IRVINE, Calif.--(BUSINESS WIRE)--Opus Bank (“Opus”) (Nasdaq: OPB) announced today that its wholly-owned subsidiary, PENSCO Trust Company (“PENSCO”), a leading tech-enabled alternative asset IRA custodian with over $12 billion of custodial assets and 48,000 client accounts with investments in approximately 42,000 unique asset types comprised of private equity, real estate, notes, cash, and other non-exchange traded assets, has entered into an agreement to be appointed successor custodian for a national broker-dealer. PENSCO will provide custodian services for this firm’s clients’ self-directed individual retirement accounts, qualified plans, and other self-directed accounts that are invested in alternative assets.
Curtis Glovier, Chairman and CEO of PENSCO stated, “This is the third successor custodian agreement that we have entered into with a national broker-dealer this year. PENSCO’s 27-year history of specialization, innovation, and success, combined with our Alt-Nav™ technology solution, which received the award for ‘Most Innovative Technology Solution’ at this year’s HFM US Technology Awards, clearly separates PENSCO from any other alternative asset custodian.”
Patrick Hughes, President of PENSCO, added, “We are pleased to be chosen again by a top-tier firm that recognizes our track record for solving partner challenges. We look forward to providing the alternative asset custody expertise and premier client service required for clients who are invested in alternative assets such as private equity, real estate, notes and other nontraditional investments, within their qualified self-directed individual retirement accounts.”
About PENSCO Trust Company
PENSCO Trust Company has been helping investors use their retirement account funds to invest in real estate, private equity and other non-exchange traded assets since 1989. As the trusted custodian of over $12 billion in assets on behalf of 48,000 client accounts, PENSCO works with financial institutions, capital raisers, and financial advisors, as well as self-directed investors who typically have a point of view about alternative investments based on their own knowledge or expertise and want to put their tax-advantaged retirement dollars to work in these opportunities. To learn more, please visit: www.pensco.com.
About Opus Bank
Opus Bank is an FDIC-insured California-chartered commercial bank with $7.7 billion of total assets, $6.3 billion of total loans and $6.5 billion in total deposits as of September 30, 2016. Opus Bank provides superior ideas and solutions, and banking products 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, media and entertainment, corporate finance, 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, LLC. Opus Bank’s subsidiary, PENSCO Trust Company, is a leading tech-enabled alternative asset IRA custodian with over $12 billion of custodial assets and over 48,000 client accounts, which are comprised of self-directed investors, financial institutions, capital raisers, and financial advisors. Opus Bank operates 56 banking offices, including 32 in California, 21 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.
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.
Source: Opus Bank