Costa Mesa-based Pacific Premier Bancorp Inc. has acquired First Associations Bank in Dallas for $53.7 million in a mix of cash and stock payments.
Pacific Premier’s subsidiary, Pacific Premier Bank, is among the largest banks based in Orange County, with about $1.09 billion in assets at the end of the third quarter. The deal is expected to boost the bank’s assets by about $356.2 million.
First Associations is a state chartered bank that exclusively serves homeowners associations and HOA management companies.
It has 13 employees at its office in Dallas, and plans to keep them in the combined company, according to a statement.
First Associations held $305.5 million in total deposits at the end of September. The addition will take Pacific Premier’s deposit base to about $1.2 billion.
The transaction is expected to close in the fourth quarter or first quarter of next year.