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Opus Bank Announces Closing of Initial Public Offering

Company Release - 4/23/2014 7:00 AM ET

IRVINE, Calif.--(BUSINESS WIRE)-- Opus Bank (Nasdaq: OPB) announced the closing of its $153.8 million initial public offering of common stock. On April 22, 2014 Opus Bank and selling shareholders offered and sold a total of 5,125,864 shares of common stock at a price to the public of $30.00 per share. The offering priced on April 15, 2014.

The underwriters have an option, for 30 days after the date of pricing, to purchase up to an additional 768,879 shares of common stock from Opus Bank and the selling shareholders at the initial public offering price of $30.00 per share, less the underwriting discounts.

Total net proceeds from the initial public offering to Opus Bank were $76.3 million, after deducting the underwriting discounts and estimated offering expenses. Opus Bank did not receive any proceeds from the sale of common stock by the selling shareholders.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Sandler O’Neill & Partners, L.P., and Keefe, Bruyette & Woods, Inc. A Stifel Company were the joint book-running managers for the offering.

Opus Bank has obtained a permit for the sale of the securities from the California Commissioner of the Department of Business Oversight. This permit is permissive only and does not constitute a recommendation or endorsement of the securities sold. This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. These securities are neither insured nor approved by the FDIC, California Department of Business Oversight—Division of Financial Institutions or any other governmental agency.

About Opus Bank

Opus Bank is an FDIC insured California-chartered commercial bank with over $3.7 billion of total assets, $2.9 billion of total loans, and $2.7 billion in total deposits as of December 31, 2013. Opus Bank provides high-value, relationship-based banking products, services and solutions to its clients comprised of small and mid-sized commercial businesses, entrepreneurs, real estate investors, professionals, and consumers. Opus Bank offers a suite of treasury and cash management and depository solutions, and a wide range of loan products, including commercial and industrial, commercial real estate, multifamily residential, and is an SBA preferred lender. Opus Bank is an Equal Housing Lender. Opus Bank operates 60 banking offices, including two banking offices in the Phoenix metropolitan area of Arizona, 34 banking offices in California, and 24 banking offices in the Seattle/Puget Sound region of Washington.

Opus Bank
Mr. Jeff L. Leonard
SVP, Dir. of Corporate Strategy/Communications

Source: Opus Bank