Heritage Oaks Bank acquired by Pacific Premier Bancorp
Acquisition was effective on April 1
–Pacific Premier Bancorp announced that it has completed the acquisition, effective as of April 1, of Heritage Oaks Bancorp the holding company of Heritage Oaks Bank, a California-chartered banking corporation headquartered in Paso Robles.
The acquisition was approved by Heritage Oaks’ shareholders at a special meeting of shareholders held on March 27. Under the terms of the merger agreement, each share of Heritage Oaks common stock was converted into the right to receive 0.3471 shares of company common stock.
The value of the total deal consideration was approximately $482 million, which includes approximately $1.4 million of aggregate cash consideration payable to holders of vested cash-settled Heritage Oaks restricted stock units and performance-based restricted stock units.
Steven R. Gardner, Chairman, President and Chief Executive Officer of Pacific Premier Bancorp, commented, “We are pleased to welcome the customers, employees and shareholders of Heritage Oaks. We are excited about the opportunities we have to leverage the combined strengths of Pacific Premier and Heritage Oaks to provide a superior banking experience for our commercial and retail customers. With our franchise now stretching from Paso Robles to San Diego, we have the ability to further strengthen our position as one of the leading commercial banks in California and create additional value for the shareholders of the combined company in the years ahead.”
“We believe the combination of Pacific Premier and Heritage Oaks will produce many long-term benefits for customers, employees and shareholders,” said Simone Lagomarsino, President and CEO of Heritage Oaks Bancorp. “I look forward to serving on the Board of Directors of Pacific Premier Bancorp and helping to guide the continued growth of the franchise.”
With the addition of Heritage Oaks, Pacific Premier Bancorp would have total assets of approximately $6 billion, total loans outstanding of approximately $4.6 billion and total deposits of approximately $4.8 billion as of December 31, 2016.
Pacific Premier Bancorp, Inc. is the holding company for Pacific Premier Bank, one of the largest banks headquartered in Southern California with approximately $6 billion in assets. Pacific Premier Bank is a business bank primarily focused on serving small and middle market businesses in the counties of Orange, Los Angeles, Riverside, San Bernardino, San Diego, San Luis Obispo and Santa Barbara, California. Through its more than 25 depository branches, Pacific Premier Bank offers a diverse range of lending products including commercial, commercial real estate, construction, and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide.