Pacific Premier Bank Partners with ForgiveCo to Help Relieve $1 Million in Medical Debt for Veterans
IRVINE, Calif.— Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”) announced it has helped to relieve $1 million in medical debt for more than 300 veterans, through a partnership with ForgiveCo, a public benefit corporation that purchases large debt portfolios at a fraction of the original cost.
Pacific Premier’s partnership with ForgiveCo represents a one-time initiative to eliminate the debt of 322 veterans who, on average, hold $3,105 in medical debt. Through ForgiveCo’s vast industry knowledge, the organization purchases large debt portfolios for pennies on the dollar, creating up to a 50x impact. The service is completely free to the debt relief recipient. In addition to debt relief, ForgiveCo ensures derogatory marks are removed from the beneficiary’s credit report.
Founded in 1983 and headquartered in Irvine, California, Pacific Premier Bank has been dedicated to serving and uplifting its communities from the very beginning.
“Pacific Premier is excited to partner with ForgiveCo to support men and women who have served our country,” says Sherri Scott of Pacific Premier Bank. “Through ForgiveCo’s debt forgiveness program, we are able to help veterans pay off substantial portions of medical debt to help improve their financial health.”
"ForgiveCo is honored to work alongside Pacific Premier Bank to deliver meaningful relief to veterans who have sacrificed so much for our country," said Craig Antico, CEO of ForgiveCo. "By eliminating $1 million in medical debt, we’re not just alleviating a financial burden—we’re restoring peace of mind and opening new doors of opportunity for these heroes and their families."
In addition to Pacific Premier’s grant, the Bank will provide veteran beneficiaries complimentary financial well-being resources and counseling through its partnership with GreenPath Financial Wellness.