Pacific Premier Plans $30M OfferingThursday, December 6, 2012
Irvine-based Pacific Premier Bancorp Inc. is planning to issue a public offering of 3.3 million shares of its common stock at $10 per share.
Pacific Premier, the parent company of Pacific Premier Bank, has a market value of $105.7 million.
The stock sale is expected to close on Dec. 11, and net proceeds are estimated at $30.9 million.
The company will use the money for loans and potential deals, according to Chief Executive Steven Gardner.
"There is nothing imminently pending, but we think there will be additional opportunities for acquisitions in the market, so we'll pursue that," Gardner said. "This is growth capital for us."
Pacific Premier, which recently moved its headquarters to Irvine from Costa Mesa, is in the process of acquiring Dallas-based First Associations Bank for $53.7 million.
Pacific Premier reported $3.5 million in third-quarter profit. It's the fourth largest bank in Orange County with $1.09 billion in total assets as of September.