Opus Bank, Orange County’s largest locally headquartered bank, debuted on the Nasdaq exchange Wednesday after pricing its common stock at $30 per share.
The Irvine-based bank said it will sell about 2.8 million shares during its initial public offering, while its shareholders will sell about 2.3 million shares. Underwriters will have a 30-day option to purchase up to roughly 700,000 more shares at the IPO price, less an underwriting discount. The offering is expected to close April 22.
The stock was ultimately priced slightly under the $31-$34 per share range the bank originally anticipated. Amid a recent market downturn and sell-off in tech stocks, six IPOs ended last week below their issue price. Listed under the symbol “OPB,” Opus’ stock closed slightly down Wednesday at $29.33 per share, while the Nasdaq rose 1.29 percent.
Opus estimates net proceeds from its IPO will be about $76.3 million, which it intends to use for growth in the Western United States, general corporate purposes and a contribution to the Opus Community Foundation.
An FDIC-insured bank, Opus had over $3.7 billion in total assets, $2.9 billion in total loans and $2.7 billion in total deposits as of Dec 31.
Opus recapitalized in 2010, converting from a national bank to a California state-chartered commercial bank. It also changed its name from Bay Cities National Bank to Opus. Bay Cities National Bank was founded in 1982.
Opus operates 60 banking offices, including two in the Phoenix area, 34 in California and 24 in the Seattle area.
Contact the writer: musheroff@ocregister.com
