Pacific Premier Bancorp, Inc, a holding company of Pacific Premier Bank, has announced that it has completed the acquisition of the Security Bank of California's holding company, Security California Bancorp.
"We are excited about the closing of this partnership and taking the next step with Security Bank's clients, employees and shareholders. This transaction strengthens our growing small and middle market businesses in Southern California, which we expect will help bolster our earnings growth. The operational efficiencies and financial attributes related to this transaction are compelling, and our teams are working diligently to provide Security Bank's customers the same outstanding level of service to which they have become accustomed," said Steve R Gardner, President and Chief Executive Officer of Pacific Premier Bancorp, Inc. "This marks Pacific Premier's seventh acquisition over the past five years. We are on track to complete the integration and system conversions within the next few months. We intend to remain active and disciplined in pursuing other well-managed banks that seek what we believe is a strong, high performing business bank with which to partner."
According to the press release of Pacific Premier in Business Wire, the value of the total deal consideration was approximately $120.2 million, including the approximately $788.1 thousand of aggregate cash consideration to the holders of Security stock options, basing from the closing stock price of the common stock of Pacific Premier on Jan. 29, 2016. Security California Bancorp's share in common stock is equivalent to 0.9629 share of Pacific Premier's share.
"This combination creates one of the most attractive commercial banks in Southern California that is well-positioned for future growth and expansion," said James A Robinson, Chairman and Chief Executive Officer of Security California Bancorp. "After working closely with the Pacific Premier team throughout this transaction, we remain convinced that Pacific Premier is the perfect partner for Security Bank. We are grateful for the deep support of our customers, employees and shareholders, and we are excited about this new chapter for our organization."
With the acquisition, Pacific Premier Bancorp now has total assets of approximately $3.5 billion, total loans outstanding of approximately $2.7 billion, and total deposits of approximately $2.8 billion as of Dec. 31, 2015.
Pacific Premier Bancorp, Inc is one of the largest community banks headquartered in Southern California that offers a diverse range of lending products, including commercial, commercial real estate, construction, residential, warehouse and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide.
