Pacific Premier Bancorp Announces Receipt of Regulatory Approvals for Acquisition of Grandpoint Capital
June 13 2018 - 6:00AM
Business Wire
Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or
“Pacific Premier Bancorp”), 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 Grandpoint Capital, Inc. (“Grandpoint”), the holding
company of Grandpoint Bank. The consummation of the Grandpoint
acquisition, which is anticipated to occur early in the third
quarter of 2018, remains subject to the satisfaction of customary
closing conditions.
Steven R. Gardner, Chairman, President and Chief Executive
Officer of Pacific Premier Bancorp, commented, “We are pleased to
have received all of the required regulatory approvals for our
acquisition of Grandpoint. The receipt of these approvals brings us
one step closer to being able to consummate a strategic combination
that we believe will create one of the most attractive commercial
banks in California, with significant opportunities to enhance the
banking experience for the combined institution’s customers and
drive increased value for our stockholders.”
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 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 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, stockholder
value creation and the impact of the proposed acquisition of
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; conditions to the closing of the Grandpoint acquisition may
not be satisfied; 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).
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: https://www.businesswire.com/news/home/20180613005212/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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