Opus Bank, a growing financial institution with offices in California and Washington state, has received the necessary regulatory approvals from the California Department of Financial Institutions and the Federal Deposit Insurance Commission to acquire a number of existing bank locations from Pacific Western Bank. The ten bank locations included in the deal are located in San Diego and San Bernardino counties.
Pacific Western, an owned subsidiary of PacWest Bancorp, will make over approximately $143 million in related deposits and cash, as well as immaterial assets relating to the office properties. Along with the banking offices, the transaction also includes real property for two of the locations. No loans are included in the transaction. The deal is expected to close on September 21, with all ten offices to reopen as Opus Bank offices on September 24.
Stephen H. Gordon, chairman and CEO of Opus Bank, said the transaction is in line with the company’s long-term strategy to develop a network of “relationship-based, super-community” banks 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 business, entrepreneurs, real estate investors and professionals who have a vision to expand and grow,” Gordon said.
Opus Bank is headquartered Irvine and is a FDIC insured California chartered bank with $2.4 billion of total assets, $1.6 billion of total loans and $1.8 billion in total deposits at the end of June 2012. The company owns 24 offices throughout Southern California, and 23 locations in Washington state.
Opus Bank honors 11 charities with financial grants
Opus Bank preps to open Crystal Cove branch
Opus Bank opens new location in Orange County