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Opus Bank Names Joseph R. Simpson EVP, Chief Audit Executive

(July 17, 2017)

IRVINE, Calif.--(BUSINESS WIRE)--$OPB #Opus--Opus Bank (?Opus) (NASDAQ: OPB) announced today that Joseph R. Simpson has joined Opus as Executive Vice President, Chief Audit Executive. Mr. Simpson is a 30-year banking veteran with extensive experience overseeing the financial control and audit processes at large financial institutions, as well as working with board audit committees to direct and enhance Internal Audit and Enterprise Risk Management functions.


Stephen H. Gordon, founding Chairman, Chief Executive Officer, and President of Opus Bank, stated, ?We are pleased that Joseph Simpson has joined Opus as Chief Audit Executive to lead our internal audit team. His expertise and unique mix of financial, risk management, business and operational knowledge will provide Opus with an integrated and robust audit service that promotes the adequacy and efficacy of our internal financial, operating and credit controls throughout the Bank.

Mr. Simpson joins Opus most recently from HealthNow New York, an independent licensee of the BlueCross BlueShield Association, where he served as Director of Enterprise Risk Management since 2016. From 2013 to 2016, Mr. Simpson served as Chief Audit Executive at First Niagara Bank, where he directed a team of 40+ professionals and reported to the Chief Executive Officer and Chair of the Board of Directors Audit Committee. During his tenure at First Niagara, Mr. Simpson re-engineered their Internal Audit function and implemented a comprehensive transformation of the departments risk assessment and audit processes before the banks sale to KeyBank in 2016. Prior to joining First Niagara, Mr. Simpson spent 24 years at HSBC Bank USA, where he served in various financial reporting positions overseeing audit implementation and execution, rising to the positions of Chief Accounting Officer in 2006 and to Head of Global Finance, Tax and Capital Audit in 2010. Mr. Simpson started his career at PricewaterhouseCoopers in Buffalo, NY. He holds a Bachelor of Science degree in Accounting from Canisius College in Buffalo, NY, where he graduated Magna Cum Laude. Mr. Simpson is a member of the American Institute of Certified Public Accountants.

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About Opus Bank

Opus Bank is an FDIC insured California-chartered commercial bank with $8.0 billion of total assets, $5.4 billion of total loans, and $6.7 billion in total deposits as of March 31, 2017. 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, Member FINRA/SIPC. Opus Banks alternative asset IRA custodian subsidiary has over $13 billion of custodial assets and approximately 47,000 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 at: www.opusbank.com.

Forward-Looking Statements

This release may include forward-looking statements related to Opus Banks 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.


Contacts

Opus Bank
Mr. Jeff L. Leonard
SVP, Dir. of Corporate Strategy/Communications
(949) 251-8146


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