Orange County Business Journal

Opus Bank to Open Six More Branches

Chris Casacchia Tuesday, May 31, 2011

Opus Bank, which has its executive headquarters in Irvine, said Monday it has finalized leases for six additional branches in Orange County and the rest of Southern California.

The leases are for branches in Irvine, Corona del Mar, Encino, Beverly Hills, West Los Angeles and La Jolla.

Opus now has five branches in the South Bay area of Los Angeles County with one under way in Newport Beach set to open in August.

The Irvine branch is expected to open in the third quarter, according to Opus. The Corona del Mar branch is set to open in the fourth quarter.

Opus also plans to relocate its San Pedro/Rancho Palos Verdes branch to another location in San Pedro.

In addition to the six added branches, the bank said it has signed or is in the process of negotiating letters of intent for 11 other branches, including its first in the San Francisco area and other markets in Northern California.

In March Opus announced its first acquisition outside Southern California as it seeks to become a regional player along the West Coast.

Opus made a splash last year when Stephen Gordon, a veteran local banker, led a $460 million recapitalization of what had been known as Bay Cities National Bank.

Gordon has laid out a plan to grow Opus, which has its on-the-books headquarters in Redondo Beach, to 75 branches across California and dozens of locations in Washington and Oregon.

Opus has $700 million in assets and nearly $300 million in deposits.