Opus Bank Receives Regulatory Approval for Its Acquisition of Ten Banking Offices from Pacific Western Bank
06 September 2012 - 1:00PM
Business Wire
Opus Bank announced today that it received the requisite
regulatory approvals from the California Department of Financial
Institutions and the FDIC for its proposed acquisition of ten
banking offices and approximately $143 million of related deposits
from Pacific Western Bank, a wholly owned subsidiary of PacWest
Bancorp (NASDAQ: PACW). The acquisition is expected to be completed
on Friday, September 21, 2012, after the close of business. The ten
banking offices will reopen as Opus Bank offices on Monday,
September 24, 2012.
The banking offices are located in the communities of Encino,
Monrovia, South Pasadena, and Westwood, in Los Angeles County;
Carlsbad, El Cajon, and La Mesa, located in San Diego County; La
Quinta, located in Riverside County; and Chino and Twentynine
Palms, located in San Bernardino County, California. The
transaction will result in the transfer of approximately $143
million of low cost, relationship-based deposits and cash, and real
property associated with two of the ten locations. Although certain
other immaterial assets related to the banking offices will be
included, there are no loans included in the transaction.
Stephen H. Gordon, Chairman and Chief Executive Officer of Opus
Bank, stated, “This transaction is consistent with Opus Bank’s
long-term plan to build a relationship-based, super-community bank
with banking offices located in the major metropolitan areas up and
down the West Coast. By establishing our presence in the Inland
Empire and further expanding our existing presence in Los Angeles
and San Diego Counties, Opus Bank will be better positioned to
fulfill its mission of providing capital funding to small and
mid-sized businesses, entrepreneurs, real estate investors, and
professionals who have a vision to expand and grow.” Mr. Gordon
concluded, “We look forward to welcoming our new clients and
bankers, building upon existing relationships, and further
financing growth within our communities.”
The Opus Bank and Pacific Western Bank teams will continue to
work closely with each other to assure a smooth transition for
clients, communities, and team members.
About Opus Bank
Opus Bank, headquartered in Irvine, CA, is an FDIC insured
California-chartered commercial bank with $2.4 billion of total
assets, $1.6 billion of total loans, and $1.8 billion in total
deposits, as of June 30, 2012. Opus Bank provides high-value,
relationship-based banking products and exceptional service to its
clients comprised of small and mid-sized commercial businesses,
entrepreneurs, real estate investors, professionals, and consumers.
Opus Bank offers a wide range of loan products, including
commercial and industrial, commercial real estate, multifamily
residential, conforming and jumbo single-family residential, and
consumer loans; and is a Small Business Administration (“SBA”)
Preferred Lender. Opus Bank operates 47 banking offices, including
24 banking offices in California and 23 in the Seattle/Puget Sound
region in Washington. Opus Bank has announced plans to open new
banking offices in Gig Harbor, located in Pierce County, and Mount
Vernon, located in Skagit County, Washington. For additional
information about Opus Bank, please visit our website:
www.opusbank.com.
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