Opus in California Raises $100M for Acquisitions, Branch Openings

Opus Bank in Irvine, Calif., said Friday that it has raised $100 million in capital from management and investment funds as part of a plan to keep pace with its loan growth.

Opus said the investors included Stephen H. Gordon, its chairman and chief executive, and funds affiliated with Elliott Management Corp., Fortress Investment Group LLC and Starwood Capital Group. The $2.2 billion-asset company also raised $460 million last year.

The company said in a press release that it would use the capital for additional acquisitions and branch openings. In June,

Opus agreed to buy RMG Capital Corp., the parent of Fullerton Community Bank in Fullerton, Calif. That deal is scheduled to close Monday. Opus has also said it plans to open more branches in its two primary markets, suburban Seattle and southern California, as well as the San Francisco Bay area.