This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Opus Bank Receives Regulatory Approval For Its Acquisition Of Ten Banking Offices From Pacific Western Bank

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,832.19 -303.53 -1.67%
S&P 500 2,071.98 -29.06 -1.38%
NASDAQ 4,929.8360 -52.9730 -1.06%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs