Opus Bank announced that Paul G. Greig, who has served as Chairman of the Opus Bank Board of Directors since January 2018, has been appointed Interim President and Chief Executive Officer, effective November 26, 2018. Greig succeeds Stephen H. Gordon, who resigned as President and Chief Executive Officer of Opus Bank and as a member of Opus Bank’s Board of Directors, effective the same date. Greig will continue as Chairman of the Board.

The Opus Bank Board of Directors has retained Korn Ferry, a leading executive search firm, to begin immediately the process of identifying a permanent CEO.

Greig joined Opus Bank’s Board of Directors in April 2017 and was appointed Lead Independent Director in May 2017 before becoming Chairman. He has decades of leadership experience with significant operational and financial expertise, most recently serving as Chairman, President and CEO of FirstMerit Corporation and its wholly owned bank subsidiary, FirstMerit Bank N.A., which operated in five states. During his tenure, FirstMerit grew from $10 billion to $26.5 billion in assets, both through organic growth and acquisitions. Mr. Greig also previously served as President and Chief Executive Officer of Charter One Bank, Illinois and President and Chief Executive Officer for Bank One Corporation, Wisconsin and for JPMorgan Chase Wisconsin following its acquisition of Bank One.\

“I look forward to working closely with the Opus Bank Board and management team to advance our objectives – enhancing shareholder value and building Opus Bank into one of the leading commercial banks in the western region,” said Mr. Greig. “As one of the market-leading multifamily lenders on the West Coast and with the recent buildout of our Commercial Banking team, we need to more effectively execute on our existing strategic priorities to drive profitability and deepen client relationships as the Bank continues its maturation to the next stage. Most importantly, I am confident in our team's ability to continue providing our clients with the sophisticated products, solutions and personal service that they have come to expect from us, as well as to giving back to the communities we have the privilege of serving.”

Mark E. Schaffer, Chairman of the Opus Bank Board Nominating and Corporate Governance Committee, said, “The Board believes that new leadership will help restore growth momentum to the Bank, enabling us to deliver strong results consistent with our existing strategic plan while maintaining an appropriate risk profile. In the interim, we are grateful to have a proven leader of Paul’s caliber and experience to step into the CEO role. As Chairman of the Board, Paul already has significant familiarity with our Bank and its strategy and an existing appreciation for Opus Bank’s strengths and dedicated team members. We are confident that Paul is the right person to lead Opus Bank while we focus on selecting a successor CEO to guide Opus Bank through its future growth.”