IRVINE, Calif.--(BUSINESS WIRE)--Opus Bank (“Opus”) (NASDAQ: OPB) announced today that Richard J. Immesberger has been appointed President of PENSCO Trust Company, a subsidiary of Opus Bank. Mr. Immesberger succeeds Curtis A. Glovier, who resigned as the leader of PENSCO at the end of August, 2019. Mr. Glovier will continue to serve as Chairman of the PENSCO Board of Directors through year-end.
Paul Taylor, President and Chief Executive Officer of Opus Bank, commented, “We are thrilled to have an experienced trust and wealth management executive of Rich’s caliber join PENSCO. We believe he is the right person to lead and grow our PENSCO business.”
Richard Immesberger, President of PENSCO Trust Company, commented, “I am excited to bring my 30 years of experience to PENSCO, one of the largest and most established alternative asset custodians in the business. I look forward to working with the talented leadership team to grow this amazing business.”
Mr. Immesberger, a 30-year trust and wealth management veteran, most recently served as National Head of Trust and Estate Services, BMO Harris Bank, as well as Chairman and CEO of BMO Delaware Trust Company from 2016 until September 2019. From 2015 to 2016 Mr. Immesberger served as Head, Trust Solutions at UBS, and from 2011 to 2015 as President, UBS Trust Company. From 2008 to 2011, Mr. Immesberger served as Executive Vice President, WSFS Bank. Earlier in his career, Mr. Immesberger served as a Private Client Advisor, Bank of America, as well as Founder, President and CEO of both Terrapin, LLC, a multi-client family office and Elfreth Investment Strategies, LLC, an open architecture investment firm focused on managing private client assets. Mr. Immesberger received his Bachelor of Business Administration Degree in Finance and Investments from the City University of New York’s Baruch College. He is also an honors graduate of the Stonier Graduate School of Banking at the University of Delaware.
Mr. Immesberger has served on several not-for-profit boards including McCarter Theatre Associates, Young Audiences of NJ, The Charlotte Trolley, Providence Day School Board of Advisors, The Delaware Art Museum, Westminster Presbyterian Church, Laguna Art Museum, and the Luminarts Cultural Foundation.
Mr. Immesberger will be based in PENSCO’s Denver, Colorado office.
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 $14.0 billion in assets and nearly 47,000 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, visit www.pensco.com.
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $7.9 billion of total assets, $5.9 billion of total loans, and $6.2 billion in total deposits as of June 30, 2019. Opus Bank provides commercial and retail banking products and solutions to its clients in western markets from its headquarters in Irvine, California and through 47 banking offices, including 28 in California, 16 in the Seattle/Puget Sound region in Washington, two in the Phoenix metropolitan area of Arizona and one in Portland, Oregon. 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. Additionally, Opus Bank’s wholly-owned subsidiary, PENSCO Trust Company, has approximately $14 billion of custodial IRA assets and approximately 47,000 client accounts, which are comprised of self-directed investors, financial institutions, capital raisers and financial advisors. 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.