PENSCO

In 1989, founder Tom Anderson established PENSCO, a company designed to serve as a custodian for self-directed IRAs. The firm carved out a niche by focusing on alternative assets not traded on public exchanges, such as private equity and real estate. PENSCO was an early adopter of technology, becoming the first alternative asset custodian to offer clients online account viewing in 1990 and establishing an internet presence in 1994. This focus on technology and a specialized market allowed the company to grow steadily. The first major turning point came in 2016 when Opus Bank acquired PENSCO Trust Company. At the time of the acquisition, PENSCO had approximately $11 billion in custodial assets and over 45,000 clients. The deal, valued at around $104 million in cash and stock, saw PENSCO become a subsidiary of Opus Bank, aiming to combine expertise and expand services to a shared client base of entrepreneurs and investors. The story took another significant turn in 2020. Pacific Premier Bancorp acquired Opus Bank in a deal valued at approximately $744 million. As part of this larger transaction, PENSCO was merged directly into Pacific Premier Bank and now operates as a trust department within the bank. This move integrated PENSCO's $14 billion in custodial assets and 45,000 client accounts into a larger banking franchise in the Western United States.