IRVINE, Calif.--(BUSINESS WIRE)--Opus Bank (“Opus” or the “Bank”) (NASDAQ: OPB) announced today that Michael L. Allison was elected to Opus’ Board of Directors at the Bank’s 2016 Annual Meeting of Shareholders held on Thursday, April 28, 2016. Mr. Allison joined Opus in August of 2011 and serves as Co-President and President of Opus’ Commercial Bank.
Stephen H. Gordon, Founding Chairman, CEO, & President stated, “We are pleased to announce that Michael has been elected to Opus’ Board of Directors. I’m particularly proud that Michael, as a true partner in building Opus, and in the spirit of meritocracy, now joins me in the boardroom steering the future success of Opus. Since joining nearly five years ago, Michael has continually shared the depth and breadth of his experience and, through his passionate leadership, has had a significant positive impact on the growth, maturation, and entrepreneurial culture of Opus.” Gordon concluded, “Michael will hold the board seat previously held by Richard Sanchez, who continues with Opus in his current roles as Executive Vice President, Chief Risk Officer and Chief Administrative Officer.”
Mr. Allison was named President of the Commercial Bank in June 2013 and is responsible for Opus’ commercial business and real estate related credit, relationship-based corporate and commercial banking, loan asset generation, and bank strategy. Mr. Allison's 33-year banking career has focused on credit and origination related to commercial banking, including asset based lending, commercial and industrial, multifamily residential and commercial real estate lending. Additionally, Mr. Allison has 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. From 2001 to 2009, Mr. Allison served in executive positions at Washington Mutual and at JPMorgan Chase following its acquisition of Washington Mutual in 2008. Mr. Allison initially joined as EVP, Senior Credit Officer of Washington Mutual Commercial. More recently, he served as EVP, Head of the Commercial Real Estate Lending group and ultimately served as EVP, Deputy Chief Credit Officer. From 1986 to 2001, Mr. Allison held senior credit and origination positions with Seafirst Bank and Bank of America in Washington and Oregon. From 1984 to 1986, Mr. Allison served with Barclays Bank and Barclays American 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 served as the EVP and Chief Credit Officer at Cascade Bancorp. Mr. Allison attended Albers Graduate School of Business at Seattle University and California State University, Chico.
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $6.9 billion of total assets, $5.8 billion of total loans, and $5.2 billion in total deposits as of March 31, 2016. 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, healthcare, technology, multifamily residential, commercial real estate, and structured finance, and is an SBA preferred lender. Opus Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Escrow and Exchange divisions. Opus Bank provides clients with financial and advisory services related to raising equity capital, targeted acquisition and divestiture strategies, general mergers and acquisitions, debt and equity financing, balance sheet restructuring, valuation, strategy, and performance improvement through its Merchant Banking division and its broker-dealer subsidiary, Opus Financial Partners. Opus Bank’s subsidiary, PENSCO Trust Company, is a leading tech-enabled alternative asset IRA custodian with approximately $11 billion of custodial assets and over 45,000 clients, which are comprised of self-directed investors, financial institutions, capital raisers, and financial advisors. Opus Bank operates 58 client experience centers, including 33 in California, 22 in the Seattle/Puget Sound region in Washington, two in the Phoenix metropolitan area of Arizona, and one in Portland, Oregon. Opus Bank is an Equal Housing Lender. For additional information about Opus Bank, please visit our website: www.opusbank.com.
Forward-Looking Statements
This release may include forward-looking statements related to Opus’ plans, beliefs and goals, which involve certain risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. 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 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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