Opus Bank in Irvine, Calif., is planning to go public.
The $3.7 billion-asset company filed a registration form with the Federal Deposit Insurance Corp. on March 10 for an initial public offering. Opus, which specializes in commercial, retail, merchant and correspondent banking, has not yet determined the pricing or the amount of stock it will sell.
The disclosure marks a major step for the rapidly expanding Opus. The company was given fresh life in September 2010 when a group of investors led by Stephen Gordon, its current chairman, president and chief executive, completed a $424.4 million recapitalization of the ailing Bay Cities National Bank.
Opus then turned to branch acquisitions, buying ten branches from PacWest Bancorp (PACW) in September 2012 and four California branches from Zions Bancorp (ZION) last May. The company has also opened 22 branches since the recapitalization, primarily in metropolitan areas in California, Washington's Seattle and Puget Sound region and around Phoenix.
These moves have helped Opus swell from $710 million in assets immediately after the recapitalization to $3.7 billion in assets as of December 2013. The company has carved out a focus in small- and midsize business lending, opening niche divisions in health care lending, commercial real estate banking and merchant banking.
Opus plans to list its common stock on the Nasdaq under the ticker symbol "OPB," according to a Thursday press release. JPMorgan Chase (JPM), Credit Suisse, Sandler O'Neill and Keefe, Bruyette & Woods will act as joint book-running managers in the offering.