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̶ Director Mark Schaffer to Concurrently Resign ̶
IRVINE, Calif. – August 6, 2019 – Opus Bank (“Opus”) (NASDAQ: OPB) announced today that Melanie S. Cibik has been appointed to Opus’ Board of Directors, effective August 5, 2019, and appointed a member of each of the Compensation Committee and the Nominating and Corporate Governance Committee. Concurrently, Director Mark E. Schaffer voluntarily resigned from Opus’ Board of Directors in accordance with the Board’s retirement policy. Director Marsha Cameron will replace Mr. Schaffer as Chair of the Nominating and Corporate Governance Committee.
Paul W. Taylor, Director, President and Chief Executive Officer of Opus Bank, stated, “I am pleased to welcome Melanie to Opus’ Board of Directors. Her more than thirty years of experience in legal, compliance, and corporate governance matters will be an invaluable addition to Opus’ already extremely talented Board. I look forward to working with Melanie and the rest of the Board through the next phase of evolution for Opus Bank.”
Paul G. Greig, Chairman of the Board of Opus Bank, stated, “I want to thank Mark for his many years of service and contributions to Opus Bank, having served on the Board since the formation of the company in September 2010. Mark’s contributions have benefited the company immensely and he should be commended for his dedication and thoughtful leadership.”
Ms. Cibik is Senior Vice President, General Counsel, Chief Compliance Officer and Secretary of Teledyne Technologies Incorporated (Teledyne), where she oversees its legal, compliance, human resources, ethics and corporate governance programs and its corporate secretariat office, regularly interfacing with the Board of Directors and its standing committees and senior management. From 2012 to 2016, she served as Teledyne’s Senior Vice President, General Counsel and Secretary. At the time of spin-off of Teledyne from Allegheny Teledyne Incorporated in November 1999, Ms. Cibik became Associate General Counsel and Assistant Secretary and was subsequently promoted in 2001 to Vice President, Associate General Counsel and Assistant Secretary. Prior to the spin-off, Ms. Cibik had been Counsel - Corporate and Securities of Allegheny Teledyne Incorporated from 1998 to 1999. Previously Ms. Cibik was Senior Counsel of the Regulatory/Mergers and Acquisitions Group and Treasury Management Subgroup of PNC Bank Corp, and from 1986 to 1994 was an Associate in the Business Group of Kirkpatrick & Lockhart, Pittsburgh, Pennsylvania. Ms. Cibik began her legal career as an Associate in the General Corporate Department of Taft Stettinius & Hollister, Cincinnati, Ohio. Ms. Cibik earned a Juris Doctorate from the University of Pittsburgh School of Law, having served on its Law Review, and graduated cum laude from the Georgetown University’s College of Arts and Sciences.
Connect with Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with $7.9 billion of total assets, $5.9 billion of total loans, and $6.2 billion in total deposits as of June 30, 2019. Opus Bank provides commercial and retail banking products and solutions to its clients in western markets from its headquarters in Irvine, California and through 47 banking offices, including 28 in California, 16 in the Seattle/Puget Sound region in Washington, two in the Phoenix metropolitan area of Arizona and one in Portland, Oregon. Opus Bank offers a suite of treasury and cash management and depository solutions, and a wide range of loan products, including commercial, healthcare, media and entertainment, corporate finance, multifamily residential, commercial real estate and structured finance, and is an SBA preferred lender. Opus Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Escrow and Exchange divisions. Additionally, Opus Bank’s wholly-owned subsidiary, PENSCO Trust Company, has approximately $14 billion of custodial IRA assets and approximately 47,000 client accounts, which are comprised of self-directed investors, financial institutions, capital raisers and financial advisors. Opus Bank is an Equal Housing Lender. For additional information about Opus Bank, please visit our website: www.opusbank.com.
This release may include forward-looking statements related to Opus’ plans, beliefs and goals, which involve certain risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The forward-looking information presented in this press release is not a guarantee of future events, and actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “intend” or “expect” or variations thereon or similar terminology. All such statements speak only as of the date made, and Opus undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Mr. Brett G. Villaume
SVP, Director of Investor Relations
Telephone: (949) 224-8866
Source: Opus Bank
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