OPUS BANK ANNOUNCES RESIGNATION OF CEO OF PENSCO SUBSIDIARY
– Curtis A. Glovier Joins as Chairman & CEO of PENSCO –
– Appoints Patrick Hughes President –
IRVINE, Calif. – August 2, 2016 – Opus Bank (“Opus” or the “Bank”) (NASDAQ: OPB) announced today that Kelly Rodriques has resigned from his position as Chief Executive Officer of PENSCO Trust Company (“PENSCO”), a wholly-owned subsidiary of Opus, effective August 4, 2016. Mr. Rodriques also resigned from his position as Executive Vice President – Wealth Services of Opus. Mr. Rodriques has led PENSCO since March 2010 and has served as EVP of Opus since Opus’ acquisition of PENSCO in April 2016. Mr. Rodriques will serve as a consultant to Opus.
Additionally, Opus announced today that Patrick Hughes, PENSCO’s SVP, Business Development, has been appointed President of PENSCO, effective August 8, 2016, at which time PENSCO will be led by Curtis Glovier, who we announced earlier today joined Opus and PENSCO from Fortress Investment Group, LLC and joins PENSCO as Chairman & CEO; with Patrick Hughes, as President; and Mark Lee, PENSCO’s Chief Operating Officer.
Kelly Rodriques, President and CEO of PENSCO and Executive Vice President – Wealth Services of Opus, commented, “I am very proud of the accomplishments the team has achieved during my time with PENSCO. When I arrived in 2010, there was a clear opportunity to move the industry forward with financial technology. With the successful launch of our award-winning Alt-Nav™ technology and resultant record account growth, I believe that the organization is in a position of strength and relevance, and is very well poised within the Opus Bank family to move to the next level of success and impact.”
Stephen H. Gordon, Founding Chairman, Chief Executive Officer and President of Opus Bank stated, “Kelly’s entrepreneurial leadership has successfully advanced PENSCO, not only through fintech innovation, but also through an impressive growth phase and the successful transition to Opus Bank. We all thank Kelly for his years of passionate commitment and for his many contributions.” Gordon added, "We're proud to announce that Patrick Hughes will become President of PENSCO. He's a tremendous leader and his sales talent and accomplishments in business development are second to none in the industry." Gordon concluded, “With Patrick Hughes elevated to President, Mark Lee as Chief Operating Officer, both leading members of the executive team, and the addition of new Chairman and CEO Curtis Glovier, who brings decades of tremendous experience and expertise in private equity, alternative asset-based wealth and investment management, investment banking, and decades of success in leadership roles as owner, principal, and a board member in numerous industry sectors, PENSCO has a world class leadership team capable of taking PENSCO through the next phases of its growth, innovation, and maturation.”
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $7.5 billion of total assets, $6.1 billion of total loans, and $6.2 billion in total deposits as of June 30, 2016. Opus Bank provides high-value, relationship-based banking products, services, and solutions to its clients through its Retail Bank, Commercial Bank, Merchant Bank, and Correspondent Bank. Opus Bank offers a suite of treasury and cash management and depository solutions and a wide range of loan products, including commercial, healthcare, media and entertainment, corporate finance, multifamily residential, commercial real estate, and structured finance, and is an SBA preferred lender. Opus Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Escrow and Exchange divisions. Opus Bank provides clients with financial and advisory services related to raising equity capital, targeted acquisition and divestiture strategies, general mergers and acquisitions, debt and equity financing, balance sheet restructuring, valuation, strategy, and performance improvement through its Merchant Banking division and its broker-dealer subsidiary, Opus Financial Partners. Opus Bank’s subsidiary, PENSCO Trust Company, is a leading tech-enabled alternative asset IRA custodian with over $12 billion of custodial assets and over 48,000 client accounts, which are comprised of self-directed investors, financial institutions, capital raisers, and financial advisors. Opus Bank operates 57 banking offices, including 33 in California, 21 in the Seattle/Puget Sound region in Washington, two in the Phoenix metropolitan area of Arizona, and one in Portland, Oregon. Opus Bank is an Equal Housing Lender. For additional information about Opus Bank, please visit our website: www.opusbank.com.
This release may include forward-looking statements related to Opus’ plans, beliefs and goals, which involve certain risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The forward-looking information presented in this press release is not a guarantee of future events, and actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “intend” or “expect” or variations thereon or similar terminology. All such statements speak only as of the date made, and Opus undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.