IRVINE, Calif. & SAN DIEGO--(BUSINESS WIRE)--
Opus Bank, a West Coast-based commercial bank, and California Bank &
Trust (“CB&T”), a subsidiary of Zions Bancorporation (NASDAQ: ZION),
announced today that they have entered into a purchase and assumption
agreement through which Opus Bank will acquire four branches from CB&T.
As part of the transaction, Opus Bank will assume substantially all of
the deposits of the four locations, which deposits totaled $138.3
million as of March 31, 2013. The transaction includes banking offices
in Covina, La Verne, and San Dimas, located in the San Gabriel Valley in
Los Angeles County, California; and Pleasant Hill, located in Contra
Costa County, California.
The transaction will result in the transfer of deposits from CB&T to
Opus Bank in exchange for a weighted average deposit premium of
approximately 3.20% applied to the deposit balances transferred at
closing. The deposits to be transferred are low cost core deposits; 86%
are comprised of core transaction deposit accounts, of which 40% are
comprised of non-interest bearing DDA checking account deposits, and
have a total cost of deposits of 0.09% at March 31, 2013. Business
deposits account for 36% of the total. Although certain other assets
related to the branches, with an approximate value of $250,000, will be
included in the transaction, no loans will be transferred. The
transaction is expected to be completed before the end of the third
quarter of 2013, and is subject to regulatory approval and other
customary terms.
Stephen H. Gordon, Chairman, Chief Executive Officer and President of
Opus Bank stated, “The acquisition of these banking offices and related
deposits provides an opportunity to expand into markets that we have
been targeting for future growth. The three Southern California banking
offices are complementary to Opus Bank’s existing banking offices in
Glendale, as well as in Pasadena and Monrovia, along the 210 freeway
corridor in the San Gabriel Valley, along with its banking offices in
North Orange County.” Mr. Gordon added, “The Pleasant Hill banking
office in Northern California is approximately midway between our
Danville banking office located in Contra Costa County, which opened in
June of 2012, and our new San Rafael banking office located in Marin
County, which is expected to open in the third quarter of this year.”
Mr. Gordon concluded, “We look forward to welcoming our new bankers and
clients, efficiently building upon these existing client relationships,
and further financing growth within our communities. By expanding our
footprint, Opus Bank will be better positioned to fulfill our mission of
financially backing those businesses, entrepreneurs, real estate
investors, professionals, and consumers with a vision to expand and
grow, and thereby create new jobs from the ground up.”
David Blackford, Chief Executive Officer and President of CB&T stated,
“The sale of these four branches improves the efficiency and
profitability of our branch network. The three Southern California
locations were acquired from the FDIC in 2009 as part of the Vineyard
Bank acquisition and this sale is an important step in the final
integration of the acquired branches into the CB&T network.” Mr.
Blackford continued, “Even after the sale, CB&T will have a significant
presence in the East Bay, with offices in Walnut Creek, Oakland, Albany,
Hayward and Fremont as well as in the eastern part of the San Gabriel
Valley with offices in Hacienda Heights, Irwindale, Claremont, and
Walnut. This transaction also helps move us forward strategically. The
cost savings generated from the sale provide an opportunity to expand
into new markets as we continue to build the bank and deliver our high
touch style of banking throughout California.”
There will be no changes to any CB&T client accounts until after the
transaction is completed, and the banks will collaborate to ensure a
smooth transition for the businesses and individuals they serve. Over
the next several weeks, Opus Bank and CB&T will be communicating
directly with the clients and personnel in the to be acquired banking
offices to guide them through the process and to create a smooth
transition and seamless experience.
Opus Bank was not advised by an investment banker in this transaction
and was represented by Patton Boggs LLP as its outside legal counsel.
California Bank & Trust was not advised by an investment banker in this
transaction.
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with
$3.0 billion of total assets, $2.3 billion of total loans, and $2.1
billion in total deposits, as of March 31, 2013. Opus Bank provides
high-value, relationship-based banking products, services, and solutions
to its clients comprised of small and mid-sized commercial businesses,
entrepreneurs, real estate investors, professionals, and consumers. Opus
Bank offers a robust suite of treasury and cash management and
depository solutions, and a wide range of loan products, including
commercial and industrial, SBA, commercial real estate, multifamily
residential, conforming and jumbo single-family residential, and
consumer loans; and is an Equal Housing Lender. Opus Bank operates 52
banking offices, including 30 banking offices in California and 22 in
the Seattle/Puget Sound region in Washington. For additional information
about Opus Bank, please visit our website: www.opusbank.com.
About California Bank & Trust
California Bank & Trust, a subsidiary of Zions Bancorporation (NASDAQ:
ZION), is one of the largest banks headquartered in California with over
$10 billion in assets and more than 100 branches statewide. CB&T
provides a full array of financial solutions for businesses and
individuals, including commercial and small business lending, cash
management, international banking and wealth management. The
professional bankers at CB&T are backed by major resources, yet maintain
local-decision making authority and regional market and industry
expertise. They are committed to providing clients with valuable
business and economic insights and to connecting them with the
beneficial business relationships they need to succeed. To learn more,
visit www.calbanktrust.com.
Connect with California Bank & Trust on Facebook,
Twitter,
and LinkedIn.
Opus Bank
Mr. Stephen H. Gordon
Chairman & CEO
or
Mr.
Jeff L. Leonard
SVP, Dir. of Corporate Strategy/Communications
Telephone:
(949) 250-9800
Facsimile: (949) 250-9988
or
California
Bank & Trust
Mr. Steven Borg
SVP & Corporate Marketing
Director
Telephone: (510) 627-7958
Facsimile: (510) 627-7950
or
Mr.
Rob Farmer
Managing Director
Landis Communications, Inc.
Telephone:
(415) 561-0888
Facsimile: (415) 561-0778
Source: Opus Bank