Opus Bank has named David King to its board. King is managing director of Fortress Investment Group‘s credit funds business.
IRVINE, Calif.–(BUSINESS WIRE)–Opus Bank (“Opus”) (NASDAQ: OPB) announced today that Opus’ Board of Directors has appointed David King, Managing Director of Fortress Investment Group’s Credit Funds business, to the Opus Board effective immediately. Mr. King is replacing Norman B. Rice, who has resigned from his position on the Board to focus on his extensive community service initiatives in Seattle and beyond.
Stephen H. Gordon, Founding Chairman, CEO & President of Opus Bank, stated, “We are grateful for Norman’s valuable contributions during his tenure on the Board and wish him the best.” Gordon continued, “Fortress has been an invaluable partner to Opus since its inception and we are pleased to welcome David to the Board. David brings a wealth of credit and financial services experience, including with a number of the nation’s most prestigious financial services firms. I look forward to his contributions during the next phase of Opus’ growth.”
Mr. King said, “Opus has been and remains an important investment for Fortress and I look forward to joining the board of directors.”
Mr. King is Managing Director of Fortress Investment Group’s Credit Funds business, where he heads the Strategic Capital Group and focuses on investments in the financial services sector. Prior to joining Fortress in 2014, Mr. King founded and led Culpeper Capital Partners LLC. Mr. King was formerly a Senior Managing Director at Bear Stearns Merchant Banking and its successor firm Irving Place Capital, a middle-market private equity firm from 2001 to 2011. Prior to that he was a Managing Director of McCown De Leeuw & Co. from 1990 to 2000. From 2007 to June 2014, Mr. King served on the board of Doral Financial, and he currently serves on the boards of State National and a number of private companies in the financial services sector. Mr. King earned his B.A. at Rice University, his M.S. at SUNY Stony Brook and his MBA from Stanford University.
About Opus Bank
Opus Bank is an FDIC-insured California-chartered commercial bank with $7.7 billion of total assets, $6.3 billion of total loans and $6.5 billion in total deposits, as of September 30, 2016. Opus Bank provides superior ideas and solutions, and banking products to its clients through its Retail Bank, Commercial Bank, Merchant Bank, and Correspondent Bank. Opus Bank offers a suite of treasury and cash management and depository solutions and a wide range of loan products, including commercial, healthcare, media and entertainment, corporate finance, multifamily residential, commercial real estate, and structured finance, and is an SBA preferred lender. Opus Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Escrow and Exchange divisions. Opus Bank provides clients with financial and advisory services related to raising equity capital, targeted acquisition and divestiture strategies, general mergers and acquisitions, debt and equity financing, balance sheet restructuring, valuation, strategy, and performance improvement through its Merchant Banking Division and its broker-dealer subsidiary, Opus Financial Partners, LLC. Opus Bank’s subsidiary, PENSCO Trust Company, is a leading tech-enabled alternative asset IRA custodian with over $12 billion of custodial assets and over 48,000 client accounts, which are comprised of self-directed investors, financial institutions, capital raisers, and financial advisors. Opus Bank operates 56 banking offices, including 32 in California, 21 in the Seattle/Puget Sound region in Washington, two in the Phoenix metropolitan area of Arizona, and one in Portland, Oregon. Opus Bank is an Equal Housing Lender. For additional information about Opus Bank, please visit our website: www.opusbank.com.