Opus Bank announced today that it received the requisite regulatory approvals from the California Department of Financial Institutions and the FDIC for its proposed acquisition of ten banking offices and approximately $143 million of related deposits from Pacific Western Bank, a wholly owned subsidiary of PacWest Bancorp (NASDAQ: PACW). The acquisition is expected to be completed on Friday, September 21, 2012, after the close of business. The ten banking offices will reopen as Opus Bank offices on Monday, September 24, 2012.
The banking offices are located in the communities of Encino, Monrovia, South Pasadena, and Westwood, in Los Angeles County; Carlsbad, El Cajon, and La Mesa, located in San Diego County; La Quinta, located in Riverside County; and Chino and Twentynine Palms, located in San Bernardino County, California. The transaction will result in the transfer of approximately $143 million of low cost, relationship-based deposits and cash, and real property associated with two of the ten locations. Although certain other immaterial assets related to the banking offices will be included, there are no loans included in the transaction.
Stephen H. Gordon, Chairman and Chief Executive Officer of Opus Bank, stated, “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. By establishing our presence in the Inland Empire and further expanding our existing presence in Los Angeles and San Diego Counties, Opus Bank will be 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 look forward to welcoming our new clients and bankers, building upon existing relationships, and further financing growth within our communities.”
The Opus Bank and Pacific Western Bank teams will continue to work closely with each other to assure a smooth transition for clients, communities, and team members.