Opus Bank (Opus) (NASDAQ: OPB) announced today that G Malpass (Mal) Durkee has been appointed to Opus Board of Directors, effective May 17, 2019, and appointed a member of the Risk Oversight Committee. Mr. Durkee replaces Mark Cicirelli, who concurrently resigned from Opus Board of Directors, effective May 17, 2019. Opus Board membership remains at nine.
Paul G. Greig, Chairman of the Board of Opus Bank, stated, On behalf of Opus, I thank Mark for his enduring commitment to Opus since his joining the Board in 2012. We are grateful for Marks valuable contributions throughout his tenure and wish him the best.
Mr. Greig added, I am pleased to welcome Mal and look forward to working with him as a member of Opus Board. I have great confidence that Opus will benefit greatly from his deep and broad financial institution advisory knowledge, including in the development and execution of significant strategic initiatives with a number of the nations most prestigious financial services firms.
Mr. Durkee currently serves as a Strategic Advisor to financial services companies, fintechs, and institutional investors. From 2010 to 2013, Mr. Durkee served as Partner of Corporate Advisory Group at Perella Weinberg Partners LP, where he focused on providing strategic and financial advice to depository institutions. From 2009 to 2010, Mr. Durkee served as Special Advisor to the Chairman and CEO of The Hartford. From 2008 to 2009, Mr. Durkee served as a Managing Director and Co-Head of North American Banks at Morgan Stanley. From 1995 to 2007, Mr. Durkee served at Merrill Lynch, last serving as Managing Director, Head of Depository Practice. Mr. Durkee began his career in the financial services industry in 1986 at Security Pacific National Bank, where he served as a Vice President within the Strategic Planning Group. Mr. Durkee holds a B.A. in Economics from Occidental College.
Opus Bank is an FDIC insured California-chartered commercial bank with $7.7 billion of total assets, $5.5 billion of total loans, and $6.1 billion in total deposits as of March 31, 2019. Opus Bank provides commercial and retail banking products and solutions to its clients in western markets from its headquarters in Irvine, California and through 47 banking offices, including 28 in California, 16 in the Seattle/Puget Sound region in Washington, two in the Phoenix metropolitan area of Arizona and one in Portland, Oregon. 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. Additionally, Opus Banks wholly-owned subsidiary, PENSCO Trust Company, has approximately $14 billion of custodial IRA assets and approximately 48,000 client accounts, which are comprised of self-directed investors, financial institutions, capital raisers and financial advisors. Opus Bank is an Equal Housing Lender. For additional information about Opus Bank, please visit our website: www.opusbank.com.
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.
Mr. Jeff L. Leonard
SVP, Dir. of Corporate Strategy/Communications