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.