IRVINE, Calif.--(BUSINESS WIRE)--
Opus Bank (“Opus”) (NASDAQ: OPB) announced today that its alternative asset IRA custodian subsidiary, PENSCO Trust Company (“PENSCO”), has completed the transfer of certain individual retirement accounts, qualified plans, and other self-directed custodial accounts from another “bulge bracket” multinational investment bank. As a result of the addition of the related assets and client accounts, as well as PENSCO’s organic growth, PENSCO’s assets under custody have now increased to $16 billion at September 15, 2017, from $15 billion at June 30, 2017, while client accounts have now increased to more than 52,000 at September 15, 2017, from approximately 50,000 at June 30, 2017.
Curtis Glovier, Chairman and CEO of PENSCO, stated, "We are extremely pleased to announce yet another seamless conversion with a top-tier firm and look forward to working with our new clients, as we continue to demonstrate our expertise in holding alternative assets in retirement accounts.”
About PENSCO Trust Company
PENSCO Trust Company has been helping investors use their retirement account funds to invest in real estate, private equity and other non-exchange traded assets since 1989. As the trusted custodian of $16.0 billion in assets and more than 52,000 client accounts, PENSCO works with financial institutions, capital raisers and financial advisors, as well as self-directed investors who typically have a point of view about alternative investments based on their own knowledge or expertise and want to put their tax-advantaged retirement dollars to work in these opportunities. To learn more, visit www.pensco.com.
Connect with PENSCO Trust Company
PENSCO.com│ LinkedIn │Twitter │ PENSCO Blog
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, public finance, 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 $16 billion of custodial assets and more than 52,000 client accounts as of September 15, 2017, which client accounts are comprised of self-directed investors, financial institutions, capital raisers and financial advisors. Opus Bank operates 51 banking offices, including 31 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: www.opusbank.com.
Connect with Opus Bank
OpusBank.com │ LinkedIn │ Twitter │ YouTube
Disclaimers:
PENSCO Trust Company performs the duties of an independent custodian of assets for self-directed individual and business retirement accounts and does not provide investment advice, sell investments or offer any tax or legal advice. Clients or potential clients are advised to perform their own due diligence in choosing any investment opportunity as well as selecting any professional to assist them with an investment opportunity. Alternative investments are not FDIC insured and are subject to risk, including loss of principal. PENSCO is indirectly affiliated with a registered broker dealer and with a licensed small business investment company through Opus Bank (“Opus Affiliates”). Other than the Opus Affiliates, PENSCO is not affiliated with any financial professional, investment, investment sponsor, or investment, tax or legal advisor.
Forward-Looking Statements
This release may include forward-looking statements related to Opus’ 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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