Opus Bank forms new PE group and corporate finance division

California-chartered commercial bank Opus Bank said Tuesday that it has launched a new corporate finance division and private equity group. Rick Lamoreux, senior managing director, will lead the corporate finance division and Bob Hanger has been added as managing director of the same division. And Dale Cheney, senior managing director, will lead the new private equity group.


IRVINE, Calif.–(BUSINESS WIRE)–Opus Bank (“Opus” or the “Bank”) announced today the further expansion of its Merchant Bank, through the formation of its new Corporate Finance Division and its new Private Equity Group.
Stephen H. Gordon, Chairman, Chief Executive Officer and President of Opus Bank stated, “Over the past several years, banks have backed away from providing capital funding to entrepreneurs, small and mid-sized businesses, and middle-market companies, including those individuals and entities acquiring companies, thereby creating a void where successful and resilient entrepreneurs and businesses are left with few options. These clients are not well served by the larger investment banking firms and most of the banking industry lacks this entrepreneurial expertise. Opus Bank sees this as an opportunity and, with the formation of the Corporate Finance Division and the Private Equity Group, is addressing this void by providing both debt and equity capital funding through a company’s life cycle to those entrepreneurs and business owners who have a vision to expand and grow their companies.”
Opus’ Corporate Finance Division will focus on providing senior debt to lower middle market companies for mergers, acquisitions, balance sheet restructurings, recapitalizations, leveraged buy-outs, and growth capital. The Corporate Finance Division will be led by Rick Lamoreux, Senior Managing Director. Additionally, Bob Hanger, who has served as Director, Client Manager – Commercial Business Banking division since March 2013, has been named Managing Director, Corporate Finance Division.
Opus’ Private Equity Group will focus on raising capital through the private placement of equity for Opus’ clients in the Healthcare, Technology, Commercial Real Estate, Consumer, and Food and Beverage sectors, as well as other businesses served by Opus’ Commercial Business Banking division. The new Private Equity Group will be led by Dale Cheney, Senior Managing Director, who just recently joined Opus after a 13-year investment banking and private equity career.
Mr. Gordon added, “Rick Lamoreux’s many years of commercial banking experience, both at Opus and other financial institutions, focused heavily on providing debt financing for sponsor-backed M&A type transactions, will bode well for the anticipated growth of Opus’ Corporate Finance Division and its clients.” Mr. Gordon concluded, “We are excited to welcome Dale Cheney as he joins Opus Bank to drive the success of Opus’ Private Equity Group. He has a tremendous depth and breadth of experience and consistent track record of success working with and within private equity firms, investment banks, and acquisitive middle market companies.”
From 2012 to 2013, Mr. Cheney served as an Investment Principal with Altus Capital Partners, a $200 million private equity fund based in the greater New York City area, focused on executing control equity investments in lower middle-market companies. From 2007 to 2012, Mr. Cheney was with Citicorp Venture Capital in New York, where he served as Vice President and as a Principal in the successor fund. While at Citicorp Venture Capital, he was responsible for sourcing, executing, and managing control equity investments. Mr. Cheney has served as a Director on numerous portfolio company boards, and while at Citicorp Venture Capital he served as CEO for a distressed portfolio company where he successfully executed a turnaround of the business. Earlier in his career, Mr. Cheney served as an Investment Banking Associate within the Investment Banking division at Goldman Sachs & Co., and as a Transaction Services Senior Associate within the Private Equity Group of PricewaterhouseCoopers. Mr. Cheney holds a B.S. in Accounting and Finance from Brigham Young University, and an M.B.A. from Harvard University.
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with over $3.7 billion of total assets, $2.9 billion of total loans, and $2.7 billion in total deposits as of December 31, 2013. Opus Bank provides high-value, relationship-based banking products, services, and solutions to its clients comprised of small and mid-sized commercial businesses, entrepreneurs, real estate investors, professionals, and consumers. Opus Bank offers a robust suite of treasury and cash management and depository solutions, and a wide range of loan products, including commercial and industrial, commercial real estate, multifamily residential, conforming and jumbo single-family residential, and is an SBA preferred lender. Opus Bank is an Equal Housing Lender. Opus Bank operates 60 banking offices, including two in the Phoenix metropolitan area of Arizona, 34 banking offices in California, and 24 in the Seattle/Puget Sound region in Washington. For additional information about Opus Bank, please visit our website: www.opusbank.com. To learn more about how Opus Bank is backing businesses, please visit: www.opusbank.com/Spotlight