Bringing you live news and features since 2006 

Document signing

Opus Bank completes USD460m recapitalisation and name change


Opus Bank, formerly Bay Cities National Bank, has completed its USD460m recapitalisation plan and change in control led by Stephen H. Gordon, its newly appointed chairman, chief executive officer and president.

In addition to raising new capital from approximately 25 institutional and other accredited investors, Bay Cities converted from a national bank to a California state-chartered commercial bank and changed its name to Opus Bank.

In addition to Gordon, key investors in the transaction included funds affiliated with Elliott Management, funds affiliated with Fortress Investment Group and a fund affiliated with Starwood Capital Group.

Gordon says: "The successful completion of this transaction helps position Opus Bank to achieve our plans to grow, both organically and through acquisitions, from our Bay Cities roots in the South Bay coastal communities of Los Angeles to a strong super-regional banking franchise offering a wide array of banking products and services in the Western region, comprised of California, Oregon, Washington, Arizona, and Nevada."

Credit Suisse Securities (USA) and Sandler O’Neill & Partners acted as placement agents on the transaction.

In related developments, Opus Bank has subleased approximately 46,500 square feet of office space in the Irvine Company’s Newport Gateway office towers located at 19900 MacArthur Boulevard in Irvine, California. The new office will serve as Opus Bank’s executive and administrative offices and is located at the intersection of MacArthur Boulevard and Jamboree Road in the John Wayne Santa Ana Airport business district of Orange County.

Latest News

Saving and investing app, Moneybox, has doubled the number of ETFs available on the platform, in the light of ‘growing..
Global X ETFs has announced the appointment of Ryan O'Connor as its Chief Executive Officer effective as of April 8, 2024. ..
Value-driven structured credit investing firm, Angel Oak Capital Advisors, LLC, has announced the completed conversions of two of its mutual..
Confidence in the continuing strength of bitcoin and Ethereum is driving wider interest in altcoins and other digital assets, according..

Related Articles

Sal Esposito, Zacks Investment Management
Zacks Investment Management started doing investment research in 1978 and in 1992 started its investment management arm, initially with SMAs...
Jeremy Senderowicz, Vedder Price
Jeremy Senderowicz, a member of the Investment Services Group at law firm Vedder Price, has witnessed a steady upswing in...
Graham MacKenzie, Toronto Stock Exchange
The evolution of ETFs has been a multi-decade experience for Toronto Stock Exchange says Graham MacKenzie, managing director, Exchange Traded...
Frank Koudelka, State Street Global Services
ETF data provider and ETF Express data partner, Trackinsight, has published its Global ETF Survey 2024 Report: ‘50+ Charts on...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by