Opus Bank Completes Its Acquisition of Ten Banking Offices from Pacific Western Bank
24 September 2012 - 1:00PM
Business Wire
Opus Bank announced today that its acquisition of ten banking
offices and approximately $125.1 million of related deposits from
Pacific Western Bank, a wholly owned subsidiary of PacWest Bancorp
(NASDAQ: PACW), was completed on September 21, 2012. The ten
banking offices have been rebranded and will begin operating as
Opus Bank immediately, with all of the clients’ accounts having
been transitioned to Opus Bank.
The ten 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 resulted in the transfer of approximately $125.1
million of low cost, relationship-based deposits and cash, as well
as real property associated with two of the ten locations. Although
certain other immaterial assets related to the banking offices were
included, there were no loans included in the transaction. Opus
Bank paid a blended deposit premium of 2.5% on the deposits
transferred. The balances transferred are low cost deposits
comprised of 82% core transaction accounts, with 47% of the total
deposits comprised of non-interest bearing DDA deposits.
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 is 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
welcome our new clients and bankers, and look forward to building
upon existing relationships, and further financing growth within
our communities.”
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 57 banking offices, including
34 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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