Daily News: January 21, 2016

Opus Bank Enters Strategic Marketing Agreement with OnDeck

Opus Bank entered into a marketing and referral agreement with OnDeck that will leverage Opus’ 58 retail banking office distribution using OnDeck’s credit and funding platform. Opus’ retail banking offices are in major metro markets up and down the West Coast.

Entering into this arrangement allows Opus to offer a complete solution to small businesses looking for financing up to $500,000, including a range of term loans and lines of credit powered by a streamlined application process and fast access to the funds.

“I am excited to have entered into this marketing and referral agreement with OnDeck,” said Stephen H. Gordon, founding chairman, chief executive officer and president of Opus Bank. “Opus offers an extensive suite of lending products through its Commercial Bank and, while we receive a significant amount of inquiry for small business loans through our Retail Bank, OnDeck has proven to be much more proficient in underwriting and funding these smaller loans. This partnership enables Opus to further leverage and scale its strong market presence by offering small balance financing solutions that it was otherwise not able to efficiently accommodate and, in doing so, generate additional revenues while not using Opus’ balance sheet or capital.

“Since Opus’ inception, it has had an acute focus on providing tailored financial products, services, and solutions to those small and mid-sized commercial businesses, entrepreneurs, real estate investors, and professionals with a vision to expand and grow. Opus is now better positioned to provide faster access to capital to those businesses where the availability of small balance financing has an outsized impact on their ability to expand, create new jobs, and succeed. At Opus Bank, we understand that by providing capital financing to successful entrepreneurs and their businesses, we are enabling those businesses to flourish and, in turn, build healthy, vital, and vibrant communities from the ground up.”

Opus Bank is an FDIC insured California-chartered commercial bank with over $6.2 billion of total assets, $5 billion of total loans and $4.9 billion in total deposits as of September 30, 2015.