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Opus Bank terminates deferred compensation plan

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Opus Bank terminates deferred compensation plan

Irvine, Calif.-based Opus Bank terminated its deferred compensation plan, effective Dec. 31, 2019.

The plan was established Jan. 1, 2014, and permitted eligible officers and employees to defer a portion of their salaries, bonuses and specified compensation, generally until a fixed future date or their retirements. Opus Bank had the discretion to make matching contributions to participants' accounts. Under the plan, participants were fully vested in their contributions at the time of deferral.