IRVINE, Calif.--(BUSINESS WIRE)--Opus Bank (“Opus”) (NASDAQ: OPB) announced today that it completed the acquisition of PENSCO Services, LLC and its wholly-owned subsidiary PENSCO Trust Company (“PENSCO”). Founded in 1989, PENSCO is a leading tech-enabled alternative asset IRA custodian, with approximately $10.7 billion of custodial assets and over 45,000 clients with investments in over 40,000 unique asset types comprised of private equity, real estate, notes, cash, and other non-exchange traded assets. PENSCO will operate as a wholly-owned subsidiary of Opus, with Kelly Rodriques continuing as President and Chief Executive Officer of PENSCO and joining Opus as Executive Vice President – Wealth Services. Pursuant to the terms of the agreement, PENSCO Services, LLC’s members received aggregate consideration comprised of 1,664,615 shares of Opus Bank common stock and approximately $46.4 million in cash.
Opus Bank was advised by Credit Suisse Securities (USA) LLC and Sandler O'Neill + Partners, L.P., with legal representation from Holland & Knight LLP. PENSCO and its board of directors were advised by Financial Technology Partners LP and FTP Securities LLC. PENSCO received legal representation from Goodwin Procter LLP.
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $6.6 billion of total assets, $5.5 billion of total loans, and $5.3 billion in total deposits as of December 31, 2015. 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 business, 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, serves as the trusted custodian of over $10 billion in IRA custodial assets on behalf of more than 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.
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