Opus Bank (OPB) in Irvine, Calif., has launched a small-business banking division.
The $4 billion-asset commercial bank will offer revolving loans of credit, term loans, merchant card services, treasury management and payment services to small businesses in its West Coast service area.
The new division will target businesses with annual revenues of up to $5 million, Michael Allison, a co-president at Opus, said in a June 24 press release.
Miguel Serricchio will oversee the new business. He joined Opus in 2012 as an executive in the bank's treasury management and payment solutions division.
Opus's commercial banking business has expanded rapidly in the past year. The bank formed merchant banking and commercial real estate units last July. It also launched a health care division, aimed at lending money to physicians for equipment financing and other capital needs, last May.
Opus Bank operates 60 offices in California, Washington, Oregon and Arizona.