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News Breaks | | | | March 6, 2013 | | 06:35 EDT |  | PPBI | Pacific Premier and San Diego Trust Bank announce merger agreement
Pacific Premier announced that it has entered into a definitive agreement to acquire San Diego Trust Bank, a San Diego, California, based state-chartered bank with $242M in total assets and $187.9M in total deposits at December 31, 2012. This transaction will expand Pacific Premier's banking footprint into San Diego County and is expected to further improve Pacific Premier's deposit mix. The transaction is currently valued at approximately $30.6M. San Diego Trust Bank shareholders will have a choice between electing to receive $13.41 per share in cash or 1.114x shares of PPBI common stock for each share of San Diego Trust Bank or a combination thereof, subject to the overall requirement that 50% of the consideration will be in the form of cash and 50% will be in the form of PPBI stock. | |
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