Orange County Business Journal

New Chief Credit Officer for Opus

Jane Yu Thursday, September 15, 2011

Opus Bank has tapped an executive from a bank in Oregon as executive vice president and chief credit officer.

Opus has its on-the-books headquarters in Redondo Beach but operates from offices in Irvine.

Michael Allison previously held the same titles at Bend, Oregon-based Bank of the Cascades. Prior to his tenure there he held several executive positions at Washington Mutual Inc., which was acquired by JPMorgan Chase & Co. in 2008.

Opus recently completed a $21.7 million acquisition of Everett, Wash.-based Cascade Financial Corp. and its Cascade Bank, adding $1.5 billion in assets with its first buy outside of Southern California. The deal boosted its assets to $2.2 billion.

Opus expects its assets to grow to about $3 billion when a pending acquisition of Fullerton-based RMG Capital Corp. and its savings and loans subsidiary Fullerton Community Bank closes later this year.

Opus Chief Executive Stephen Gordon said in a statement that Allison’s experience with “community, regional, super-regional and national financial institutions is a natural fit as we look to grow into a strong super-regional bank in the Western region.”