Costa Mesa-based Pacific Premier Bancorp Inc. acquired Palm Desert National Bank from the Federal Deposit Insurance Corp.
Its branch in Palm Desert was renamed Pacific Premier Bank. The acquisition adds $125.8 million in assets, putting Pacific Premier just above $1 billion.
Palm Desert National—the first FDIC-insured institution to fail in California this year—sold off several branches and divisions to raise capital prior to its seizure by the FDIC.
“This acquisition provides an excellent opportunity for Pacific Premier to expand our branch footprint and grow interest-earning assets at a discount,” Pacific Premier Chief Executive Steven Gardner said.
Pacific Premier Bank was the fourth-largest bank here with about $961.1 million in assets at the end of last year. The acquisition makes Pacific Premier roughly the same size as Costa Mesa-based Pacific Mercantile Bank and Pacific Trust Bank in Irvine, both of which have about $1 billion in assets. Irvine-based Opus Bank is the largest locally based bank, with about $2.4 billion in assets.
Pacific Premier now operates 10 branches, with four in Riverside County. Three came after Pacific Premier acquired Palm Springs-based Canyon National Bank from the FDIC in February 2011.
—Jane Yu
