IRVINE, Calif.--(BUSINESS WIRE)--
Opus Bank (“Opus”) (Nasdaq: OPB) announced today that its wholly-owned subsidiary, PENSCO Trust Company (“PENSCO”), a leading tech-enabled alternative asset IRA custodian with over $12 billion of custodial assets and 48,000 client accounts with investments in approximately 42,000 unique asset types comprised of private equity, real estate, notes, cash, and other non-exchange traded assets, has entered into an agreement to be appointed successor custodian for a national broker-dealer. PENSCO will provide custodian services for this firm’s clients’ self-directed individual retirement accounts, qualified plans, and other self-directed accounts that are invested in alternative assets.
Curtis Glovier, Chairman and CEO of PENSCO stated, “This is the third successor custodian agreement that we have entered into with a national broker-dealer this year. PENSCO’s 27-year history of specialization, innovation, and success, combined with our Alt-Nav™ technology solution, which received the award for ‘Most Innovative Technology Solution’ at this year’s HFM US Technology Awards, clearly separates PENSCO from any other alternative asset custodian.”
Patrick Hughes, President of PENSCO, added, “We are pleased to be chosen again by a top-tier firm that recognizes our track record for solving partner challenges. We look forward to providing the alternative asset custody expertise and premier client service required for clients who are invested in alternative assets such as private equity, real estate, notes and other nontraditional investments, within their qualified self-directed individual retirement accounts.”
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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 over $12 billion in assets on behalf of
48,000 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, please visit: www.pensco.com.
Connect with Opus Bank
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About Opus Bank
Opus Bank is an FDIC-insured
California-chartered commercial bank with $7.7 billion of total assets,
$6.3 billion of total loans and $6.5 billion in total deposits as of
September 30, 2016. 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. Opus Bank’s subsidiary, PENSCO Trust
Company, is a leading tech-enabled alternative asset IRA custodian with
over $12 billion of custodial assets and over 48,000 client accounts,
which are comprised of self-directed investors, financial institutions,
capital raisers, and financial advisors. Opus Bank operates 56 banking
offices, including 32 in California, 21 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.
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.
Source: Opus Bank
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