Opus Bank Prices Initial Public Offering

IRVINE, Calif.--()--Opus Bank (Nasdaq: OPB) announced today that it has priced its initial public offering of 5,125,864 shares of common stock at a price to the public of $30.00 per share. In the offering, Opus Bank will sell 2,801,848 shares, while selling shareholders will sell 2,324,016 shares. In addition, the underwriters have a 30-day option 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 less the underwriting discount. The shares of Opus Bank’s common stock are expected to begin trading on The Nasdaq Global Select Market on April 16, 2014 under the ticker symbol "OPB." The offering is expected to close on April 22, 2014, subject to the completion of customary closing conditions.

The net proceeds of this initial public offering to Opus Bank are estimated to be approximately $76.3 million, after deducting the underwriting discount and estimated offering expenses, prior to any exercise of the underwriters’ option to purchase additional shares. Opus Bank intends to use the net proceeds that it receives from the offering to support its growth in the western U.S. region, as well as for general corporate purposes and a contribution to the Opus Community Foundation. Opus Bank will not receive any proceeds from the sale of shares 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 are acting as joint book-running managers for the offering.

The offering has been made only by means of an offering circular. A registration statement on Form 10, as amended (“Form 10”), relating to these securities has been declared effective by the Federal Deposit Insurance Corporation (“FDIC”). A copy of the Form 10 is, and a copy of the final offering circular will be, available at www.opus-offering.com. Copies of the final offering circular, when available, may also be obtained from J.P. Morgan Securities LLC at Attention: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling toll-free at (866)-803-9204; Credit Suisse Securities (USA) LLC at Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, or by calling toll-free at (800)-221-1037, or by e-mail at newyork.prospectus@credit-suisse.com; Sandler O’Neill & Partners, L.P. at Attention: Syndicate, 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, or by calling toll-free at (866)-805-4128, or by e-mail at syndicate@sandleroneill.com; or from Keefe, Bruyette & Woods, Inc. A Stifel Company at Attention: Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, or by calling toll-free at (800)-966-1559.

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 being 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.

Forward-Looking Statements

This press release contains “forward-looking statements.” These forward-looking statements include information concerning Opus Bank’s use of the proceeds from the offering and the expected closing date of the offering, both of which are subject to change and are subject to risks, uncertainties and assumptions. The forward-looking information presented in this press release is not a guarantee of future events, and actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “intend” or “expect” or variations thereon or similar terminology. All such statements speak only as of the date made, and Opus Bank undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Opus Bank
Mr. Jeff L. Leonard
SVP, Dir. of Corporate Strategy/Communications
949-251-8146

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Contacts

Opus Bank
Mr. Jeff L. Leonard
SVP, Dir. of Corporate Strategy/Communications
949-251-8146