Pacific Premier Bancorp to acquire Plaza Bancorp in deal worth $226 million
Irvine-based Pacific Premier Bancorp, the holding company of Pacific Premier Bank and Plaza Bancorp, has agreed to acquire Plaza in an all-stock transaction valued at roughly $226 million, or $7.29 per share.
Plaza, also based in Irvine, reports $1.3 billion in total assets, $1.1 billion in gross loans and $1.1 billion in total deposits as of June 30. The bank has seven regional offices located in Irvine, Manhattan Beach, El Segundo, Pasadena, Montebello, San Diego and Las Vegas.
The transaction, according to a company statement, will increase Pacific Premier’s total assets to approximately $7.7 billion on a pro forma basis.
“On a combined basis, Pacific Premier can offer greater capital resources and an expanded array of products and services, which we believe will be beneficial to our clients and our employees,” said Rick Sowers, president of Plaza, in a statement.
Pacific Premier Bancorp has roughly $6.4 billion in assets and is focused on serving small and middle-market businesses in the counties of Orange, Los Angeles, Riverside, San Bernardino, San Diego, San Luis Obispo and Santa Barbara.
“Entering Los Angeles County has been a key focus of our long-term strategic plan to build Pacific Premier into the leading commercial bank headquartered in Southern California,” Steven R. Gardner, chairman, president and CEO of Pacific Premier, said in a statement. “This transaction will enable us to achieve that goal in a way that makes strategic and economic sense for our franchise.”
Once the transaction closes, holders of Plaza common stock will have the right to receive 0.200 shares of Pacific Premier common stock for each share of Plaza common stock they own. Existing Pacific Premier shareholders will own approximately 86.9 percent of the outstanding shares of the combined company; Plaza shareholders are expected to own approximately 13.1 percent.
The acquisition is expected to close in the fourth quarter of 2017 or early first quarter of 2018, and is subject to regulatory approval.
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