Opus Bank Completes $460 Million Recapitalization

Skadden is representing funds affiliated with Fortress Investment Group LLC and a fund affiliated with Starwood Capital Group in their respective investments in the $460 million recapitalization of Opus Bank, formerly Bay Cities National Bank, announced on Oct. 6.  In addition to raising new capital from approximately 25 institutional and other accredited investors, Bay Cities National Bank converted from a national bank to a California state-chartered commercial bank and changed its name.