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Deposits are worth buying if you get them at a good price and are making loans, says Stephen Gordon, the chairman and CEO of Opus Bank, which agreed this week to buy 10 branches from PacWest for a 2.5% premium.
July 10 -
PacWest Bancorp (PACW) in Los Angeles is experiencing life on the other side of the bargaining table after its bank agreed to sell 10 branches to Opus Bank.
July 9 -
PacWest Bancorp in Los Angeles is attempting a hostile takeover just days after unseating Umpqua Holdings to buy American Perspective Bank. Industry observers say the company's newfound buying aggression might make it a better seller someday and give its PE investors a tidy exit.
May 9
Opus Bank in Irvine, Calif., has completed its acquisition of ten branches from PacWest Bancorp (PACW).
The companies said in separate press releases that the transaction closed on Friday. Opus rebranded the branches over the weekend.
The branches included four in Los Angeles County, one in Riverside County, two in San Bernardino County and three in San Diego County. The deal expands Opus' operations in Los Angeles and San Diego, while allowing it to enter California's Inland Empire. The companies
The transaction included $125.1 million of deposits; about half of the amount consisted of non-interest-bearing demand deposits. The $2.4 billion-asset Opus paid a 2.5% premium on the deposits. PacWest did not sell any loans.
The sale will allow the $5.4 billion-asset PacWest to cut about $2 million in expenses.
PacWest and Opus are
