Pacific Premier Bancorp Announces Completion of Acquisition of San Diego Trust Bank
Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), announced that it has completed the acquisition of San Diego Trust Bank (“SDTB”), a San Diego based state-chartered bank. The acquisition was completed as of the close of business on June 25, 2013.
Under the terms of the merger agreement, each share of SDTB common stock was converted into the right to receive $13.41 per share in cash or 1.114x shares of Company common stock, or a combination thereof, subject to the overall requirement that 50% of the consideration will be in the form of cash and 50% will be in the form of Company common stock. The value of the total deal consideration was approximately $30.9 million, which includes $14.4 million of cash consideration, $14.7 million of stock consideration (based on the closing stock price of the Company's common stock on June 25, 2013) and $1.8 million of cash consideration to the holders of SDTB stock options.
“We are very pleased to complete our acquisition of SDTB and welcome its customers, employees and shareholders to Pacific Premier,” said Steven R. Gardner, President and Chief Executive Officer of the Company. “We are excited about extending our brand into the San Diego market, which we believe will provide excellent opportunities to continue growing our franchise. SDTB has built an attractive base of commercial customers and they will continue to be served by the same exceptional team they have known and trusted for years. Further, we will now be able to offer the SDTB customers a more comprehensive banking experience with increased lending capacity and a broader array of financial products and services. We believe the synergies available through this transaction will have positive benefits for SDTB customers, as well as the shareholders of the combined bank.”
With the addition of SDTB, on a pro forma combined basis, the Company would have total assets of approximately $1.6 billion, total loans outstanding of approximately $983.5 million and total deposits of approximately $1.4 billion as of March 31, 2013 (unaudited and excluding purchase accounting adjustments).
The Company was advised in this transaction by D.A. Davidson & Co., as financial advisor, and Patton Boggs LLP, as legal counsel. SDTB was advised by Keefe, Bruyette & Woods, Inc., as financial advisor, and McKenna Long & Aldridge LLP, as legal counsel.
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