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Costa Mesa-based Pacific Premier Bancorp Inc. has acquired Palm Desert National Bank in Palm Desert from the Federal Deposit Insurance Corp.

Pacific Premier Bank was the fourth-largest bank here with about $961.1 million in assets at the end of last year. The purchase of the failed Palm Desert National added about $125.8 million in assets, likely putting Pacific Premier slightly over $1 billion.

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That puts Pacific Premier close to 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.

Palm Desert National’s single branch opened today under the Pacific Premier name.

It had sold off several branches and divisions to raise capital prior to its seizure by the FDIC.

It was the first FDIC-insured institution to fail in California this year.

Pacific Premier now operates 10 branches, with four in Riverside County. Three were a result of Pacific Premier’s acquisition of Palm Springs-based Canyon National Bank from the FDIC in Feb. 2011.