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FT Partners Advises PENSCO Trust in its $104,000,000 Sale to Opus Bank

Overview of Transaction

  • On January 25, 2016, PENSCO Trust Company ("PENSCO") announced its sale to Opus Bank ("Opus") (NASDAQ: OPB) for approximately $104 million (as adjusted) in a mix of cash and stock
  • Backed by Panorama Point Partners, PENSCO is a leading custodian of self-directed IRA and alternative investments
  • Opus is an FDIC insured California-chartered commercial bank with $6.2 billion of total assets, $5.0 billion of total loans, and $4.9 billion in total deposits, as of September 30, 2015
  • Following the transaction, PENSCO will operate as a subsidiary of Opus
  • The transaction is expected to close in Q2 2016

Significance of Transaction

  • The acquisition positions Opus at the forefront of the alternative asset wealth services business
  • PENSCO provides Opus with strong, recurring non-interest income based on assets under custody
  • The transaction also presents additional potential revenue opportunities through Opus' Merchant Bank, Commercial Bank, Retail Bank and Opus Financial Partners, Opus' broker-dealer subsidiary

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to PENSCO and its Board of Directors
  • Highlights FT Partners' continued success advising a broad range of top-tier companies across the financial technology landscape