Opus Bank Signs Definitive Agreement to Acquire Four Banking Offices and $138 Million of Deposits from California Bank & Trust

  Opus Bank Signs Definitive Agreement to Acquire Four Banking Offices and
  $138 Million of Deposits from California Bank & Trust

Business Wire

IRVINE, Calif. & SAN DIEGO -- May 01, 2013

Opus Bank, a West Coast-based commercial bank, and California Bank & Trust
(“CB&T”), a subsidiary of Zions Bancorporation (NASDAQ: ZION), announced today
that they have entered into a purchase and assumption agreement through which
Opus Bank will acquire four branches from CB&T. As part of the transaction,
Opus Bank will assume substantially all of the deposits of the four locations,
which deposits totaled $138.3 million as of March 31, 2013. The transaction
includes banking offices in Covina, La Verne, and San Dimas, located in the
San Gabriel Valley in Los Angeles County, California; and Pleasant Hill,
located in Contra Costa County, California.

The transaction will result in the transfer of deposits from CB&T to Opus Bank
in exchange for a weighted average deposit premium of approximately 3.20%
applied to the deposit balances transferred at closing. The deposits to be
transferred are low cost core deposits; 86% are comprised of core transaction
deposit accounts, of which 40% are comprised of non-interest bearing DDA
checking account deposits, and have a total cost of deposits of 0.09% at March
31, 2013. Business deposits account for 36% of the total. Although certain
other assets related to the branches, with an approximate value of $250,000,
will be included in the transaction, no loans will be transferred. The
transaction is expected to be completed before the end of the third quarter of
2013, and is subject to regulatory approval and other customary terms.

Stephen H. Gordon, Chairman, Chief Executive Officer and President of Opus
Bank stated, “The acquisition of these banking offices and related deposits
provides an opportunity to expand into markets that we have been targeting for
future growth. The three Southern California banking offices are complementary
to Opus Bank’s existing banking offices in Glendale, as well as in Pasadena
and Monrovia, along the 210 freeway corridor in the San Gabriel Valley, along
with its banking offices in North Orange County.” Mr. Gordon added, “The
Pleasant Hill banking office in Northern California is approximately midway
between our Danville banking office located in Contra Costa County, which
opened in June of 2012, and our new San Rafael banking office located in Marin
County, which is expected to open in the third quarter of this year.” Mr.
Gordon concluded, “We look forward to welcoming our new bankers and clients,
efficiently building upon these existing client relationships, and further
financing growth within our communities. By expanding our footprint, Opus Bank
will be better positioned to fulfill our mission of financially backing those
businesses, entrepreneurs, real estate investors, professionals, and consumers
with a vision to expand and grow, and thereby create new jobs from the ground
up.”

David Blackford, Chief Executive Officer and President of CB&T stated, “The
sale of these four branches improves the efficiency and profitability of our
branch network. The three Southern California locations were acquired from the
FDIC in 2009 as part of the Vineyard Bank acquisition and this sale is an
important step in the final integration of the acquired branches into the CB&T
network.” Mr. Blackford continued, “Even after the sale, CB&T will have a
significant presence in the East Bay, with offices in Walnut Creek, Oakland,
Albany, Hayward and Fremont as well as in the eastern part ofthe San Gabriel
Valley with offices in Hacienda Heights, Irwindale, Claremont, and Walnut.
This transaction also helps move us forward strategically. The cost savings
generated from the sale provide an opportunity to expand into new markets as
we continue to build the bank and deliver our high touch style of banking
throughout California.”

There will be no changes to any CB&T client accounts until after the
transaction is completed, and the banks will collaborate to ensure a smooth
transition for the businesses and individuals they serve. Over the next
several weeks, Opus Bank and CB&T will be communicating directly with the
clients and personnel in the to be acquired banking offices to guide them
through the process and to create a smooth transition and seamless experience.

Opus Bank was not advised by an investment banker in this transaction and was
represented by Patton Boggs LLP as its outside legal counsel. California Bank
& Trust was not advised by an investment banker in this transaction.

About Opus Bank

Opus Bank is an FDIC insured California-chartered commercial bank with $3.0
billion of total assets, $2.3 billion of total loans, and $2.1 billion in
total deposits, as of March 31, 2013. Opus Bank provides high-value,
relationship-based banking products, services, and solutions to its clients
comprised of small and mid-sized commercial businesses, entrepreneurs, real
estate investors, professionals, and consumers. Opus Bank offers a robust
suite of treasury and cash management and depository solutions, and a wide
range of loan products, including commercial and industrial, SBA, commercial
real estate, multifamily residential, conforming and jumbo single-family
residential, and consumer loans; and is an Equal Housing Lender. Opus Bank
operates 52 banking offices, including 30 banking offices in California and 22
in the Seattle/Puget Sound region in Washington. For additional information
about Opus Bank, please visit our website: www.opusbank.com.

About California Bank & Trust

California Bank & Trust, a subsidiary of Zions Bancorporation (NASDAQ: ZION),
is one of the largest banks headquartered in California with over $10 billion
in assets and more than 100 branches statewide. CB&T provides a full array of
financial solutions for businesses and individuals, including commercial and
small business lending, cash management, international banking and wealth
management. The professional bankers at CB&T are backed by major resources,
yet maintain local-decision making authority and regional market and industry
expertise. They are committed to providing clients with valuable business and
economic insights and to connecting them with the beneficial business
relationships they need to succeed. To learn more, visit www.calbanktrust.com.
Connect with California Bank & Trust on Facebook, Twitter, and LinkedIn.

Contact:

Opus Bank
Mr. Stephen H. Gordon
Chairman & CEO
or
Mr. Jeff L. Leonard
SVP, Dir. of Corporate Strategy/Communications
Telephone: (949) 250-9800
Facsimile: (949) 250-9988
or
California Bank & Trust
Mr. Steven Borg
SVP & Corporate Marketing Director
Telephone: (510) 627-7958
Facsimile: (510) 627-7950
or
Mr. Rob Farmer
Managing Director
Landis Communications, Inc.
Telephone: (415) 561-0888
Facsimile: (415) 561-0778
 
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