Opus Bank To Buy Commerce Escrow Company And RPM Investments - Quick Facts

(RTTNews) - Opus Bank (OPB) has agreed to acquire both Commerce Escrow Co. or CEC and RPM Investments Inc., an independent accommodator for tax-deferred commercial exchanges under Section 1031 of the Internal Revenue Code. Pursuant to the agreement, shareholders of CEC and RPM would receive aggregate consideration of $25 million, with 55% payable in Opus Bank common stock, which shall be valued based on the average of the closing prices of Opus common stock over the 10 business days ending the day prior to the closing date, and 45% payable in cash.

The transaction may close in the latter part of the first quarter of 2015, after which CEC and RPM would operate as separate divisions within Opus. Mark Minsky, President of CEC and RPM, would assume the Senior Managing Director role, Robert Minsky would serve as Managing Director and Danielle Graf Kitzes as Director of the CEC and RPM units.

Founded in 1980, CEC offers escrow services on business transactions, commercial and residential property sales, tract sales, stock transfers, industrial facilities and developer site acquisitions.