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.