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Opus Bank Completes Acquisition of Commerce Escrow Company and RPM Investments, Inc.

Company Release - 4/1/2015 7:00 AM ET

IRVINE, Calif.--(BUSINESS WIRE)-- Opus Bank (“Opus”) (Nasdaq: OPB) announced today that it completed the acquisition of both Commerce Escrow Company (“CEC” or “Commerce”), the premier Los Angeles-based escrow company focused on commercial business and commercial real estate transactions, and RPM Investments Inc. (“RPM”), a leading accommodator for tax-deferred commercial exchanges under Section 1031 of the Internal Revenue Code (“Section 1031”). Pursuant to the terms of the agreement, shareholders of CEC and RPM received aggregate consideration of $25 million, with 55% paid in Opus Bank common stock, which equaled 449,273 shares and was determined based on the average of the closing prices of Opus common stock over the 10 business days ending the day prior to the closing date, and 45%, or $11.25 million, paid in cash. CEC and RPM will now operate as separate divisions within Opus, with Mark Minsky assuming the role of Senior Managing Director, Robert Minsky serving as Managing Director, and Danielle Graf Kitzes serving as Director.

About Opus Bank

Opus Bank is an FDIC insured California-chartered commercial bank with $5.1 billion of total assets, $4.1 billion of total loans, and $3.8 billion in total deposits as of December 31, 2014. Opus Bank provides high-value, relationship-based banking products, services, and solutions to its clients through its Retail Bank, Commercial Bank, Merchant Bank, and Correspondent Bank. Opus Bank offers a suite of treasury and cash management and depository solutions and a wide range of loan products, including commercial business, healthcare, technology, multifamily residential, commercial real estate, and structured finance, and is an SBA preferred lender. Opus Bank is an Equal Housing Lender. Opus Bank operates 58 banking offices, including two in the Phoenix metropolitan area of Arizona, 32 in California and 24 in the Seattle/Puget Sound region in Washington. For additional information about Opus Bank, please visit our website: www.opusbank.com.

Opus Bank
Brett G. Villaume, 949-224-8866
SVP, Director of Investor Relations
or
Mr. Jeff L. Leonard, 949-251-8146
SVP, Dir. of Corporate Strategy/Communications

Source: Opus Bank