Join        Login             Stock Quote

Pacific Premier Bancorp (PPBI) Receives Regulatory Approval For First Associations Bank Purchase

 November 30, 2012 07:59 AM

(By Balaseshan) Pacific Premier Bancorp Inc. (NASDAQ: PPBI), the holding company of Pacific Premier Bank, said it has received regulatory approval for its acquisition of First Associations Bank, a Texas-chartered bank located in Dallas, Texas.

The company received regulatory approval from the Federal Reserve Bank of San Francisco and the California Department of Financial Institutions.

The consummation of the acquisition of First Associations Bank (FAB) remains subject to receipt of regulatory approval from the Texas Department of Banking, the approval of the FAB shareholders and the satisfaction of other closing conditions.

The FAB acquisition, which includes $356.2 million in total assets and $305.5 million in total deposits at September 30, 2012, will strengthen the Pacific Premier Bank's core deposit generating capabilities to fund future loan growth.

In connection with the signing of the definitive merger agreement on October 15, the directors and executive officers of FAB and an advisory director of FAB entered into shareholder agreements with Pacific Premier pursuant to which they have agreed to vote all of their shares in favor of the definitive merger agreement.

The directors and executive officers of FAB and an advisory director of FAB collectively own and have the power to vote about 36% of the outstanding shares of FAB common stock. Pacific Premier anticipates that the FAB acquisition will be consummated in the first quarter of 2013.

"Adding FAB's niche focused business of serving homeowners associations (HOA) and HOA management companies nationwide will complement our existing franchise by providing the Bank with a valuable source of low-cost core deposits that are expected to increase the Bank's existing deposit base and lower its overall funding cost," said Steven Gardner, Chief Executive of PPBI.

PPBI closed Thursday's regular session up 0.58% at $10.47. The stock has been trading between $6.10 and $11.49 for the past 52 weeks.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageOld Bank's New Breakout has Big Rally Potential

One of my favorite things to see in a long candidate is a pattern of beating Wall Street's earnings read on...

article imageIs The Stock Market's 5-Year Return A Useful Proxy For Valuation?

Tobin’s Q, a market-valuation metric, is back in the news, in part thanks to a widely read Bloomberg read on...

article image4 Dogs To Sell Immediately

Despite the chorus of analysts and investors calling for the long-awaited correction, the market is showing read on...

article imageThe Fed's Magical Mystery Tour

What's going on at the Fed? Notorious dove, Charles Evans of the Chicago Fed, gave a speech in read on...

Popular Articles

Daily Sector Scan
Partner Center

Related Articles:

Recent Articles by Balaseshan
More Articles on: Finance

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.