Irvine-based Pacific Premier Bancorp Inc. has agreed to pay $71.5 million to acquire Independence Bank in Newport Beach.
The combined company is expected to have about $2.5 billion in total assets, about $1.9 billion worth of loans outstanding, and $1.9 billion in deposits.
Pacific Premier is among the largest banks with headquarters in Orange County.
It had $2 billion in assets as of Sept. 30, up 30% from a year earlier, including about $1.5 billion in net loans held for investment, up 36% year-over-year.
As of Sept. 30, Independence Bank had $426 million in assets, up 37% year-over-year.
It has six branches in Orange and Riverside counties. Pacific Premier, which has 13 branches throughout Southern California, said the deal is expected to create “cost savings and synergies,” including by consolidating locations in Newport Beach and Fountain Valley.
The transaction is expected to be completed in the first quarter.
―Jane Yu
