The acquired offices are situated in the communities of Covina, La Verne, and San Dimas, in the San Gabriel Valley of Los Angeles County, Southern California and Pleasant Hill in Contra Costa County, Northern California.
Following completion of the transaction, all the branches have been rebranded and currently work as bank offices of Opus Bank, with all client accounts having been transitioned to Opus Bank.
The acquirer said that 87% of the purchased low cost core deposits include transaction account deposits, 41% of which are comprised of non-interest bearing checking account deposits. At the close of the deal, it had a total cost of deposits of 0.07%.
Opus Bank founding chairman, CEO and president Stephen Gordon said, "This transaction is consistent with Opus Bank’s long-term plan to build a relationship-based regional bank with banking offices located in the major metropolitan areas up and down the West Coast."
By expanding its presence in Los Angeles County and Contra Costa County, the bank is better positioned to offer capital to small and mid-sized businesses, entrepreneurs, real estate investors, and professionals, Gordon added.
Operating as an FDIC insured California-chartered commercial bank, Opus Bank manages 57 banking offices and had $3.2bn of total assets, $2.4bn of total loans, and $2.3bn in total deposits, as of 30 June 2013.
