Alternative Investments: Pacific Premier Bancorp Buys Opus Bank

https://dailyalts.com/wp-content/uploads/2019/08/Community-Banking.jpg

Deal Boosts PPBI Assets to $20 Billion

Pacific Premier Bancorp (NASDAQ: PPBI), the holding company of Pacific Premier Bank, announced plans to purchase and Opus Bank (NASDAQ: OPB). Terms of the deal set the value at about $1.0 billion, or $26.82 per share. Pacific Premier expects the transaction to be 14% accretive to EPS in 2021 with a 1.8-year earn back period to tangible book value per share based.

Opus is headquartered in Irvine, California with $8.0 billion in total assets, $5.9 billion in gross loans and $6.5 billion in total deposits as of December 31, 2019.

Pacific Premier Bancorp Expands With Opus Buy

Opus has 46 banking offices located throughout California, Washington, Oregon, and Arizona.

The transaction will increase Pacific Premier’s total assets to roughly $20 billion on a pro forma basis as of December 31, 2019.

“We are excited to announce this transformative merger that we believe will create one of the premier commercial banks in the Western United States,” said Steven R. Gardner, Chairman, President and CEO of Pacific Premier. “The combination with Opus provides us with a meaningful presence in attractive major metropolitan markets with operational scale, a complementary set of banking products and services, and improved revenue and business diversification. As a result of this transaction, we believe we will be well-positioned to generate profitable growth in the future and to benefit the combined institution’s shareholders.”

Holders of Opus common stock will have the right to receive 0.90 shares of Pacific Premier common stock for each share of Opus common stock they own. Existing Pacific Premier shareholders will own approximately 63% of the outstanding shares of the combined company, and Opus shareholders are expected to own approximately 37%.

The transaction is expected to close in the second quarter of 2020, subject to satisfaction of customary closing conditions, including regulatory approvals and shareholder approval from Pacific Premier and Opus shareholders.

Recent: Alternative Investments: Citigroup Will Try to Mainstream “Hedge Fund Like” Investments

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/07/4617521473_66c01e50ee_c.jpg
Alternative Investments/ESG: A Shariah Compliant ETF Tracking China ‘A’ Shares Debuts In Malaysia

Value Partners Group Ltd listed today the VP-DJ Shariah China A-Shares 100 ETF, the world’s first Shariah-compliant A-share exchange traded fund (ETF), on Bursa Malaysia. The ETF provides investors exposure…

https://dailyalts.com/wp-content/uploads/2021/07/Tably-screengrap.jpg
Artificial Intelligence: Tably, An AI-Powered App, Can Tell How Your Cat Is Doing
July 28, 2021     Artificial Intelligence, News

Sylvester.ai, which uses AI to improve animal health outcomes, has created Tably, an open beta app that “a cat parent” can download and better understand their pet’s health and mood….

https://dailyalts.com/wp-content/uploads/2021/07/COMBINED.jpg
FinTech: Alternative Investments Platform Yieldstreet Funded Over $2 Billion
July 27, 2021     Alternative Investments, FinTech, News

Yieldstreet offers retail investors the opportunity to invest in alternative asset classes such as real estate, marine, art, legal finance, and commercial lending. Products are offered across a range of…

https://dailyalts.com/wp-content/uploads/2021/07/E7Ti8B0WQAAh3K7.jpg
Venture Capital: DataRobot Banks $300M Series G; Acquires Algorithmia

DataRobot announced today its raise of $300 million in a Series G round led by existing investors Altimeter Capital and Tiger Global and joined by new investors Counterpoint Global (Morgan…