Opus Bank co-president Michael Allison announced his resignation Wednesday, ending a run of five-plus years at the Irvine, Calif., company.
Allison joined Opus in August 2011 as chief credit officer, when it had less than $1.9 billion of assets. It now has assets of $7.7 billion. He was promoted to co-president in March 2013, as the bank was enjoying a long stretch of exceptional growth and profitability. The $60 million it earned in 2015 was 37% more than it earned a year earlier.
But the bank hit a rough patch in the fall, reporting a $3 million third-quarter loss tied a spike in problem technology and commercial loans.
Opus did disclose the reason behind Allison's decision to resign, though it did note he will continue to provide consulting services. It also thanked him for his services.
The move leaves Stephen Gordon as the sole president. He is also the bank's chairman and CEO. Opus provided no information on whether it would name a successor to Allison, who served also as president of the commercial banking division.
A spokesman did not respond to a request for comment prior to deadline.