Pacific Premier Bancorp Announces Receipt of Stockholder Approval & Anticipated Closing Date for Acquisition of Heritage Oaks...
March 28 2017 - 6:00AM
Business Wire
Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”),
the holding company of Pacific Premier Bank (“Pacific Premier”),
announced today that the Company received stockholder approval of
the issuance of shares of its common stock in the proposed merger
with Heritage Oaks Bancorp (“HEOP”) at a special meeting of the
Company's stockholders held on March 27, 2017. The Company
previously announced that it had received all required bank
regulatory approvals necessary for the consummation of the merger
of HEOP with and into the Company, with the Company as the
surviving institution, and the merger of Heritage Oaks Bank, HEOP’s
wholly-owned subsidiary, with and into Pacific Premier, with
Pacific Premier as the surviving institution, from the Board of
Governors of the Federal Reserve System and the California
Department of Business Oversight. Subject to customary closing
conditions, the transaction currently is expected to be consummated
effective as of April 1, 2017.
Steven R. Gardner, Chairman, President and Chief Executive
Officer of Pacific Premier Bancorp, commented, “We are pleased to
have received the approval of our stockholders for the issuance of
shares of our common stock to Heritage Oaks’ stockholders in
connection with our acquisition of Heritage Oaks. We believe that
these voting results are an affirmation of our belief that the
combination of Pacific Premier and Heritage Oaks will create one of
the most attractive commercial banks in California with significant
opportunities to enhance the banking experience for our customers
and drive increased value for our shareholders.”
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp, Inc. is the holding company for Pacific
Premier Bank, one of the largest banks headquartered in Southern
California with $4.0 billion in assets. Pacific Premier Bank is a
business bank primarily focused on serving small and middle market
businesses in the counties of Los Angeles, Riverside, San
Bernardino and San Diego, California. Pacific Premier Bank offers a
diverse range of lending products including commercial, commercial
real estate, construction, and SBA loans, as well as specialty
banking products for homeowners associations and franchise lending
nationwide. Pacific Premier Bank serves its customers through its
15 full-service depository branches in Southern California located
in the cities of Corona, Encinitas, Huntington Beach, Irvine, Los
Alamitos, Murrieta, Newport Beach, Palm Desert (2), Palm Springs,
Redlands, Riverside, San Bernardino (2), and San Diego.
Forward-Looking Comments
The statements contained herein that are not historical facts
are forward-looking statements based on management's current
expectations and beliefs concerning future developments and their
potential effects on the Company. Such statements involve inherent
risks and uncertainties, many of which are difficult to predict and
are generally beyond the control of the Company. There can be no
assurance that future developments affecting the Company will be
the same as those anticipated by management. The Company cautions
readers that a number of important factors could cause actual
results to differ materially from those expressed in, or implied or
projected by, such forward-looking statements. These risks and
uncertainties include, but are not limited to, the following: the
strength of the United States economy in general and the strength
of the local economies in which we conduct operations; the effects
of, and changes in, trade, monetary and fiscal policies and laws,
including interest rate policies of the Board of Governors of the
Federal Reserve System; inflation, interest rate, market and
monetary fluctuations; the timely development of competitive new
products and services and the acceptance of these products and
services by new and existing customers; the willingness of users to
substitute competitors’ products and services for the Company’s
products and services; the impact of changes in financial services
policies, laws and regulations (including the Dodd-Frank Wall
Street Reform and Consumer Protection Act) and of governmental
efforts to restructure the U.S. financial regulatory system;
technological changes; the effect of acquisitions that the Company
may make, if any, including, without limitation, the failure to
achieve the expected revenue growth and/or expense savings from its
acquisitions; changes in the level of the Company’s nonperforming
assets and charge-offs; any oversupply of inventory and
deterioration in values of California real estate, both residential
and commercial; the effect of changes in accounting policies and
practices, as may be adopted from time-to-time by bank regulatory
agencies, the Securities and Exchange Commission (“SEC”), the
Public Company Accounting Oversight Board, the Financial Accounting
Standards Board or other accounting standards setters; possible
other-than-temporary impairment of securities held by us; changes
in consumer spending, borrowing and savings habits; the effects of
the Company’s lack of a diversified loan portfolio, including the
risks of geographic and industry concentrations; ability to attract
deposits and other sources of liquidity; changes in the financial
performance and/or condition of our borrowers; changes in the
competitive environment among financial and bank holding companies
and other financial service providers; unanticipated regulatory or
judicial proceedings; and the Company’s ability to manage the risks
involved in the foregoing. Additional factors that could cause
actual results to differ materially from those expressed in the
forward-looking statements are discussed in the 2016 Annual Report
on Form 10-K of Pacific Premier Bancorp, Inc. filed with the SEC
and available at the SEC’s Internet site (http://www.sec.gov).
The Company specifically disclaims any obligation to update any
factors or to publicly announce the result of revisions to any of
the forward-looking statements included herein to reflect future
events or developments.
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version on businesswire.com: http://www.businesswire.com/news/home/20170328005593/en/
Pacific Premier Bancorp, Inc.Steven R. GardnerChairman,
President and CEO949-864-8000orRonald J. Nicolas, Jr.Senior
Executive Vice President & CFO949-864-8000
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