Opus Bank has completed the acquisition of PENSCO Services and its subsidiary PENSCO Trust Company.
Founded in 1989, PENSCO is a leading tech-enabled alternative asset IRA custodian, with approximately $10.7 billion of custodial assets and over 45,000 clients with investments in over 40,000 unique asset types comprised of private equity, real estate, notes, cash, and other non-exchange traded assets.
PENSCO will operate as a wholly-owned subsidiary of Opus, with Kelly Rodriques continuing as President and Chief Executive Officer of PENSCO and joining Opus as Executive Vice President – Wealth Services. Pursuant to the terms of the agreement, PENSCO Services, LLC’s members received aggregate consideration comprised of 1,664,615 shares of Opus Bank common stock and approximately $46.4 million in cash.
Opus Bank was advised by Credit Suisse Securities (USA) LLC and Sandler O’Neill + Partners, L.P., with legal representation from Holland & Knight LLP.
PENSCO and its board of directors were advised by Financial Technology Partners LP and FTP Securities LLC. PENSCO received legal representation from Goodwin Procter LLP.