Community banking

Opus of California Hires Former Cascade Exec as Chief Credit Officer

By Andy Peters September 15, 2011, 10:32 a.m. EDT 1 Min Read

Opus Bank, Irvine, Calif., hired Michael L. Allison as chief credit officer and executive vice president.

Allison previously held both titles at Cascade Bancorp, parent of Bank of the Cascades of Bend, Ore. While Allison was at Cascade, the company raised $177 million from WL Ross & Co., Leonard Green & Partners LP and other investors. Allison also worked as a credit officer and head of commercial real estate lending for Washington Mutual Inc.

Opus is a $2.2 billion-asset bank with 29 branches in metropolitan Seattle and southern California. In June, Opus agreed to buy RMG Capital Corp., parent of Fullerton Community Bank in Fullerton, Calif.

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