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 announced the deal in July.
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 aggressively trying to build large West Coast franchises. Both have announced several acquisitions in the last couple of years.