IRVINE, Calif.--()--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.
“We welcome our new clients and bankers, and look forward to building upon existing relationships, and further financing growth within our communities.”
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.