The Michigan company, which lost more than $1.4 billion in the aftermath of the financial crisis, is trying to become more of a commercial lender. It recent agreement to buy a deposit-rich franchise in California could help it get there.
Clearinghouse CDFI will use funds from the $2 million investment to support affordable-housing and economic-development projects in communities and Native American reservations in California, Nevada and Arizona.
The company hired Kevin Thompson, a CFO with big-bank experience, to take over its top financial post. Once a fast-growing bank, Opus has spent recent months cutting costs and exiting certain business lines.
The election of Democrat Phil Murphy as New Jersey's next governor is being hailed as a victory for advocates of state-owned banks. But challenges remain — namely, stubborn opposition from mainstream banks.
Most of Sterling Bancorp's operations are in San Francisco and Los Angeles. The company plans to use some of the $93 million it will raise to expand in New York and Seattle.
