Opus Bank Appeals to Washington to End the Stalemate and Refocus on America’s Economic Recovery

IRVINE, Calif.--(BUSINESS WIRE)--Stephen H. Gordon, Chairman and Chief Executive Officer of Opus Bank, appealed today to U.S. lawmakers to immediately make the tough decisions and take the actions necessary to put an end to the current stalemate in Washington and immediately refocus on America’s economic recovery and financial security.

“America has experienced the impact of the last wave of economic devastation”

“America has experienced the impact of the last wave of economic devastation,” Gordon said. “The trickle-down effect was precipitous and the impact shattered the economic health of the financial system, our states and cities, businesses, and families across America. Americans have worked too hard to recover from the last crisis to allow irresponsible jockeying in Washington to result in another wave of economic destruction.”

Gordon has been an advocate for well-capitalized banks to step-up and lead the economic turnaround and he called for an end to the paralysis in Washington. “We’ve committed to providing capital funding to businesses, entrepreneurs, real estate investors, and families in our communities who have turned the economic corner, proven their ability to expand, increase taxable income, and drive new jobs; those who now need a partner for growth. It’s reprehensible that the direct actions of our nation’s leaders could place our already fragile economic recovery in serious jeopardy,” Gordon said. “Testing our economy’s ability to endure a U.S. government default and credit downgrade is not an option.”

Gordon called for Washington representatives who are employed by the American taxpayer and entrusted with the stewardship of this nation to immediately resolve the stalemate and put America’s economic recovery first on their agenda.

About Opus Bank

Opus Bank is an FDIC insured California-chartered commercial bank with approximately $2.2 billion of total assets, $1.2 billion of total loans and $1.4 billion in total deposits, as of June 30, 2011, without giving effect to purchase accounting adjustments. Opus Bank provides high value, relationship-based banking products and exceptional service to its clients comprised of small and mid-sized commercial businesses, entrepreneurs, real estate investors, high-net-worth individuals, professionals, and consumers. Opus Bank offers a wide range of loan products, including commercial and industrial, commercial real estate, multifamily residential, jumbo single-family residential, and consumer loans; and is a Small Business Administration (“SBA”) Preferred Lender. Opus Bank currently operates 27 banking offices, including 22 in the Seattle/Puget Sound region in Washington and five banking offices in the South Bay communities of Los Angeles County and maintains an executive and administrative office in Irvine, located in Orange County, California. Opus Bank has announced plans to open new banking offices in Encino, Beverly Hills, and West Los Angeles, located in Los Angeles County; Corona del Mar, Newport Coast, and Irvine, located in Orange County; and La Jolla, located in San Diego County, California. On June 6, 2011, Opus Bank announced that it entered into a definitive agreement to acquire RMG Capital Corporation (“RMG”) and its bank subsidiary, Fullerton Community Bank, FSB. Established in 1927, Fullerton Community Bank is a federally chartered savings bank that operates eight full service banking offices in northern Orange County, California, and has $681.9 million of total assets, $511.1 million of total deposits, and $529.3 million of total loans, as of March 31, 2011. At year-end, on a pro forma basis after the close of the acquisition of RMG, Opus Bank is expected to have nearly $3.0 billion of total assets and operate 42 banking offices on the West Coast. For additional information about Opus Bank, please visit our website:  www.opusbank.com.