Simpson Thacher recently represented Sandler O’Neill & Partners, L.P. and Keefe, Bruyette & Woods, Inc. as underwriters in connection with a Section 3(a)(2) offering by Opus Bank of $135 million aggregate principal amount of 5.5% fixed-to-floating rate subordinated notes due 2026. Opus Bank intends to use the net proceeds for general corporate purposes, which may include supporting its growth and capital adequacy.
Opus Bank is an FDIC insured California-chartered commercial bank with $6.9 billion of total assets, $5.8 billion of total loans, and $5.2 billion in total deposits as of March 31, 2016. Opus Bank operates 58 banking offices, including 33 in California, 22 in the Seattle/Puget Sound region in Washington, two in the Phoenix metropolitan area of Arizona, and one in Portland, Oregon.
The Simpson Thacher team included Lesley Peng, Tony Rim and Yu Mizutani (Capital Markets); Jonathan Cantor and Jacqueline Clinton (Tax); David Rubinsky and Jeannine McSweeney (Executive Compensation and Employee Benefits); Mark Chorazak and Spencer Sloan (Bank Regulatory); and Jennie Getsin (FINRA and Blue Sky). Summer Associate Matthew Petrone also provided valuable assistance.