BRIEFLY IN BUSINESS

New Year’s Day is start of new minimum wageEffective today, Newport-Mesa business owners will have to up their pay rates for their minimum wage workers.

California minimum wage workers will now receive $7.50 an hour, per Assembly Bill 1835 signed by Gov. Arnold Schwarzenegger in September. On Jan. 1, 2008, the rate will rise to $8.

For more information, call the Division of Labor Standards Enforcement’s phone line at (888) ASK-WAGE, (888) 275-9243, for a recorded message.

4 local banks receive analysts’ top ratingFour Newport-Mesa banks received five-star ratings for data compiled through September by Florida-based BauerFinancial, which analyzes the financial conditions of banks and credit unions in the country.

The Commercial Bank of California and Pacific Premier Bank in Costa Mesa received the five-star rating as did Downey Savings and Loan in Newport Beach.

The Fairview Employees Federal Credit Union in Costa Mesa also took the superior rating.

Costa Mesa’s Pacific Mercantile Bank and Newport Beach’s Independence Bank and the Newport Beach City Employees Federal Union received an excellent rating with four stars. The Orange County Business Bank received 3 1/2 stars, which equals good on BauerFinancial’s scale, and the Costa Mesa Federal Credit Union received an adequate rating, with three stars.

The ratings are based on the amount of capital each bank has as well as other issues, such as asset quality, liquidity, profitability and historical data.

Real estate firm hires director of acquisitionsNewport Beach-based Heslin Holdings Inc. announced last week that it has named Casey McKeon as director of acquisition.

The local firm has plans to expand its holdings, and McKeon was appointed to oversee acquisitions and developments in the Southwest.

Before joining Heslin, McKeon served as director of development for Southland Development Inc.

Heslin is a real estate acquisition and development firm specializing in retail portfolios.

Newport restaurant week is this monthNewport Beach restaurant week begins Jan. 21, with almost 100 of Newport’s finest restaurant’s participating.

The event’s proceeds will benefit the 1st Battalion, 1st Marines of Camp Pendleton.

Each participating restaurant will offer a special menu for $12.95 for lunch and $26.95 for dinner, which in many cases would be a deep discount.

The citywide promotion lasts through Jan. 25. For more information go to www.visitnewportbeach.com/restaurant-week.aspx.