Irvine-based Opus Bank will buy San Francisco-based PENSCO Trust Co., which has about $11 billion in retirement and alternative investment assets, in a cash-and-equity deal.
The $100 million purchase includes $43.7 million in cash and 1.7 million Opus shares and is expected to close in the second quarter.
PENSCO shareholders must still vote on the acquisition.
PENSCO President and Chief Executive Kelly Rodriques will continue in his current role and join Opus as executive vice president for wealth services.
—Michael de los Reyes
