Community banking

Opus Bank in California Completes RMG Capital Acquisition

Published November 01, 2011, 10:06 a.m. EDT

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Updated November 01, 2011, 9:06 a.m. EDT

1 Min Read

Opus Bank in Irvine, Calif., which last week raised $100 million to fund growth, has completed its acquisition of RMG Capital Corp.

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RMG was the parent company for Fullerton Community Bank, which as merged into the $1.9 billion-asset Opus Bank on Monday. The acquisition was announced in June. RMG had $636 million in assets at the time of its sale.

Opus, which has 37 branches, said last week that it would use the capital it raised for more acquisitions and branch openings. Investors included Stephen H. Gordon, its chairman and chief executive, and funds affiliated with Elliott Management Corp., Fortress Investment Group LLC and Starwood Capital Group.

Founder, Bank Slate

Paul Davis is the founder of Bank Slate, a financial strategy and research firm. He previously led community bank coverage at American Banker.

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