Opus Bank Announces $22.3 Million of Multifamily Loan Fundings in Seattle, Washington Metropolitan Area

IRVINE, Calif.--(BUSINESS WIRE)--Opus Bank (the “Bank”) announced today that its Income Property Banking Group funded ten loans, totaling $22.3 million, secured by multifamily residential properties located in the Seattle/Puget Sound metropolitan area during the months of December 2011 and January 2012. The ten loans were comprised of a diverse mix of investment properties, including multifamily residential, mixed-use, and mobile home properties in the cities of Auburn, Seattle, and Shoreline, located in King County; Everett, Lynnwood, and Marysville, located in Snohomish County; and Sedro-Woolley, located in Skagit County, Washington.

“As residential foreclosures are increasing, resulting in our country shifting toward becoming more of a rental nation, multifamily and other affordable housing options are in heavy demand. Here in the Western region, the need could not be greater.”

Stephen H. Gordon, Chairman and Chief Executive Officer of Opus Bank, stated, “As residential foreclosures are increasing, resulting in our country shifting toward becoming more of a rental nation, multifamily and other affordable housing options are in heavy demand. Here in the Western region, the need could not be greater.”

Dan Borland, President of Opus Bank’s Income Property Banking division, stated, “I am pleased with the early success that our Washington income property banking group achieved at the end of 2011 and beginning of 2012, since Opus Bank’s June 2011 acquisition of Cascade Bank. I expect the recent success to continue throughout the remainder of 2012, as the market activity begins to reflect real estate investors' optimism in the Seattle/Puget Sound metropolitan area.” Borland added, “Opus Bank has a unique understanding of the needs of income property real estate investors, and particularly multifamily real estate investors. We provide attractive loan products, with a quick and efficient process through funding, as well as Opus Bank specializes in providing treasury and cash management payment products and services such as remote deposit capture and ACH services that streamline the collection of rental and lease payments, as well as the back office accounting for our clients.”

For additional information about Opus Bank’s income property loan programs in the Seattle, Washington area, please visit our website: www.opusbank.com/income.

About Opus Bank

Opus Bank, headquartered in Irvine, CA, is an FDIC insured California-chartered commercial bank with $2.4 billion of total assets, $1.6 billion of total loans, and $1.8 billion in total deposits, as of December 31, 2011. 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, 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 39 banking offices, including 22 in the Seattle/Puget Sound region in Washington and 17 banking offices in Southern California. Opus Bank has announced plans to open new banking offices in Danville, located in Contra Costa County; Long Beach, Pasadena, and West Los Angeles, located in Los Angeles County; Laguna Niguel, located in Orange County; Del Mar and La Jolla, located in San Diego County, California; Gig Harbor, located in Pierce County, and Mount Vernon, located in Skagit County, and Kirkland, located in King County, Washington. For additional information about Opus Bank, please visit our website: www.opusbank.com.