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Pacific Premier Bancorp Inc Announces Acquisition Of First Associations Bank

Monday, 15 Oct 2012 04:00pm EDT 

Pacific Premier Bancorp Inc announced that the Company has entered into a definitive agreement to acquire First Associations Bank (FAB), a Dallas, Texas, based state chartered bank with $356.2 million in total assets and $305.5 million in total deposits at September 30, 2012. FAB is a specialized bank exclusively focused on serving homeowners associations (HOAs) and HOA management companies nationwide. This acquisition will provide Pacific Premier with a valuable source of low-cost core deposits that are expected to strengthen Pacific Premier's existing deposit base and lower its overall funding cost. The transaction is currently valued at $53.7 million, which includes approximately $50.2 million in deal consideration for FAB shareholders, $3.5 million in cash consideration for FAB option holders and warrant holders. The $50.2 million of deal consideration for FAB shareholders will include $37.6 million in cash consideration, which is subject to adjustment, and 1,279,419 shares of Pacific Premier common stock to be issued to FAB shareholders, which shares had a value of approximately $12.5 million based on Pacific Premier's 5-day average closing price immediately prior to announcement of the transaction. 

Company Quote

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22 Jul 2014