Opus Bank Announces New Chief Credit Officer

IRVINE, Calif.--(BUSINESS WIRE)--Opus Bank (the “Bank”) announced today that Michael L. Allison joined the Opus Bank executive management team on August 29, 2011 as Executive Vice President, Chief Credit Officer. Mr. Allison’s 33-year banking career has focused on credit related to commercial banking, including asset-based lending, C&I, multifamily residential, and commercial real estate lending. Additionally, Mr. Allison brings to the company extensive bank acquisition and recapitalization experience having been involved in the acquisitions of Bank United Corp., Dime Bancorp, and Commercial Capital Bancorp by Washington Mutual, and the recapitalization of Cascade Bancorp (“Cascade”) (NASDAQ: “CACB”), and its Bend, Oregon-based bank subsidiary, Bank of the Cascades.

“We are proud to have Michael join Opus Bank as a member of the Bank’s executive team. His experience with community, regional, super-regional, and national financial institutions is a natural fit as we look to grow into a strong super-regional bank in the Western region.”

Mr. Allison joins the Bank most recently from Cascade, where he served as Executive Vice President and Chief Credit Officer since September 3, 2009. During his tenure at Cascade, he was a member of the executive management team that led the successful recapitalization effort, which on January 28, 2011 raised $177 million from investors David Bolger, WL Ross & Co. LLC, Leonard Green & Partners LP, and Lightyear Capital LLC. From 2001 to 2009, Mr. Allison held executive positions at Washington Mutual (“WaMu”), where he initially joined as Executive Vice President, Senior Credit Officer of WaMu Commercial. More recently, he served as Executive Vice President, Head of the Commercial Real Estate Lending (“CREL”) group, which is now part of JPMorgan Chase (NYSE: “JPM”), and ultimately served as WaMu’s Executive Vice President, Deputy Chief Credit Officer, focusing on credit related to commercial banking; and C&I, multifamily, and commercial real estate banking across WaMu’s national platform, with an emphasis on markets up and down the West Coast. For 15 years, from 1986 to 2001, Mr. Allison held senior credit positions with Seafirst Bank and Bank of America in Washington and Oregon, with a focus on asset-based lending, commercial banking, and credit administration. From 1984 to 1986, Mr. Allison was with Barclays Bank and BarclaysAmerican Business Credit where he was responsible for secured commercial borrower relationships. Mr. Allison started his career with Walter Heller Western, Inc., where he focused on factoring and secured lending in the Pacific Northwest. Mr. Allison attended Albers Graduate School of Business at Seattle University and California State University, Chico.

Stephen H. Gordon, Chairman, Chief Executive Officer and President of Opus Bank, stated, “We are proud to have Michael join Opus Bank as a member of the Bank’s executive team. His experience with community, regional, super-regional, and national financial institutions is a natural fit as we look to grow into a strong super-regional bank in the Western region.” Mr. Gordon added, “Michael’s depth and breadth of experience in the areas of credit, portfolio management, and due diligence through multiple credit cycles, in both business and real estate banking, will have an immediate and positive impact, as Opus Bank continues to grow and expand its loan origination volumes, product offerings, market presence, and overall banking franchise, both organically and through acquisitions.”

About Opus Bank

Opus Bank is an FDIC insured California-chartered commercial bank with $2.2 billion of total assets, $1.1 billion of total loans, and $1.4 billion in total deposits as of June 30, 2011. Opus Bank provides high value, relationship-based banking products and exceptional service to its clients comprising 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 29 banking offices, including 22 in the Seattle/Puget Sound region in Washington and seven banking offices in Southern California and maintains executive and administrative offices in Irvine, California, and Everett, Washington. Opus Bank has announced plans to open new banking offices in Encino and West Los Angeles, located in Los Angeles County; Corona del Mar 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 $640.3 million of total assets, $488.7 million of total deposits, and $521.9 million of total loans, as of June 30, 2011. For additional information about Opus Bank, please visit our website: www.opusbank.com.