Pacific Premier Bancorp Announces Completion of Acquisition of Infinity Franchise Holdings, LLC
January 31 2014 - 6:00AM
Business Wire
Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”),
the holding company of Pacific Premier Bank (the “Bank”), announced
today that it has completed the acquisition of Infinity Franchise
Holdings, LLC (“IFH”) and its wholly owned operating subsidiary
Infinity Franchise Capital, LLC (“IFC”), a national lender to
franchisees in the quick service restaurant (QSR) industry, and
other direct and indirect subsidiaries of IFH utilized in its
business. The acquisition was completed on January 30, 2014.
The value of the total consideration for the transaction was
approximately $17.2 million, which was based upon the adjusted net
asset value of IFH as of December 31, 2013, subject to final
adjustment. The consideration consisted of 50% cash and 50% PPBI
common stock. At December 31, 2013, IFH had approximately $82.3
million in total assets and $78.3 million of total loans
outstanding.
“We are very pleased to complete our acquisition of IFH and
further expand our commercial lending platform,” said Steven R.
Gardner, President and Chief Executive Officer of the Company. “The
acquisition of IFH gives us a strong presence in an attractive
niche market that will provide additional geographic and industry
diversification within our loan portfolio. Over the course of their
career, the management team of IFH has originated more than $1.7
billion in franchisee loans and has developed excellent
relationships within the quick service restaurant industry that
consistently result in attractive lending opportunities. We are
excited to have the IFH team join us, and we believe the franchisee
lending business will give us another avenue for generating growth
with assets that provide an attractive risk-adjusted return.”
Advisors
Pacific Premier Bancorp was advised in this transaction by
Sandler O’Neill + Partners, as financial advisor, and Patton Boggs
LLP, as legal counsel. Keefe, Bruyette & Woods, Inc. served as
financial advisor to Infinity Franchise Holdings.
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp, Inc. is the holding company for Pacific
Premier Bank, one of the largest community banks in Southern
California. Pacific Premier Bank is a business bank primarily
focused on serving small- and medium-sized businesses in the
counties of Los Angeles, Orange, Riverside, San Bernardino and San
Diego. The Bank 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 nationwide. Pacific Premier
Bank serves its customers through its 13 full-service depository
branches in Southern California located in the cities of Encinitas,
Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert,
Palm Springs, San Bernardino, San Diego and Seal Beach and one
office in Dallas, Texas.
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 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; oversupply of inventory and continued
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 2012 Annual Report
on Form 10-K, as amended, of the Company 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.
Pacific Premier Bancorp, Inc.Steve Gardner,
President/CEO949-864-8000orKent J. Smith, Executive Vice
President/CFO949-864-8000
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