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Thursday, Jun 8, 2023

Briefs: Talon, Community Bank

Zipper maker Talon International Inc. has finalized a $8.5 million credit facility with Union Bank, N.A. of Los Angeles. The agreement includes a $5 million term loan and a $3.5 million revolving credit facility. The Woodland Hills company said Tuesday it also repaid a debt of $5.8 million to CVC California LLC using $1 million from the revolving credit facility, as well as proceeds from the term loan. Chief Executive Lonnie Schnell said refinancing the promissory note is the last step of a deal to eliminate preferred stock that was announced last July. “(It) is an important milestone in our multi-year effort to strengthen Talon’s capital structure,” Schnell said in a statement. Shares fell 5 cents, or 16 percent, to 29 cents in over-the-counter trading. Community Bank has named David R. Misch as its new chief executive. He replaces David Malone who had served in that position for five years. Misch has been in the banking industry for more than 30 years and held executive positions at The Private Bank of California, BNY Mellon Wealth Management, and Mellon 1st Business Bank. Community Bank, headquartered in Pasadena, has 17 locations including Burbank, Glendale, Santa Clarita and Woodland Hills.

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