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San Diego
Saturday, May 18, 2024
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Pacific Premier Plans To Buy San Diego Trust

Another San Diego community bank is exiting the scene.

San Diego Trust Bank, founded in 2003 and with three branches and $242 million in assets, agreed to be acquired by Pacific Premier Bancorp Inc., based in Irvine and with $1.2 billion in assets.

The agreement calls for cash or stock or a combination of the two for an aggregate value of $30.6 million, the banks said in a joint release.

Mike Perry, SDT chairman and chief executive, said the deal allows the bank’s original shareholders to realize a good return on their initial investment of $12 million as well as participate in the value created by the combined banks.

The transaction requires approval of SDT’s shareholders and regulators and is expected to close in the second or thirdquarter of this year, the banks said.

Pacific Premier said it wanted to expand into the San Diego marketplace, which has similar demographics as its current footprint. Once the transaction is completed, Pacific Premier would have 13 branches. The Orange County bank is also buying Dallas-based First Associations Bank, which had about $350 million in assets when that deal was announced in October. Including both transactions, Pacific Premier would grow to about $1.7 billion in assets, $1 billion in loans, and $1.4 billion in deposits.

— Mike Allen

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