Pacific Premier Bancorp Announces Plan to Buy San Diego Trust BankMonday, March 11, 2013
Irvine-based Pacific Premier Bancorp Inc. recently announced plans to buy San Diego Trust Bank for $30.6 million in cash and stock.
The buy, if approved by San Diego Trust shareholders and regulators, will mark Pacific Premier’s entry into the San Diego County market. Currently there are 10 Pacific Premier Bank offices in Orange, Riverside and San Bernardino counties. By acquiring San Diego Trust, it would gain offices in downtown San Diego, Point Loma and Encinitas.
Pacific Premier Bank had total assets of $1.17 billion and deposits of $905 million as of December. San Diego Trust had assets of $242 million and deposits of $188 million at year-end.
The transaction is expected to close late in the second quarter or in the third quarter.
Pacific Premier Bancorp is also in the middle of acquiring First Associations Bank of Dallas. Shares of the Irvine-based company trade on the Nasdaq under the symbol PPBI.
San Diego Trust shares trade over the counter as SDBK.
— SDBJ Staff Report