IRVINE, Calif.--(BUSINESS WIRE)--Opus Bank announced today that it has received the necessary regulatory approvals from the California Department of Financial Institutions and the FDIC for the proposed acquisition of Cascade Financial Corporation (“Cascade”) and its bank subsidiary, Cascade Bank. Additionally, Opus Bank has received a requested waiver and the non-objection from the Federal Reserve Bank of San Francisco. As previously announced, Cascade shareholders approved the acquisition at a special meeting of shareholders held on May 31, 2011. The acquisition is expected to close on June 30, 2011, after the applicable waiting period has expired. Occurring simultaneously with the completion of the acquisition of Cascade, Cascade Bank will be merged with and into Opus Bank.
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $708.0 million of total assets, $182.0 million of total loans, $293.8 million in total deposits, and $399.9 million of total equity, as of March 31, 2011. Opus Bank provides high value, relationship-based banking products and exceptional service to its clients comprised of small and mid-sized commercial businesses, entrepreneurs, real estate investors, high-net-worth individuals, professionals, and consumers. Opus Bank offers a wide range of loan products, including commercial and industrial, commercial real estate, multifamily residential, jumbo single-family residential, consumer loans, and is a Small Business Administration (“SBA”) Preferred Lender. Opus Bank operates banking offices in the communities of Manhattan Beach, Rancho Palos Verdes/San Pedro, Redondo Beach, Rolling Hills Estates, and Torrance, located in Los Angeles County and maintains an executive and administrative office in Irvine, located in Orange County, California. Opus Bank has announced plans to open new banking offices in Encino, Beverly Hills, and West Los Angeles, located in Los Angeles County; Corona del Mar, Newport Coast, and Irvine, located in Orange County; and La Jolla, located in San Diego County California. On June 6, 2011, Opus Bank announced that it entered into a definitive agreement to acquire RMG Capital (“RMG”) and its bank subsidiary, Fullerton Community Bank. Established in 1927, Fullerton Community Bank is a federally chartered savings bank that operates 8 full service banking offices in northern Orange County and is comprised of $681.9 million of total assets, $511.1 million of total deposits, and $529.3 million of total loans, as of March 31, 2011. At year-end, on a pro forma basis after the close of the acquisitions of Cascade Bank and RMG, Opus Bank is expected to have nearly $3.0 billion of total assets and operate 42 banking offices on the West Coast. For additional information about Opus Bank, please visit our website: www.opusbank.com.
About Cascade Bank
Established in 1916, Cascade Bank, the only operating subsidiary of Cascade Financial Corporation, is a Washington-chartered commercial bank headquartered in Everett, Washington. Cascade Bank is a highly regarded community bank with $1.5 billion of total assets, $1.1 billion of total deposits, and $1.0 billion of total loans, as of March 31, 2011. Cascade Bank has proudly served the Puget Sound region for 95 years and operates 22 full service branches in Everett, Lynnwood, Marysville, Mukilteo, Shoreline, Smokey Point, Issaquah, Clearview, Woodinville, Lake Stevens, Bellevue, Burlington, Snohomish, North Bend and Edmonds. In October 2010, Cascade was voted Favorite Snohomish County Company (with fewer than 250 employees) for the second year in a row in NWjobs.com’s 2010 People’s Picks campaign. For additional information about Cascade Bank, please visit www.cascadebank.com.