World News: 22:23 GMT Friday 17th May 2019. [Elliott Management Corporation via Businesswire via SPi World News]
Elliott Management Corporation (“Elliott”), which manages funds that collectively own 14.1% of the fully diluted common stock of Opus Bank (NASDAQ: OPB) (“Opus”), today announced that it has appointed G Malpass (“Mal”) Durkee to be its director designee on the Opus Bank board.
Mr. Durkee has spent his career in the banking industry advising and executing on strategies to maximize shareholder value through strategic initiatives, mergers and acquisitions and capital strategies. Over the last three decades, Mr. Durkee ran the bank practices at Morgan Stanley, Merrill Lynch and Perella Weinberg. In addition, he has advised the FDIC and the U.S. Treasury Department on various matters, including the monetization strategies and execution for its $17 billion TARP investment in Ally Financial. Growing up in Orange County, Mr. Durkee started his career at Security Pacific in Los Angeles and was a leader in one of the first successful acquisition programs in California and the Western region.
In a statement, Elliott commented, “Opus Bank is now very well positioned, having made significant progress across multiple fronts. The bank now has a refreshed and high-quality board, with a new CEO who brings a demonstrated record of creating shareholder value through operational and strategic initiatives. In this context, we believe Mal Durkee will be a highly valuable addition to the board. Elliott remains an engaged and active shareholder, and we will continue to directly communicate our views on value creation to Opus’s board and management.”
Elliott Management Corporation manages two multi-strategy investment funds which combined have approximately $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
Business Wire: 22:23 GMT Friday 17th May 2019
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