federal Money

Institutions see speedy repayment of TARP funds as bottom-line boost.

Local lenders hurry to shake bottom-line and public image burdens by paying off federal TARP loans.

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Bank Company’s Stock Goes on Rise With Analysts

BANKING & FINANCE: Hanmi earns praise with reverse split, share offering.

Hanmi Financial Corp. is making strides in a plan to regain its reputation as one of Koreatown’s strongest financial institutions.

Dinner With Royalty? No Joke


Fasha Mahjoor flew to England last week to dine with royalty at Buckingham Palace.

Pent-Up Supply Fueled M&A Revival

Private equity helped breathe new life into L.A.’s M&A activity.

L.A. Stock Shake-Up

Most local stocks fell, but some did well in an especially volatile market year.

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Small-Business Loans Spur Banking Exec’s Big Idea

Brian Carlson forms El Segundo firm to outsource SBA work.

Industry veteran banks on institutions outsourcing their SBA loans.

Who’s Lending?


L.A.’s 50 biggest banks and thrifts, with details on their recent business-lending practices.

Lacking Loans?


Loan-starved business look high and low for financial support while banks hunger for creditworthy borrowers.

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California United Bank to Buy Anaheim Bank

California United Bank said that it will expand its limited presence in Orange County through the acquisition of a community bank in Anaheim.

EIGHT OVER 80: Fred Astman

Special Report

Business Journal turns the spotlight on eight Angelenos, all 80 years old or over, who still get worked up about punching the clock.

Cafe Documentary Might Unveil Seedy Side


Stick around Hollywood long enough and you’re bound to get in to the film business. Just ask Vince Jung, owner of West Hollywood’s Formosa Café.

National Protest Flips Switch for L.A. Credit Unions

Institutions feast on new customers on Bank Transfer Day.

Local credit unions give a good accounting as new members flock in on Bank Transfer Day.

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Troubled Lender Banks On New Business Plan, Name

BANKING & FINANCE: Newly dubbed EH to focus on Lebanese, Armenian businesses.

Excel National Bank, a six-year-old Beverly Hills lender that had struggled with declining credit quality, last week announced an overhaul of its business, including the hiring of new management and a major shift in its lending focus.

Checking In

Bank-investor Don Griffith looks to repeat his success after the savings and loan collapse by guiding Grandpoint’s acquisition of today’s busted banks.

World traveler Don Griffith now sees a lot of returns as CEO of bank-acquiring Grandpoint Capital.

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L.A.’s Biggest Bank Retains Crown for 10th Year

City National holds off East West to keep winning streak alive.

City National tops the Business Journal’s list of biggest locally based banks for the 10th year in a row.