58.1 F
Laguna Hills
Tuesday, May 24, 2022

Pacific Premier Completes $744M Opus Buy

- Advertisement -

Irvine-based Pacific Premier Bancorp (Nasdaq: PPBI) today said it completed the acquisition announced last February of cross-town rival Opus Bank (Nasdaq: OPB) in a deal worth $744 million.

The bank, the largest based in Orange County, now has $20 billion in assets. As part of the deal, Pacific Premier also picked up PENSCO Trust, which had approximately $14 billion of custodial assets and approximately 45,000 client accounts.

“I am particularly proud of this accomplishment given the challenges presented by the COVID-19 pandemic,” Chief Executive Steve Gardner said in a statement. “Our ability to move through the complex process of regulatory approval, shareholder approval and integration planning in such a short period of time emphasizes the strength of our culture and the organization we have built.”

D.A. Davidson & Co. acted as financial adviser to Pacific Premier while Holland & Knight LLP served as legal counsel. Piper Sandler & Co. acted as financial adviser to Opus while Sullivan & Cromwell LLP served as legal counsel.

Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.

Featured Articles

Related Articles