TrueCar Shares Rise

Shares of Santa Monica car-buying site TrueCar Inc. climbed more than 6 percent in Thursday trading in advance of the company’s latest earnings announcement. After markets closed, TrueCar reported fourth-quarter earnings that were in line with analysts’ expectations: Revenue of $55.5 million and a net loss of $9.8 million (13 cents a share). Shares rose 6.4 percent Thursday before the announcement, closing at $20.77, but fell 2 percent to $20.36 in after-hours trading.

Motorcar Parts of America Comments on M&T Bank Lawsuit

Motorcar Parts of America Inc., a Torrance manufacturer and distributor of automotive parts, said Thursday it believes that a lawsuit filed by M&T Bank Corp. relating to its loan agreements with a former subsidiary of the company is without merit. Motorcar Parts said it will vigorously defend itself.

In a complaint filed last week in Los Angeles superior court, M&T Bank accused Motorcar Parts of lying about the financial health of a subsidiary, Fenwick Automotive Products Ltd., in order to get a $60 million line of credit, then liquidating Fenwick and leaving the lender hanging for tens of millions of dollars.

Commonwealth Business Bank Announces Two-for-One Stock Split

Commonwealth Business Bank announced today that its board of directors has declared a two-for-one stock split of the Company’s common stock. At the close of business on March 12, shareholders will be entitled to receive one new share of common stock for each share they own.

City National Opens Office in Montecito

Downtown L.A.’s City National Bank said Thursday it has opened a new office in Montecito, near Santa Barbara, to serve clients in California’s Central Coast region. Senior Vice President and Regional Manager Leo Hamill will lead the group of five City National employees headed to Santa Barbara County. City National private bankers Annamarie Sharpe and Roy Martinez will also join the new Montecito office, as well as Amber Ortiz, a private client advisor, and Susan Rogers, a trust advisor.