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Opus Bank in Irvine, Calif., has promoted Jennifer Simmons to chief operating officer and appointed her to the executive committee.
October 29 -
The Small Business Investment Company program may be less famous among banks than some of the SBA's other programs, but it enjoyed a record in fiscal 2015 that wrapped up this week. Stories like that of Opus Bank in California shed light on why.
October 1
Private-equity investors in Opus Bank in Irvine, Calif., are cashing in some of their chips.
The $6.2 billion-asset bank has begun a secondary offering of 5.1 million shares. Those shares are being sold by PE funds affiliated with Fortress Investment Group, Elliott Associates, Starwood Capital Group Global, Abrams Capital Management, PMG Ventures Holdings and Mount Kellet Master Fund II.
Opus did not specify a price per share for the offering, but based on its closing stock price of $36.89 per share Wednesday, the selling investors stand to make around $188 million from the transaction.
Together the PE firms owned 85% of Opus' common stock before the offering, or around 24.3 million shares. Following the offering, the firms would still hold a 68% stake in Opus.
Bank officials did not immediately respond to a request for additional information.
Opus will not receive proceeds from the offering, which is expected to close Monday. Its underwriters will have a 30-day option to buy nearly 767,000 additional shares from the sellers.
Sandler O'Neill and Partners, Keefe Bruyette & Woods, J.P. Morgan Securities and Credit Suisse Securities are joint book-running managers for the offering. Piper Jaffray is also serving as the offering's co-manager.
