– Earle M. Jorgensen Co.
said it is set to go public this week. The Lynwood-based metal bar and tubular products distributor is seeking to raise $300 million, offering 20 million shares at $14 to $16 per share. Jorgensen will use the proceeds to help redeem preferred shares and repay a portion of its debt. The shares are set to trade as “JOR” on the New York Stock Exchange.
Affiliates of Kelso & Co., the New York-based buyout firm that owns 70 percent of Jorgensen, bought the company in 1990 and combined it with another distributor, Kilsby-Roberts Holding Co.
– Southwest Water Co.
has promoted Cheryl L. Clary to chief financial officer, succeeding Richard J. Shields. Clary has been vice president of finance for the L.A.-based water management company since October 2004. Prior to joining Southwest Water, her career included senior-level finance positions with Jefferson Wells International and ARCO. The company said the appointment was part of a transition planned since November when Shields said he would pursue career opportunities closer to his home.
– First Commerce Bancorp
>, the Encino-based holding company of First Commerce Bank, reported first-quarter net income of $557,000 (7 cents per diluted share), compared with income of $444,000 (5 cents) for the like period a year earlier. Assets for the quarter ended March 31 rose 18 percent to $220,669,000 from the prior year. Total deposits rose 18 percent to $199 million from the first quarter of 2004.
– American Business Bank
, headquartered in downtown Los Angeles, reported first-quarter net income of $1.2 million (56 cents per diluted share), compared with income of $598,000 (29 cents) for the like period a year earlier. Assets for the quarter rose 29 percent to $484 million from the prior year. Total deposits rose 35 percent to $448 million from the first quarter of 2004.
– STAAR Surgical Co.
announced that it has closed the sale of 4.1 million shares of its common stock at $3.50 per share, for gross proceeds of $14.35 million in a private placement to institutional investors. Pacific Growth Equities, LLC acted as the exclusive placement agent for the Monrovia-based ophthalmic products developer’s transaction. The company has had regulatory troubles that have slowed the introduction of new products, draining its cash.