Pacific Premier Bancorp, Inc. (NASDAQ: PPBI), the holding
company of Pacific Premier Bank, announced today that it was named
as a recipient of the 2017 Raymond James Community Bankers Cup,
according to a report published by Raymond James & Associates
on March 8, 2018.
The Raymond James Community Bankers Cup awards recognize the top
10% of community banks based on various profitability, operational
efficiency, and balance sheet metrics. The pool of community banks
considered for recognition includes all exchange-traded domestic
banks, excluding mutual holding companies and potential acquisition
targets, with assets between $500 million and $10 billion as of
December 31, 2017. More than 270 community banks across the United
States were analyzed for the awards.
“We are very pleased to be recognized by Raymond James for our
strong financial performance for the third consecutive year and
fourth time overall,” said Steven R. Gardner, Chairman, President
and Chief Executive Officer of Pacific Premier Bancorp. “According
to Raymond James, the stock performance of Community Bankers Cup
recipients has substantially outperformed the NASDAQ BANK Index as
measured by one-year, three-year and five-year returns, suggesting
that strong financial results lead to stock price outperformance
over longer periods of time. We intend to continue executing on the
formula that has served our shareholders well - strong organic
growth combined with accretive acquisitions - to continue
generating superior financial performance in the years ahead.”
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp is the holding company for Pacific
Premier Bank, one of the largest banks headquartered in Southern
California with approximately $8.0 billion in assets. Pacific
Premier Bank is a business bank primarily 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, California as well as Clark County, Nevada. Through
its 33 depository branches, 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.
Forward-Looking Statements
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 Pacific Premier Bancorp, Inc. (the “Company”
or “Pacific Premier”) including, without limitation, plans,
strategies and goals, and statements about the Company’s
expectations regarding revenue and asset growth, financial
performance and profitability, loan and deposit growth, yields and
returns, loan diversification and credit management, shareholder
value creation and the impact of the proposed acquisition of
Grandpoint Capital, Inc. (“Grandpoint”) and its wholly owned
subsidiary, Grandpoint Bank, and other acquisitions.
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 expected cost
savings, synergies and other financial benefits from the Grandpoint
acquisition or any other acquisition the Company has made or may
make might not be realized within the expected time frames or at
all; governmental approval of the Grandpoint acquisition may not be
obtained or adverse regulatory conditions may be imposed in
connection with governmental approvals of the acquisition;
conditions to the closing of the Grandpoint acquisition may not be
satisfied; Grandpoint’s shareholders may fail to provide the
requisite consents to approve the consummation of the acquisition;
Pacific Premier’s shareholders may fail to approve the issuance of
Pacific Premier common stock in connection with the proposed
Grandpoint acquisition; the strength of the United States economy
in general and the strength of the local economies in which the
Company conducts 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;
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 2017 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).
Pacific Premier and Grandpoint undertake no obligation to revise
or publicly release any revision or update to these forward-looking
statements to reflect events or circumstances that occur after the
date on which such statements were made.
Additional Information About the
Proposed Acquisition of Grandpoint
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. In connection with the proposed acquisition
transaction, Pacific Premier will file a registration statement on
Form S-4 with the Securities and Exchange Commission ("SEC") that
will include a consent solicitation and proxy statement/prospectus
to be distributed to the shareholders of Grandpoint and Pacific
Premier in connection with their vote on the acquisition.
SHAREHOLDERS OF GRANDPOINT AND PACIFIC PREMIER ARE ENCOURAGED TO
READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC, INCLUDING THE CONSENT SOLICITATION AND PROXY
STATEMENT/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION
STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE PROPOSED ACQUISITION. The final consent solicitation and proxy
statement/prospectus will be mailed to shareholders of Grandpoint
and Pacific Premier. Investors and security holders will be able to
obtain the documents, and any other documents Pacific Premier has
filed with the SEC, free of charge at the SEC's website,
www.sec.gov. In addition, documents
filed with the SEC by Pacific Premier will be available free of
charge by (1) accessing Pacific Premier’s website at www.ppbi.com under the “Investor Relations” link
and then under the heading “SEC Filings”, (2) writing Pacific
Premier at 17901 Von Karman Avenue, Suite 1200, Irvine, CA 92614,
Attention: Investor Relations, or (3) writing Grandpoint at 333
South Grand Avenue, Los Angeles, CA 90071, Attention: Corporate
Secretary.
The directors, executive officers and certain other members of
management and employees of Pacific Premier may be deemed to be
participants in the solicitation of proxies in respect of the
proposed acquisition. Information about Pacific Premier’s directors
and executive officers is included in the proxy statement for its
2017 annual meeting of Pacific Premier’s shareholders, which was
filed with the SEC on April 27, 2017. The directors, executive
officers and certain other members of management and employees of
Grandpoint may also be deemed to be participants in the
solicitation of consents in favor of the acquisition from the
shareholders of Grandpoint. Additional information regarding the
interests of those participants and other persons who may be deemed
participants in the transaction may be obtained by reading the
consent solicitation and proxy statement/prospectus regarding the
proposed acquisition when it becomes available. Free copies of this
document may be obtained as described in the preceding
paragraph.
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version on businesswire.com: http://www.businesswire.com/news/home/20180313005464/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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