Market Overview

Mal Durkee Joins Opus Bank as Elliott's Director Designee

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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."

About Elliott

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.

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