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Opus Bank completes acquisition of PENSCO Services

Irvine, Calif.-based Opus Bank completed the acquisition of and its unitPENSCO Trust Company,according to a news release.

PENSCO will operate as a wholly owned subsidiary of OpusBank, with Kelly Rodriques continuing as president and CEO of PENSCO andjoining Opus Bank as executive vice president for wealth services. PENSCO hasabout $10.7 billion of custodial assets and over 45,000 clients withinvestments in over 40,000 unique asset types comprised of private equity, realestate, notes, cash and other non-exchange traded assets.

Pursuant to the agreement, PENSCO Services' members received aggregateconsideration comprised of 1,664,615 shares of Opus Bank common stock andapproximately $46.4 million in cash.

As previously disclosed, the deal is expected to be low- tomid-teens accretive to 2016 annualized and 2017 operating EPS.

Opus Bank was advised by Credit Suisse Securities(USA) LLC and Sandler O'Neill & Partners LP, with legal representation fromHolland & Knight LLP. PENSCO and its board were advised by FinancialTechnology Partners LP and FTP Securities LLC. PENSCO received legalrepresentation from Goodwin Procter LLP.