IRVINE, Calif.--(BUSINESS WIRE)--
Opus Bank (“Opus” or the “Bank”) (NASDAQ: OPB) announced today that Richard “Rich” Thomas has been appointed to Opus’ Board of Directors (“Board”), effective September 1, 2017, and will serve as the Chair of the Board’s Audit Committee and as a member of the Board’s Executive and Compensation Committees. Mr. Thomas replaces Robert “Bob” Shackleton, who concurrently resigned from the Board, having reached the mandatory retirement age for Board members, and will continue his association with and contributions to the Bank by serving as Opus’ first ever Director Emeritus.
Stephen H. Gordon, Chairman, Chief Executive Officer, and President of Opus Bank, stated, “Bob has been an outstanding member of Opus’ Board of Directors. We are grateful for his valuable contributions, which have been instrumental in the growth of Opus since its formation seven years ago. On behalf of Opus, I thank Bob for his years of tireless commitment and now look forward to his contributions in his new role as Director Emeritus.”
Mr. Gordon added, “We are excited to have Rich Thomas join Opus’ Board of Directors. Rich brings a unique depth and breadth of knowledge and experience, having recently served as Chief Financial Officer of CVB Financial Corp. (“CVB”), earlier as Chief Risk Officer of Community Bank, as well as from his 22-year career as a Deloitte & Touche LLP Audit Partner.” Mr. Gordon concluded, “I look forward to working with Rich as a member of the Board of Directors and I anticipate that Opus will benefit greatly from his contributions, including as Chair of the Board’s Audit Committee.”
Mr. Thomas’ professional career spans over 35 years within the financial services and accounting and audit industries. He most recently served as Executive Vice President and Chief Financial Officer of CVB Financial Corp. and its principal subsidiary, Citizens Business Bank, from 2010 to 2016. During his tenure, CVB grew organically and through acquisitions from $6.4 billion to $8.3 billion in assets. From 2009 to 2010, Mr. Thomas served as Executive Vice President and Chief Risk Officer of Community Bank in Pasadena, where he developed a risk-based audit program and oversaw internal audits, including the documentation and testing of internal controls, in operations, regulatory compliance and credit reviews. Prior to Community Bank, Mr. Thomas was an audit partner at Deloitte & Touche LLP for 22 years leading teams in auditing financial statements and internal controls certifications, consulting in accounting, regulatory compliance, cost reduction strategies, and public filings, including registration statements, and mergers and acquisitions. Mr. Thomas holds a Bachelor of Business degree in Accountancy from Western Illinois University and is a member of the American Institute of Certified Public Accountants and the California State Society of CPA’s.
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About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $7.7 billion of total assets, $5.2 billion of total loans, and $6.3 billion in total deposits as of June 30, 2017. Opus Bank provides superior ideas and solutions, and banking products to its clients through its Retail Bank, Commercial Bank, Merchant Bank and Correspondent Bank. Opus Bank offers a suite of treasury and cash management and depository solutions and a wide range of loan products, including commercial, healthcare, media and entertainment, corporate finance, multifamily residential, commercial real estate and structured finance, and is an SBA preferred lender. Opus Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Escrow and Exchange divisions. Opus Bank provides clients with financial and advisory services related to raising equity capital, targeted acquisition and divestiture strategies, general mergers and acquisitions, debt and equity financing, balance sheet restructuring, valuation, strategy and performance improvement through its Merchant Banking Division and its broker-dealer subsidiary, Opus Financial Partners, LLC, Member FINRA/SIPC. Opus Bank’s alternative asset IRA custodian subsidiary has $15 billion of custodial assets and approximately 50,000 client accounts, which are comprised of self-directed investors, financial institutions, capital raisers and financial advisors. Opus Bank operates 52 banking offices, including 32 in California, 17 in the Seattle/Puget Sound region in Washington, two in the Phoenix metropolitan area of Arizona and one in Portland, Oregon. Opus Bank is an Equal Housing Lender. For additional information about Opus Bank, please visit our website at: www.opusbank.com.
Forward-Looking Statements
This release may include forward-looking statements related to Opus Bank’s plans, beliefs and goals, which involve certain risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The forward-looking information presented in this press release is not a guarantee of future events, and actual events may differ materially from those made in, or suggested by, the forward-looking information contained in this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “intend” or “expect” or variations thereon or similar terminology. All such statements speak only as of the date made, and Opus undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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