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Opus Bank discloses new retirement policy for directors

The board of Irvine, Calif.-based Opus Bank adopted a retirement policy stipulating that a director will voluntarily resign when they turn 72 years old, according to a Form 8-K filed June 7.

Under the policy, the board has the discretion to waive the retirement requirement for one-year periods for directors after they have reached the age of 72 up to the age of 81.

Directors who have reached the mandatory retirement age of 81 will have to voluntarily retire.