Opus Bank has wrapped up the acquisition of PENSCO Services and its wholly-owned subsidiary PENSCO Trust Company (PENSCO) in a cash and stock deal, marking its move into synergistic alternative asset wealth services business.
The deal makes PENSCO a wholly-owned subsidiary of Opus, the US-based lender said in a statement.
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Under the terms of the deal, members of PENSCO Services received aggregate consideration of almost 1.7 million shares of Opus Bank common stock and nearly $46.4m in cash.
Kelly Rodriques will continue in the role of PENSCO president and CEO, and will also join Opus as executive vice president – wealth services.
PENSCO, a tech-enabled alternative asset IRA custodian, manages about $10.7bn of custodial assets and over 45,000 clients. It has investments in more than 40,000 asset types including private equity, real estate, notes, cash, and other non-exchange traded assets.
Opus Bank provide various treasury and cash management and depository solutions, as well as loan products through its retail, commercial, merchant, and correspondent banking units. As of 31 December 2015, the lender managed $6.6bn in total assets, $5.5bn in total loans, and $5.3bn in total deposits.
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