Opus Bank completed the acquisition of PENSCO Services and its wholly-owned subsidiary PENSCO Trust.

PENSCO will operate as a wholly-owned subsidiary of Opus, with Kelly Rodriques continuing as president and chief executive officer of PENSCO and joining Opus as executive vice president, Wealth Services. Pursuant to the terms of the agreement, PENSCO Services members received aggregate consideration comprised of 1,664,615 shares of Opus Bank common stock and approximately $46.4 million in cash.

Opus Bank was advised by Credit Suisse Securities and Sandler O’Neill, with legal representation from Holland & Knight. PENSCO and its board of directors were advised by Financial Technology Partners and FTP Securities. PENSCO received legal representation from Goodwin Procter.

Founded in 1989, PENSCO is a tech-enabled alternative asset IRA custodian, with approximately $10.7 billion of custodial assets and more than 45,000 clients with investments in over 40,000 unique asset types comprised of private equity, real estate, notes, cash and other non-exchange traded assets.

Opus Bank is an FDIC-insured California-chartered commercial bank with $6.6 billion of total assets, $5.5 billion of total loans and $5.3 billion in total deposits as of December 31, 2015.