Opus Bank has received regulatory approvals from the California Department of Financial Institutions and the FDIC for its planned acquisition of ten banking offices and almost $143m of related deposits from Pacific Western Bank, a wholly owned subsidiary of PacWest Bancorp.
The acquisition is expected to be completed on 21 September 2012, following which the ten bank branches will reopen as Opus Bank offices on 24 September 2012.
The bank branches being acquired 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.
As a part of the deal, nearly $143m of low cost, relationship-based deposits and cash, and real property associated with two of the ten locations will be transferred to the acquirer.
Opus Bank chairman and chief executive officer Stephen Gordon said the deal complements 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." Gordon concluded.
Headquartered in Irvine, Opus Bank is an FDIC insured California-chartered commercial bank with $2.4bn of total assets, $1.6bn of total loans, and $1.8bn in total deposits, as of 30 June 2012.