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Pacific Premier to Buy Opus Bank

Irvine-based Pacific Premier Bancorp (Nasdaq: PPBI) said it will buy cross-town rival Opus Bank in an all-stock transaction valued at $1 billion.

The deal creates one of the largest banks based in California with $20 billion in assets.

Opus, which has $8 billion in total assets, operates 46 banking offices located throughout California, Washington, Oregon and Arizona.

“The combination with Opus provides us with a meaningful presence in attractive major metropolitan markets with operational scale, a complementary set of banking products and services, and improved revenue and business diversification,” Chief Executive Steve Gardner said in a statement.

The deal valued Opus (Nasdaq: OPB) at $26.82 a share, less than a 1% premium to its Jan. 31 close. Since the sale is tied to Pacific Premier’s stock price, both banks today fell in tandem. Pacific Premier dropped 5.2% to $28.25 and a $1.7 billion market cap while Opus declined 5.1% $25.27 and a $904 million market cap.

Pacific Premier expects the transaction to be 14% accretive to EPS in 2021 with a 1.8 year earn-back period to tangible book value per share, based on an anticipated cost savings of approximately 25%.

For more details on the acquisition, see the February 10 print edition of the Business Journal.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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