$OPB (Opus Bank)

$OPB {{ '2016-09-01T18:05:40+0000' | timeago}} • Announcement

Banking company $OPB said it has expanded its banking team in the San Francisco region with new hires. Peter B. Hooker will join $OPB as Managing Director, Business Development Officer. Sheila Emami is joining as Director, Client Manager, Corporate Finance and Vicente Lopez is joining as Director, Business Development Officer.

$OPB {{ '2017-07-17T13:42:32+0000' | timeago}} • Announcement

$OPB named Joseph R. Simpson as Executive Vice President, Chief Audit Executive. Prior to joining the bank, Simpson, was associated with HealthNow New York, an independent licensee of the BlueCross BlueShield Association, where he served as Director of Enterprise Risk Management since 2016.

$OPB {{ '2017-05-30T13:29:39+0000' | timeago}} • Announcement

$OPB said its bank-sponsored SBIC Fund, Opus Equity Partners, has made a growth equity investment in Destination Pet. Opus Equity Partners will partner with an experienced team led by Shane Kelly, an executive with several decades of pet care and veterinary experience, to carry out a national expansion strategy.

$OPB {{ '2017-05-04T19:33:29+0000' | timeago}} • Announcement

$OPB announced that its Board of Directors has created the new role of Lead Independent Director and has appointed Director Paul G. Greig to this position, effective immediately.

$OPB {{ '2017-04-24T18:12:46+0000' | timeago}} • Webcast

$OPB's deposit base has been strong. The cost of deposits have been stable to potentially declining in terms of deleverage component of the higher-cost deposits. On the asset side, $OPB believes there will be a transition of cash and low-yielding assets into loans and this would be accretive to the asset side in terms of yield on earning assets.

$OPB {{ '2017-04-24T17:59:36+0000' | timeago}} • Webcast

$OPB is targeting an efficiency ratio in the mid-50% range which essentially equates to about a 10% cut in the core run rate from 1Q17 by 2017-end. This efficiency ratio will also depend on revenue.

$OPB {{ '2017-04-24T12:11:42+0000' | timeago}} • Announcement

$OPB's loan to deposit ratio decreased to 81% as of March 31, 2017, compared to 110% as of March 31, 2016. Federal Home Loan Bank advances decreased to $10MM in 1Q17, compared to $750MM in the year-over period.

$OPB {{ '2017-04-24T12:07:38+0000' | timeago}} • Announcement

$OPB's provision for loan losses was $6MM for 1Q17, compared to $5MM in the prior-year quarter.Meanwhile, total deposits grew 1% to $38.4MM. Total loans held-for-investment were $5.4Bil as of March 31, 2017, a decrease of 4% from $5.7Bil as of December 31, 2016.

$OPB {{ '2017-04-24T12:00:29+0000' | timeago}} • Announcement

$OPB posted 5% dip in 1Q17 net interest income to  $56.1MM,  primarily due to a shift in the mix of interest earning assets between originated loans and cash and investment securities, as a result of the Freddie Mac transaction. Net income more than halved to $7.7MM, or $0.21 per share. Excluding items, net income was $0.24 per share.

$OPB {{ '2017-04-10T12:02:34+0000' | timeago}} • Announcement

$OPB BoD appointed Paul Greig to its BoD. Paul is the former Chairman, President & CEO of $FMER.

$OPB {{ '2017-02-13T12:58:00+0000' | timeago}} • Announcement

$OPB received a stock permit from the the California Commissioner of the Department of Business Oversight for the previously announced sale of $53MM of its common stock in a private placement. Subject to the completion of customary closing conditions, the private placement is expected to close ob Feb. 15, 2017.

$OPB {{ '2017-01-30T17:09:10+0000' | timeago}} • Webcast

$OPB said that its loan pipeline is slowly building, but it would not anticipate new loan funding for 2017 would be at the same level as 2016.

$OPB {{ '2017-01-30T16:43:49+0000' | timeago}} • Webcast

$OPB said it has undertaken steps to strengthen its credit administration and special credit teams through hiring of additional senior credit administrators, portfolio managers and underwriting personnel.

$OPB {{ '2017-01-30T16:18:52+0000' | timeago}} • Webcast

In 4Q16, $OPB took steps to de-emphasize Healthcare Practice lending and stopped funding new loans in the Technology Banking division for foreseeable future. The company said that Technology Banking portfolio was reduced by $42MM to $190MM during the quarter, and the Healthcare Practice portfolio was reduced by $20MM to $68MM.

$OPB {{ '2017-01-30T12:46:13+0000' | timeago}} • Announcement

On Jan. 29, 2017, $OPB entered into purchase agreement with a limited number of institutional accredited investors, providing for the sale in private placement of $53MM of its common stock at $18.50 per share, resulting in net proceeds of approx. $50MM.

$OPB {{ '2017-01-30T12:40:26+0000' | timeago}} • Announcement

During 4Q16, $OPB's deposits totaled $6.7Bil, up 26% from prior year period. The increase was mainly due to the transfer to Opus of $279.1MM of additional ancillary IRA custodial client cash balances held at other banks.

$OPB {{ '2017-01-30T12:40:05+0000' | timeago}} • Announcement

Banking company $OPB reported 4Q16 net loss, hurt by loan losses totaling $69.5MM. Net loss was $19MM, or $0.55 loss per share compared to net income of $16.7MM, or $0.09 per share. Net interest income during the quarter increased 6% YoverY to $242.5MM. Noninterest income was $27.1MM.

$OPB {{ '2017-01-11T20:51:56+0000' | timeago}} • Announcement

$OPB announced that Michael L. Allison, Director, Co-President and President of the Commercial Bank, has resigned from his positions with $OPB and will continue as a consultant.

$OPB {{ '2016-12-27T13:55:15+0000' | timeago}} • Announcement

$OPB closed on Dec. 23, 2016 securitization of about $509MM of its multifamily loans through a Freddie Mac sponsored "Q-deal" securitization. One class of Freddie Mac guaranteed Structured Pass-Through Certificates was issued through the securitization. The certificate that was issued was purchased by $OPB. $OPB will act as subservicer of loans.

$OPB {{ '2016-12-15T15:00:21+0000' | timeago}} • Announcement

$OPB said that Balaji Krishna, SVP, Head of Sales, has been named EVP, Chief Banking Officer & Head of Sales. Mr. Krishna has also been named a member of the company’s Executive Committee.

$OPB {{ '2016-12-01T16:19:12+0000' | timeago}} • Announcement

$OPB appointed Brian Fitzmaurice as Senior EVP, Senior Chief Credit Officer. Fitzmaurice has also been appointed to $OPB's Executive Committee. He joins $OPB most recently from City National Bank, a subsidiary of Royal Bank of Canada, where he served as EVP and Chief Credit Officer since February 2006.

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