Ex-FirstMerit chief Greig joins board of struggling Calif. bank

Opus Bank in Irvine, Calif., has added a director with extensive banking experience.

The $7.9 billion-asset company, which has lost money in its two most recently reported quarters, said in a press release Monday that Paul Greig had joined its board. Greig previously served as chairman, president and CEO of FirstMerit in Akron, Ohio, which was bought in July by Huntington Bancshares.

John Quinn

FirstMerit more than doubled its assets under Greig, reaching $26 billion at the time of its sale.

“In addition to his many successes in banking … Paul also has tremendous risk management and regulatory credentials,” Stephen Gordon, Opus’ chairman, president and CEO, said in the release.

Opus has struggled recently, losing $22 million in the second half of 2016, largely due to significant increases in its loan-loss reserve. Earlier this year, Opus sold more than $50 million in stock to bolster capital levels.

Opus decided last year to get out of technology lending. It has also moved to de-emphasize lending to health care practices.

The company has bolstered its credit management operations in recent months, hiring Brian Fitzmaurice, a veteran of City National Bank, as its senior chief credit officer. It also retained an outside firm to review its commercial portfolio.

Greig "is a very good commercial banker with excellent risk management skills and discipline" and has "proven leadership and executive abilities," Huntington Chairman CEO Stephen Steinour said in an emailed statement.