PENSCO and MERRILL LYNCH ANNOUNCE AGREEMENT
OPUS BANK ANNOUNCES ITS PENSCO TRUST SUBSIDIARY ENTERED INTO AGREEMENT TO BECOME SUCCESSOR CUSTODIAN FOR MERRILL LYNCH RETIREMENT ACCOUNTS INVESTED IN CERTAIN ALTERNATIVE ASSETS
IRVINE, Calif. – May 24, 2017 – Opus Bank (“Opus”) (Nasdaq: OPB) announced today that its wholly-owned subsidiary, PENSCO Trust Company (“PENSCO”), has entered into an agreement with Merrill Lynch to custody certain alternative assets, such as non-traded REITs and unregistered limited partnerships, and open new accounts for their clients’ individual retirement accounts and qualified plans that are invested in these assets. PENSCO is a leading tech-enabled alternative asset IRA custodian, with more than $13 billion of custodial assets and approximately 47,000 client accounts with investments in more than 42,000 unique asset types comprised of private equity, real estate, notes, cash, and other non-exchange traded assets. The transfer of accounts occurred on May 22, 2017.
Curtis Glovier, Chairman and CEO of PENSCO and Senior Executive Vice President of Opus, stated, “We are pleased that Merrill Lynch has selected PENSCO Trust Company for these alternative assets held in self-directed IRAs.”
Patrick Hughes, President of PENSCO, added, “We are very excited about our relationship with Merrill Lynch and look forward to demonstrating our leadership in servicing retirement accounts that hold alternative assets.”
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About PENSCO Trust Company
PENSCO Trust Company has been helping investors use their retirement account funds to invest in real estate, private equity, and other non-exchange traded assets since 1989. As the trusted custodian of more than $13 billion in assets on behalf of approximately 47,000 clients, PENSCO works with financial institutions, capital raisers, and financial advisors, as well as self-directed investors who typically have a point of view about alternative investments based on their own knowledge or expertise and want to put their tax-advantaged retirement dollars to work in these opportunities. To learn more, please visit: www.pensco.com
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About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $8.0 billion of total assets, $5.4 billion of total loans, and $6.7 billion in total deposits as of March 31, 2017. Opus Bank provides superior ideas and solutions, and banking products 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, LLC, Member FINRA/SIPC. Opus Bank’s alternative asset IRA custodian subsidiary has over $13 billion of custodial assets and approximately 47,000 client accounts, which are comprised of self-directed investors, financial institutions, capital raisers and financial advisors. Opus Bank operates 56 banking offices, including 32 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 at: www.opusbank.com.
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