Pacific Premier to acquire Plaza Bancorp for $7.29 per share
Pacific Premier Bancorp, the holding company of Pacific Premier Bank, and Plaza Bancorp announced they have entered into a definitive agreement under which Pacific Premier will acquire Plaza in an all-stock transaction valued at approximately $226.3 million, or $7.29 per share, based on a closing price for Pacific Premier's common stock of $36.45 as of August 8, 2017. The company expects the transaction to be immediately accretive to earnings per share and tangible book value per share. Plaza, the holding company of Plaza Bank, is headquartered in Irvine, California, with $1.3B in total assets, $1.1B in gross loans and $1.1B in total deposits as of June 30, 2017. Plaza has seven regional offices located in Irvine, Manhattan Beach, El Segundo, Pasadena, Montebello, San Diego and Las Vegas. The transaction will increase Pacific Premier's total assets to approximately $7.7B on a pro forma basis.