Opus Bank Announces Executive Committee

IRVINE, Calif.--(BUSINESS WIRE)-- Opus Bank announced today the appointments to its seven member executive committee, which is comprised of the bank’s Chief Executive Officer/President, General Counsel, Managing Director of Corporate Development, Chief Financial Officer, Chief Risk Officer/ Chief Administrative Officer, Chief Operating Officer, and Chief Credit Officer. Joining Stephen H. Gordon, Opus Bank’s Chairman and Chief Executive Officer, are the following senior executives who have been named to the executive committee: Donald E. Royer, Executive Vice President (“EVP”), General Counsel; Carey M. Brennan, EVP, Managing Director of Corporate Development; Thea K. Stuedli, EVP, Chief Financial Officer; Richard A. Sanchez, EVP, Chief Risk Officer/ Chief Administrative Officer; Dean B. Arnold, EVP, Chief Operating Officer; and Sheryl A. Morehead, EVP, Chief Credit Officer. All of the executive committee members are based out of Opus Bank’s executive and administrative office in Irvine, California.

Stephen H. Gordon, Chairman and Chief Executive Officer of Opus Bank, stated, “This executive committee encompasses a vast array of banking management experience and has weathered many economic cycles. This invaluable understanding will be critical to the success of Opus Bank.” Mr. Gordon added, “I am genuinely excited to embark upon this journey with such an exceptional team that shares my vision of creating a truly unique super-regional bank.”

Donald E. Royer, EVP, General Counsel, is responsible for managing the legal affairs of Opus Bank, as well as the coordination, oversight, and management of Opus Bank’s retained counsel. From 2007 until 2010, Mr. Royer served as Executive Vice President, General Counsel of Fremont General Corporation (“Fremont”). From February 2006 until October 2006, Mr. Royer served as Executive Vice President, General Counsel of Commercial Capital Bancorp, Inc. (“CCB”) and was retained by Washington Mutual following the close of its acquisition of CCB in 2006. From 1991 through 2002, Mr. Royer served as Executive Vice President, General Counsel and Corporate Secretary of Downey Savings & Loan Association, where he helped the bank grow from $3 billion in assets to over $11 billion, convert from a state chartered institution to a federal savings bank, and organize its parent, Downey Financial Corporation, as a unitary thrift holding company. From 1979 through 1991, Mr. Royer represented American Savings and Loan in various capacities, including serving as Executive Vice President, General Counsel, as it transitioned through ownership and executive management changes.

Carey M. Brennan, EVP, Managing Director of Corporate Development, is responsible for the formulation of Opus Bank’s long-range strategic and financial objectives and execution of the bank’s growth strategy, particularly through acquisitions. Mr. Brennan’s acquisition-related duties include working with other members of Opus Bank’s executive team to (i) source and screen potential acquisition targets, (ii) conduct business and financial due diligence, (iii) determine appropriate valuation and deal structure, negotiate terms, (iv) drive activities to closure, and (v) effectuate an efficient and timely post-close integration process. From July 2009 until September 2010, Mr. Brennan provided advisory services related to corporate banking matters through his closely-held consulting firm, 60th Street Advisers, LLC, while working closely with Mr. Gordon during the past year to complete the acquisition of control of Opus Bank. From 2008 until July 2009, Mr. Brennan served as Senior Vice President of JPMorgan Chase Bank subsequent to its acquisition of Washington Mutual Bank. From 2001 until its acquisition in 2008, Mr. Brennan served as Senior Vice President, Deputy Chief Legal Officer of Washington Mutual. While at Washington Mutual, Mr. Brennan oversaw all corporate, corporate finance, securities, and mergers and acquisitions related legal matters. During his tenure at Washington Mutual, Mr. Brennan acted as senior legal advisor on all merger and acquisition related matters of the company, including several multi-billion dollar transactions. Mr. Brennan also handled several significant corporate finance transactions, including private placements and public offerings, which combined totaled over $10.0 billion. From 1987 to 2001, Mr. Brennan was a partner in the international law firm of Jones Day, where he assisted the firm’s largest financial institution clients on a variety of general corporate finance, and mergers and acquisition matters.

Thea K. Stuedli, EVP, Chief Financial Officer, is responsible for managing all of the finance and accounting functions of Opus Bank, including the preparation of all financial reports, financial statements, tax returns, and reports for regulatory agencies. From 2007 until 2010, Ms. Stuedli served as the Chief Financial Officer of Fremont. From 2004 until its sale in 2006, Ms. Stuedli served as Senior Vice President, Chief Accounting Officer of CCB, where she was responsible for all internal and external financial reporting, including SEC filings and regulatory reports. From 2002 through 2004, Ms. Stuedli served as Corporate Controller at Jackson Federal Bank, a $2 billion federally chartered bank formerly headquartered in Brea, Calif. Ms. Stuedli started her career at KPMG, where she served as a manager in the financial services audit practice, specializing in audits of public and privately held banks and finance companies.

Richard A. Sanchez, EVP, Chief Risk Officer/ Chief Administrative Officer, is responsible for the development and implementation of an effective risk management process that is in alignment and commensurate with Opus Bank’s business plan and operation. Mr. Sanchez is responsible for identifying, measuring, monitoring, and reporting on the aggregate risk profile, including emerging trends and concentrations. Mr. Sanchez is also a member of Opus Bank’s Board of Directors. From October 2008 to July 2010, Mr. Sanchez served as Interim Chief Executive Officer of Fremont and earlier from November 2007 as Executive Vice President, Chief Administrative Officer of Fremont. From 2002 until its sale in 2006, Mr. Sanchez served as Executive Vice President, Chief Risk Officer/ Chief Administrative Officer of CCB. Mr. Sanchez also served as a member of the Board of Directors of CCB. From 1993 to 2002, Mr. Sanchez was Deputy Regional Director for the Office of Thrift Supervision (“OTS”), in the Western Region. In this capacity, Mr. Sanchez supervised a staff of 120, including examiners, and was responsible for the examination and supervision of 85 insured financial institutions with combined assets totaling over $300 billion.

Dean B. Arnold, EVP, Chief Operating Officer, is responsible for managing the operational, administrative, and support functions of Opus Bank, including: technology, loan servicing, contact center, real estate, procurement, acquisition integration, project management, and business improvement. From 2005 until its acquisition by JPMorgan Chase in 2008, Mr. Arnold served as Senior Vice President, Enterprise Operations of Washington Mutual and remained in this same role with JPMorgan Chase until January 2009. While at Washington Mutual and Chase, Mr. Arnold was responsible for spend management, real estate, operational excellence, service excellence, and acquisition integration. Mr. Arnold's Enterprise Operations partnered across the company, and reduced annual operating expenses by more than $500 million over a two-year period. During his tenure at Washington Mutual, Mr. Arnold successfully led the acquisition integrations of Providian Financial and CCB. From 1997 until 2005, Mr. Arnold was a Senior Vice President of Chase Home Finance, where he was responsible for strategy, acquisitions, integration, vendor management, e-business, six sigma, and executive resolution. From 1988 to 1997, Mr. Arnold held senior leadership positions with GE Capital in the areas of residential mortgage, commercial real estate, asset management and strategic equities. Mr. Arnold’s responsibilities at GE Capital included strategy, M&A and business development, formulating and implementing significant business restructurings and strategic repositioning, acquiring troubled commercial real estate portfolios, and the purchase and liquidation of over $500 million in residential loans/assets from the RTC, FDIC, and financial institutions.

Sheryl A. Morehead, EVP, Chief Credit Officer, is responsible for establishing and maintaining Opus Bank’s credit standards and ensuring the overall credit quality of the loan portfolio. Ms. Morehead is also responsible for implementing policies and procedures to guide the lending programs of Opus Bank, while maintaining compliance with regulatory guidelines. Ms. Morehead’s responsibilities include the development of a loan classification system to assess the quality of the bank’s assets and calculate appropriate reserves. Ms. Morehead has extensive experience in multiple loan asset classes including commercial business, Commercial and Industrial, Small Business Administration (“SBA”), multifamily, commercial real estate, jumbo residential, consumer and construction lending. Through Isaac Morehead & Associates, her own consulting company, Ms. Morehead assisted financial institution clients with creating systems and reporting procedures that responded to regulatory requirements and mandates. From 1996 to 2000, Ms. Morehead served as CEO, President of First Bank of Beverly Hills, where she restructured two institutions and enhanced all areas of risk management to achieve the removal of a comprehensive cease and desist order. Additionally, Ms. Morehead developed the bank’s asset/liability management program and transitioned the holding company’s loan servicing business to meet compliance and bank credit standards. From 1993 to 1996, Ms. Morehead served as Chief Credit Officer and Chief Operating Officer of First Los Angeles Bank. From 1990 to 1992, Ms. Morehead served as a SVP, Division Manager of the Bank of California where she was responsible for a $3.5 billion loan portfolio, ten loan production offices, mortgage warehousing and supporting credit and loan administration units. From 1983 to 1987, Ms. Morehead served as a SVP of First Interstate Bank where she managed real estate loan offices in California and the Pacific Northwest and in 1986 transferred to First Interstate’s holding company where she assisted in the creation of a subsidiary designed to manage, resolve, and sell problem real estate assets. Ms. Morehead started her banking career in 1978 with Citicorp as a Vice President in their national lending division.

About Opus Bank

Opus Bank is an FDIC insured California state-chartered commercial bank with estimated assets of approximately $710 million, as of September 30, 2010. Opus Bank offers high value, relationship-based banking products and exceptional service to small to mid-sized commercial businesses, consumers, high-net-worth individuals, professionals, and families. Opus Bank offers a wide range of loan products, including commercial and industrial, Small Business Administration, commercial real estate, multi-family residential, jumbo single-family residential, construction, and consumer loans. Opus Bank operates five banking offices in Los Angeles County, located in the communities of Manhattan Beach, Redondo Beach, Rancho Palos Verdes/San Pedro, Rolling Hills Estates, and Torrance, and maintains an executive and administrative office in Irvine, located in Orange County, California. For additional information about Opus Bank, please visit our Web site at www.opusbank.com.

Opus Bank
Mr. Stephen H. GordonChairman, CEO and President
or
Mr. Jeff L. LeonardSVP, Director of Corporate Strategy and Communications
Telephone: (949) 250-9800
Facsimile: (949) 250-9988
E-mail: [email protected]

Source: Opus Bank