Opus Bank has raised $100 million in new equity financing led by Opus Bank’s founding Chairman & CEO; funds affiliated with Elliott Management Corp., funds affiliated with Fortress Investment Group; and a fund affiliated with Starwood Capital Group. The money will be used for growth efforts, including acquisitions.
Opus Bank (the “Bank”) announced today that it successfully raised an additional $100 million of new equity capital from its existing investor base, led by Stephen H. Gordon, Opus Bank’s founding Chairman & CEO, funds affiliated with Elliott Management Corporation, funds affiliated with Fortress Investment Group LLC, and a fund affiliated with Starwood Capital Group. The capital will provide additional support for the Bank’s continued growth, both organically and through acquisitions.
Mr. Gordon commented, “The successful completion of this equity capital raise positions Opus Bank to continue our plans to grow, both organically and through acquisitions, including the completion of the Fullerton Community Bank acquisition, which we expect to occur on October 31, 2011.” Mr. Gordon added, “We look forward to continuing the execution of our plan to grow into a super-regional bank, as we partner with those small and mid-sized commercial businesses, entrepreneurs, real estate investors, high-net-worth individuals, professionals, and consumers who share our vision to expand and grow, create new jobs, and thereby lead the economic turnaround up and down the West Coast.”
Patton Boggs LLP acted as legal advisors to Opus Bank on the transaction.
About Opus Bank
Opus Bank, headquartered in Irvine, CA, is an FDIC-insured California-chartered commercial bank with $2.2 billion of total assets, $1.1 billion of total loans, and $1.4 billion in total deposits as of June 30, 2011. 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, high-net-worth individuals, professionals, and consumers. Opus Bank offers a wide range of loan products, including commercial and industrial, commercial real estate, multifamily residential, jumbo single-family residential, and consumer loans; and is a Small Business Administration (“SBA”) Preferred Lender. Opus Bank currently operates 30 banking offices, including 22 in the Seattle/Puget Sound region in Washington and eight banking offices in Southern California. Opus Bank has announced plans to open new banking offices in Danville, located in Contra Costa County; Encino, Long Beach, and West Los Angeles, located in Los Angeles County; Irvine and Laguna Niguel, located in Orange County; Del Mar and La Jolla, located in San Diego County, California; and Kirkland, located in King County, Washington. On June 6, 2011, Opus Bank announced that it entered into a definitive agreement to acquire RMG Capital Corporation (“RMG”) and its bank subsidiary, Fullerton Community Bank, FSB. Established in 1927, Fullerton Community Bank is a federally chartered savings bank that operates seven full service banking offices in northern Orange County, California, and has $640.3 million of total assets, $488.7 million of total deposits, and $521.9 million of total loans, as of June 30, 2011. For additional information about Opus Bank, please visit our website: www.opusbank.com.
The information contained in this press release does not constitute an offer to sell or solicitation of an offer to purchase the securities of Opus Bank nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale is not permitted or would be unlawful. The securities sold by Opus Bank are not registered under the Securities Act of 1933, as amended (“1933 Act”), and may not be sold or transferred absent registration or an applicable exemption from registration under the 1933 Act.