Opus Bank (“Opus” or the “Bank”) announced today that, on August 16, 2013, it completed the acquisition of four banking offices and approximately $117 million of related deposits from California Bank and Trust (“CB&T”), a wholly owned subsidiary of Zions Bancorporation (NASDAQ: ZION). The four banking offices have been rebranded and now operate as Opus Bank, with all client accounts having been transitioned to Opus Bank.
The four banking offices are located in the communities of Covina, La Verne, and San Dimas, located in the San Gabriel Valley of Los Angeles County, in Southern California; and Pleasant Hill, located in Contra Costa County, in Northern California.
The transaction resulted in the transfer of deposits from CB&T to Opus Bank in exchange for a weighted average deposit premium of approximately 3.20% applied to the deposit balances transferred at closing. Eighty-seven percent of the acquired low cost core deposits are comprised of transaction account deposits, 41% of which are comprised of non-interest bearing checking account deposits, and have a total cost of deposits of 0.07% at the close of the transaction. Business deposits accounted for 36% of the total. Although certain other branch-related assets with an approximate value of $190,000 were included in the transaction, no loans were transferred.
Stephen H. Gordon, Founding Chairman, Chief Executive Officer, and President of Opus Bank, stated, “This transaction is consistent with Opus Bank’s long-term plan to build a relationship-based regional bank with banking offices located in the major metropolitan areas up and down the West Coast. By establishing our presence in Contra Costa County and further expanding our existing presence in Los Angeles County, Opus 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.” Mr. Gordon concluded, “We welcome our new clients and bankers, and look forward to building upon existing relationships while further financing growth within the communities that we serve.”
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $3.2 billion of total assets, $2.4 billion of total loans, and $2.3 billion in total deposits, as of June 30, 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, SBA, commercial real estate, multifamily residential, conforming and jumbo and single-family residential loans; and is an Equal Housing Lender. Opus Bank operates 57 banking offices, including 34 banking offices in California and 23 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.
Mr. Stephen H. Gordon
Chairman & CEO
Mr. Jeff L. Leonard
SVP, Dir. of Corporate Strategy/Communications
Telephone: (949) 250-9800
Facsimile: (949) 250-9988
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