Opus Bank in Irvine, Calif., wasted no time giving Paul Greig a bigger role on its board.
The $8 billion-asset company said in a press release Wednesday that Greig, who joined the board last month, has become its lead independent director.
Greig previously served as chairman and CEO of FirstMerit, which was bought last year by Huntington Bancshares.
“In the short time that Paul has been on the … board, I have found him to be extremely thoughtful, constructive, and impactful,” Stephen Gordon, Opus’ chairman, president and CEO, said in the release. “His deep experience and objective judgement have already benefitted the company from a governance perspective.”
Opus recently posted its first quarterly profit since mid-2016, though the period included $7.7 million in special charges and a 6% decline in loans from a year earlier.
Opus, which has been exiting certain businesses, reduced its technology loan portfolio by 36% from the end of last year, to $122 million. Its health care book decreased by 35% in that period, to $44.2 million, and its enterprise value loan portfolio shrank by 15%, to $778 million.
