Opus Bank, a California-chartered regional commercial bank, announced terms for its IPO on Friday. The Irvine, CA-based company plans to raise $187 million by offering approximately 5.8 million shares (51% insider) at a price range of $31to $34. At the midpoint of the proposed range, it would command a fully diluted market value of $1.1 billion.
Opus Bank, which was founded in 2010 and booked $132 million in net interest income for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol OPB. J.P. Morgan, Credit Suisse, Sandler O'Neill and Keefe Bruyette Woods are the joint bookrunners on the deal.
