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News Breaks | | | | March 18, 2013 | | 06:07 EDT |  | PPBI | Pacific Premier completes acquisition of First Associations Bank
Pacific Premier announced that, on March 15, it completed the acquisition of First Associations Bank. The acquisition of FAB is expected to add approximately $375.7M in assets and approximately $319.8M in deposits. Effective immediately, FAB will operate as a division of Pacific Premier Bank. Under the terms of the definitive agreement, FAB shareholders, in exchange for their shares of FAB common stock, will be entitled to receive an aggregate of $37.2M in cash and 1,279,217 shares of Pacific Premier common stock. The value of the total deal consideration was approximately $56.7M, which includes $16M of stock consideration, $37.2M of cash consideration and $3.5M of cash consideration to the holders of FAB stock options and warrants. On a pro forma combined basis with the FAB acquisition and the proposed acquisition of San Diego Trust Bank, Pacific Premier is expected to have total assets of $1.7B. | |
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