History of Opus Bank
History of Opus Bank
Opus Bank was founded on September 30, 2010 when a group of investors completed the acquisition and recapitalization of Bay Cities National Bank, a community bank headquartered in Redondo Beach, CA, with an injection of over $400 million of new equity. Bay Cities was subsequently converted to a California-chartered commercial bank, regulated by the FDIC and the State of California DBO, and renamed Opus Bank.
Opus was founded at a time when the banking industry was still reeling from the Financial Crisis and most banks were inwardly focused, struggling with capital constraints and trying to limit losses from problem credits. The banking industry was in need of an institution with a strong balance sheet and equally strong leaders who could facilitate growth and who shared the entrepreneurial vision of its clients.
Since the Bay Cities acquisition, Opus has completed an additional seven acquisitions, including two whole bank acquisitions; two acquisitions of multiple banking offices and related client deposits; and the acquisitions of three non-bank, bank-like businesses. At the same time, Opus has achieved strong organic growth through the development of its Commercial Bank, Retail Bank, Merchant Bank, and its alternative asset IRA custodian subsidiary, PENSCO Trust Company.
Important Events in Opus' History
June 29, 2016
April 27, 2016
April 14, 2016
March 29, 2016
2016
Funded $2.4 billion of Loans in 2015
December 21, 2015
December 15, 2015
November 23, 2015
April 1, 2015
February 2, 2015
2015
Funded $1.8 billion of Loans in 2014
June 19, 2014
April 23, 2014
2014
Funded $1.1 billion of Loans in 2013
August 19, 2013
July 16, 2013
Opus Bank Announces Expansion and Maturation of its Income Property Banking Division with Newly Formed Structured Finance Division
May 14, 2013
2013
Funded $1.0 billion of Loans in 2012
October 15, 2012
Opus Bank Announces $22.5 Million of Acquisition Financing Provided to Adesto Technologies
September 24, 2012
April 4, 2012
Opus Bank Appoints Miguel A. Serricchio Senior Managing Director, President of Treasury Management and Payment Solutions Division
March 26, 2012
Opus Bank Appoints Phil Petrozzi Senior Vice President, Senior Managing Director of Fiduciary Banking Division
2012
November 1, 2011
Opus Bank Completes its Acquisition of RMG Capital Corporation and Fullerton Community Bank, FSB
October 28, 2011
July 1, 2011
2011
October 20, 2010
Opus Bank Establishes and Funds Opus Community Foundation with $4.3 Million Initial Contribution
October 6, 2010
Opus Bank Announces the Completion of its $460 Million Recapitalization and Change in Control Plan
2010
