Pacific Premier Bancorp Announces Receipt of Regulatory Approvals for Acquisition of Opus Bank
Company Release - 4/3/2020 6:00 AM ET
IRVINE, Calif.--(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 Opus Bank (“Opus”) to be merged into Pacific Premier Bancorp’s banking subsidiary, Pacific Premier Bank, and for Pacific Premier Bank to exercise trust powers. The consummation of the merger remains subject to the approval by Opus’s shareholders of the acquisition, the approval by Pacific Premier Bancorp’s shareholders of the issuance of the shares of Pacific Premier Bancorp’s common stock in connection with the acquisition, and the satisfaction of other closing conditions. Pacific Premier Bancorp expects that the Opus acquisition will close in the second quarter of 2020.
Steve R. Gardner, Chairman, President and Chief Executive Officer of Pacific Premier Bancorp, commented, “We are pleased to have received these regulatory approvals for our acquisition of Opus. We look forward to taking the next steps in this important process.”