Pacific Premier Bancorp Inc., the Irvine-based holding company for Pacific Premier Bank, said it received approvals for the acquisition of San Diego Trust Bank from the Federal Reserve Bank of San Francisco and the California Department of Financial Institutions.

PPB, with about $1.6 billion in assets, is buying San Diego Trust, with about $242 million in assets and three branches, for $30.6 million. The purchase was first announced in March.

The deal still needs approval from San Diego Trust Bank’s shareholders, and the satisfaction of other closing requirements. PPB said it anticipates the closing to be completed sometime in the third quarter.

— SDBJ Staff Report