Newport Pacific Merges With Statesman Capital

Newport Pacific Capital, a Newport Beach real estate syndication company, has merged with Statesman Capital Corp., a diversified insurance and financial services company in Santa Ana.

Harold Hartley, chairman and chief executive officer of Newport Pacific, refused to place a monetary value on the merger agreement but said the deal partially involves a stock exchange.

Hartley said the merger will not affect employment at either firm.

The merger creates a new company, Newport Pacific Statesman Corp., to be based in Newport Beach. Hartley will serve as chairman and chief executive officer while Stateman Capital president Richard Ferree will be president and chief operating officer.