Irvine-based Opus Bank has officially completed the acquisition of ten Pacific Western Bank locations throughout Southern California. The branches, which have already been rebranded with client accounts transferred to Opus Bank, will begin operating immediately.
The transition included roughly $125.1 million in low cost, “relationship-based” deposits and cash along with property connected to two locations. No loans were included in the transfer, but some immaterial assets were a part of the transaction.
Opus paid a combined premium of 2.5 percent on the transferred deposits to facilitate the transition; the low-cost deposit transferred balances are comprised of 82 percent low cost transaction accounts and 47 percent non-interest DDA deposits.
“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,” said Stephen H. Gordon, chairman and CEO of Opus Bank. “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.”
The ten locations are spread throughout Los Angeles, Riverside, San Bernardino and San Diego counties. Los Angeles locations include Encino, Monrovia, South Pasadena, and Westwood along with Riverside’s La Quinta, San Bernardino’s Chino and Twentynine Palms and San Diego locations in Carlsbad, El Cajon, and La Mesa.
“We welcome our new clients and bankers, and look forward to building upon existing relationships, and further financing growth within our communities,” Gordon said.
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