Irvine’s Pacific Premier Bancorp bought Irvine-based neighbor Plaza Bancorp in an all-stock deal for $226.3 million. The acquisition values Plaza at $7.29 a share.
Plaza has $1.3 billion in total assets, $1.1 billion in loans and $1.1 billion in deposits.
The acquisition will increase Pacific Premier’s total assets to $7.7 billion on a pro-forma basis. The bank is aiming for $10 billion in assets.
“Entering Los Angeles County has been a key focus of our long-term strategic plan to build Pacific Premier into the leading commercial bank headquartered in Southern California,” Pacific Premier Chief Executive Steven Gardner said.
After the deal closes, Plaza shareholders will own 13% of Pacific Premier. Carpenter Fund Manager GP owns 87% of Plaza common stock, said Pacific Premier.
Earlier this year, Pacific Premier purchased Heritage Oaks Bancorp, which was 17% owned by Carpenter & Co. As of April, Carpenter & Co. owned about 5% of Pacific Premier.
