Opus Bank Announces Expansion and Maturation of Its Income Property Banking Division
Opus Bank Announces Expansion and Maturation of Its Income Property Banking Division
− Forms New Commercial Real Estate Banking Division-
− Commercial Real Estate Banking to House Leading Income Property Banking Division and Newly Formed Structured Finance Division -
IRVINE, Calif.--(BUSINESS WIRE)-- Opus Bank ("Opus" or the "Bank") announced today the formation of its Commercial Real Estate Banking ("CREB") division, which is comprised of its leading Income Property Banking ("IPB") division and its recently formed Structured Finance division. Since funding its first loans on February 25, 2011, the Bank's IPB division has funded over $1.5 billion of loans secured by multifamily residential, industrial, office, medical office, self-storage, and mixed use properties. Opus' recently formed Structured Finance division provides capital financing for value-add, bridge, lender finance facilities, single-family residential aggregation facilities, and stabilization loans, and has already closed over $58 million of loans since formation of the division.
Additionally, Opus Bank announced that Dan Borland, who has served as President of IPB since Opus' inception, has been promoted to President of CREB, and will additionally lead Opus' new Structured Finance division. Ed Padilla, who has served as Senior Vice President, Senior Credit Administrator of IPB since July 2011, has been promoted to lead Opus' Income Property Banking division, and will report to Dan Borland.
Stephen H. Gordon, Founding Chairman, Chief Executive Officer, and President of Opus Bank, stated, "Both Dan Borland and Ed Padilla have been integral to the successful evolution and maturation of our Income Property Banking division and the overall growth of Opus. This divisional and managerial realignment and expansion that places Dan as President of CREB, as well as the head of our new Structured Finance division, will enable the Bank to leverage off of his successes within Income Property Banking, as well as his tremendous experience, skill, and leadership that has made Opus one of the largest originators of multifamily loans on the West Coast." Gordon added, "Ed has proven his ability to efficiently and consistently deliver Opus' income property banking products, services, and solutions, and consistently demonstrate his leadership capability within the IPB team that has funded over $1.5 billion to date. We look forward to the continued growth of the IPB division under his direction. As Opus expands its suite of banking products and diversifies its commercial real estate asset classes beyond traditional stabilized investment property, the additional focus on more tailored offerings through our new Structured Finance division will contribute to the strategic growth of the Bank now over $3.0 billion in total assets to becoming the dominant relationship-based regional bank on the West Coast."
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $3.0 billion of total assets, $2.3 billion of total loans, and $2.1 billion in total deposits, as of March 31, 2013. Opus Bank provides high-value, relationship-based banking products, services, and solutions to its clients comprised of small and mid-sized commercial businesses, entrepreneurs, real estate investors, professionals, and consumers. Opus Bank offers a robust suite of treasury and cash management and depository solutions, and a wide range of loan products, including commercial and industrial, SBA, commercial real estate, multifamily residential, conforming and jumbo single-family residential loans; and is an Equal Housing Lender. Opus Bank operates 53 banking offices, including 30 banking offices in California and 23 in the Seattle/Puget Sound region in Washington. For additional information about Opus Bank, please visit our website: www.opusbank.com. To learn more about how Opus Bank is backing businesses, please visit: www.opusbank.com/Spotlight.
Opus Bank
Mr. Stephen H. Gordon
Chairman, CEO & President
or
Mr. Jeff L. Leonard
SVP, Dir. of Corporate Strategy/Communications
Telephone: 949-250-9800
Facsimile: 949-250-9988
KEYWORDS: United States North America California
INDUSTRY KEYWORDS:
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