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Pacific Premier Bancorp, Inc. Announces Receipt of Regulatory Approvals for Acquisition of Security California Bancorp

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Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) ("Pacific Premier"), the holding company of Pacific Premier Bank, announced today that it has received the required regulatory approvals from the Board of Governors of the Federal Reserve System and the California Department of Business Oversight for its acquisition of Security California Bancorp (OTCQB: SCAF)("Security"), the holding company of Security Bank of California, a Riverside, California-based state-chartered bank ("Security Bank"). The consummation of the acquisition of Security remains subject to the approval of the Security shareholders of the acquisition, the approval by the Pacific Premier shareholders of the issuance of the shares of Pacific Premier's common stock in connection with the acquisition and the satisfaction of other closing conditions. Pacific Premier expects that the Security acquisition will close early in the first quarter of 2016.

Steven R. Gardner, President and Chief Executive Officer of Pacific Premier, commented, "We are pleased to have received the regulatory approvals for our acquisition of Security. This is an attractive opportunity for us to acquire a traditional business banking franchise which focuses on small and middle market businesses in Southern California. Security Bank is a high quality business bank, with a strong credit culture, attractive low-cost core deposit base and business banking expertise in our core markets."

 

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