LOS ANGELES-The merger will create the fourth largest bank in the California market and the 19th largest in the US. Separately, two other big SoCal banking players suffer after Wall Street analyst lowers his recommendations.

SAN MARCOS-Newport Beach developer is sinking nearly $2 million into facelift and office conversion for ailing outlet center.

CHICAGO-The nation's largest apartment REIT has completed its acquisition of Grove Properties Trust. The acquisition added 62 properties with 7,526 units to Equity Residential's portfolio, which now consists of over 225,000 units in 35 states.

NEW YORK CITY-Investment opportunities will be sought on properties capitalized between $20 to $50 million that can benefit from value enhancement. Initially, the firm will focus on domestic transactions and in the near future seek out international deals.