Santa Monica’s Week In Business

Michael Rosenthal

   Prominent local realtor, Charles “Timothy” Corliss succumbed to cancer on January 8. He was 63. Corliss attended St. Monica’s High School, SMC and UCLA. He was a partner in the real estate firm Corliss, Douglas, and Pearson and served as president of both the California Association of Realtors and Santa Monica Jaycees, as well as being a board member and director of the Santa Monica Boys and Girls Club. Though he had retired and moved to Murphy, California, he had many friends here and his influence was still felt throughout the community. The family suggests contributions in his memory to the Corliss Memorial Scholarship Fund c/o Santa Monica Boys and Girls Club.
   Santa Monica based FirstFed Financial Corp. announced the retirement of William S. Mortensen as Chairman of the Board and a Director of the Company and the Bank. Babette E. Heimbuch, the company’s current President and Chief Executive Officer, who is also a Director, will succeed Mortensen as Chairman of the Board. Heimbuch said, “I cannot say enough about Bill Mortensen’s contribution to the success of the company and the bank, as well as the significant leadership role he has played in the Santa Monica community for the past 45 years.” Mortensen will continue to serve as Chairman Emeritus and will remain on the boards of a number of charitable and community organizations including the Los Angeles Metropolitan YMCA, Pepperdine University, St. John’s Health Center and United Way.
   Heimbuch is a leader in the community in her own right, working closely with the local Chamber of Commerce and serving on the financial oversight committee of the Santa Monica Malibu Unified School district. As her two children, ages 11 and 15, attend Santa Monica schools, she has a vital stake in their well being.
   With this appointment, Heimbuch jumps to the forefront of women bankers, surpassed only by Mary-Ann Sander of World Savings. Heimbuch says she is “excited, as this marks the end of a 45-year era for the bank.” She went on to say the new title would not “change my job too much, Bill was Chairman of the board presiding over board meetings which I attended, now I will take on that responsibility.”
   First Federal Bank of California, is a $4.7 billion banking institution, with 29 retail offices and 4 regional loan centers throughout Southern California.
   Heimbuch also expressed her gratitude to Dan Eliot who “helped us establish our business banking unit” and announced his replacement, Brad McCoy, Executive Vice President of Community Banking. First Federal has also named Armando Brescini Senior Vice President, construction loans. Brescini comes from Frontier State Bank.
   Eliot, by the way, was to be the next President of the Santa Monica Chamber of Commerce. Current President Ann Greenspun now gets to name her successor. No word yet on her choice.
   Speaking of Ann and bank purchases, here is what I know about the recent purchase of First Professional Bank. Professional Bancorp, the parent bank and holding company of First Professional Bank, was merged into First Community Bancorp January 16, 2001. First Professional acquired First Charter Bank of Beverly Hills last October. They are scheduled to merge with Pacific Western National Bank, headquartered in Brea, at the end of this month. The definitive agreement regarding that purchase was signed and announced last fall. First Community has also announced its planned purchase of Capital Bank of North County located in Carlsbad. Got it?

   Who is Marvin Elkin and why is he on a mission?
   The newly appointed chair of the Foundation Advisory Board at Santa Monica-UCLA Medical Center is leading an ambitious campaign to raise $25 million over the next five years for the medical center’s rebuilding project.
   Elkin, along with his wife, Simona, served as co-chairs of the medical center’s 75th-Anniversary Gala last year, which raised a record $700,000 for the rebuilding effort. Although hospital fund raising in general is difficult -– and extremely competitive in Santa Monica with two hospitals under construction —- Elkin appears up to the challenge. In addition to Santa Monica-UCLA, he and his wife are active supporters of other community organizations, including the YWCA, Boys and Girls Club and Santa Monica College.
   Santa Monica based architectural firm Morphosis has been awarded the commission for the $171 million, 700,000 square foot Caltrans regional headquarters building in downtown Los Angeles. Morphosis founder Thom Mayne founded the Southern California Institute for Architecture, which recently moved into new digs in downtown LA. Morphosis has worked on such diverse projects as Kate Mantilini Restaurant in Beverly Hills and the Comprehensive Cancer Center at Cedars Sinai.
   Mark Friedman Furniture has moved to 1418 Lincoln Blvd. The family-owned business had been on Fourth Street in Santa Monica since 1979.
   LowerMyBills.com, located at 2120 Colorado Ave., the online service that allows consumers to research, compare and lower monthly bills, appointed Hal Muchnick as executive vice president and general manager.
   Santa Monica physician, Richard P. Corlin, president and spokesman for the American Medical Association, is deeply concerned about “the rising costs of health care,” and foresees a shortage of medical care, doctors and hospital space as well as too costly medications. Corlin has served as a faculty member of the UCLA School of Medicine and been a practicing gastroenterologist in Santa Monica.
   Shutters on the Beach and Casa Del Mar have named Richard Reeves as sales manager. Reeves previously worked for the St. Regis in Los Angeles.
   Santa Monica REIT Macerich Co. has named Jeffrey Bedell as vice president of energy management. Macerich was named the ninth largest property management firm by the Los Angeles Business Journal with over 6 million square feet in Los Angeles County.
   Watt Management, 2716 Ocean Park Blvd., was listed as the 19th largest property management firm with 3.6 million square feet. James J. Magnin heads the firm which was established in 1978.
   Other leading property management firms based in Santa Monica include, Douglas Emmett Realty, M. David Paul and Caruso Affiliated Holdings.


   MGM update
   Though MGM owns the rights to more contemporary films than any other studio, the $7 billion price tag for the Kirk Kerkorian- controlled film studio has attracted no bidders. MGM has over 4,100 films in its library including 2,000 titles produced after 1970 and 600 titles produced after 1990. Warner Brothers owns the most titles overall with 6,500, however most of them are not considered contemporary.