IRVINE, Calif.--(BUSINESS WIRE)--Opus Bank (“Opus”) (NASDAQ: OPB) announced today that Curtis A. Glovier, who until recently served as a Managing Director at Fortress Investment Group, LLC and has served as a director of Opus Bank since the launch of Opus on September 30, 2010, has agreed to join Opus and will be appointed to the positions of Chairman and Chief Executive Officer of PENSCO Trust Company (“PENSCO”), a wholly-owned subsidiary of Opus; Senior Executive Vice President, Head of Wealth Services, of Opus; and Senior Managing Director in the Merchant Banking division. Mr. Glovier will continue to serve as a member of Opus’ board of directors, now as a management representative instead of as a board representative of Fortress Investment Group LLC. Opus’ board membership will remain at nine.
Stephen H. Gordon, Founding Chairman, Chief Executive Officer and President of Opus Bank stated, “We are proud to have Curtis take on the leadership of both Opus’ Wealth Services division and our leading alternative asset IRA custodian, PENSCO Trust Company. The depth and breadth of Curtis’ knowledge and expertise has been a tremendous resource throughout his service on Opus’ board of directors since Opus’ recapitalization and launch in September 2010. Having worked closely together for nearly six years, I’m certain that Curtis will achieve continued success as he leads and grows the highly-talented PENSCO team.” Gordon concluded, “Additionally, given Curtis’ decades of success as a private equity and mezzanine investor, as an investment banker, and as an owner and director of numerous companies in a variety of sectors, we look forward to Curtis’ contributions as we expand Opus and its Merchant Banking activities.”
From May 2007 to July 2016, Mr. Glovier served as a Managing Director at Fortress Investment Group LLC, responsible for the origination, execution, and monitoring of private equity, mezzanine, and other investments within Fortress’s credit business. Mr. Glovier also served on the investment committee of a number of Fortress investment funds, including the Fortress Credit Opportunities Funds, which invest in mortgage-backed securities, loans, and other credit-related opportunities. From May 2000 to May 2007, Mr. Glovier served as a Managing Director and Co-Head of the Middle Market Buyout group at Perseus, LLC. From June 1995 to May 2000, he served as a Managing Director of Nassau Capital, which managed over $2 billion on behalf of Princeton University. Earlier in his career, Mr. Glovier worked at Goldman, Sachs & Co. in the Mergers & Acquisitions, Structured Finance and Leveraged Buyout groups, and was also a management consultant at The Boston Consulting Group. He has served as a director of companies in the financial services, business services, branded consumer products, intellectual property, pharmaceutical, alternative energy, communications, and manufacturing areas, and as Chairman of the Board of Maritime Telecommunications Network. Mr. Glovier holds a B.A. from Princeton University, a M.Ec. from James Cook University in Australia, and an M.B.A. as a Palmer Scholar from The Wharton School at the University of Pennsylvania.
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $7.5 billion of total assets, $6.1 billion of total loans, and $6.2 billion in total deposits as of June 30, 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, 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. 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 57 banking offices, including 33 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.