Pacific Premier Bancorp, Inc. Announces Receipt of Shareholder Approval for Opus Bank Acquisition
IRVINE, Calif. Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”), the holding company of Pacific Premier Bank, announced today that, at a special meeting of the Company’s shareholders held on May 5, 2020, the Company received shareholder approval for the issuance of shares of its common stock in connection with the consummation of the proposed merger with Opus Bank (“Opus”) pursuant to the terms of an Agreement and Plan of Reorganization, dated as of January 31, 2020, by and among the Company, Pacific Premier Bank, and Opus (the “Merger Agreement”). In addition, Opus’s shareholders approved the Merger Agreement and the merger of Opus with and into Pacific Premier Bank, with Pacific Premier Bank as the surviving institution, at a special meeting of Opus’s shareholders held on May 5, 2020. The closing of the merger, which is currently anticipated to be effective on June 1, 2020, remains subject to the satisfaction of certain customary closing conditions.
Steven R. Gardner, Chairman, President and Chief Executive Officer of Pacific Premier, commented, “We are pleased to have received the approval of our shareholders in connection with our acquisition of Opus, and the approval by Opus’s shareholders. These voting results affirm our belief that the combination of Pacific Premier and Opus will create one of the most attractive commercial banks in the western United States with significant opportunities to enhance the banking experience for the combined institution’s clients and drive increased long-term value for our shareholders.”