Pacific Premier Bancorp, the holding company of Pacific Premier Bank, has completed the acquisition of Grandpoint Capital, the holding company of Grandpoint Bank, a California-chartered banking corporation headquartered in Los Angeles, California.
Pursuant to the terms of the merger agreement between the Company and Grandpoint, each share of Grandpoint common stock was converted into the right to receive 0.4750 shares of Company common stock.
The value of the total deal consideration was approximately $629.2 million, which is based upon the closing price of the Company’s common stock on June 29, 2018, the last trading day prior to the closing, and includes approximately $28.0 million of aggregate cash consideration payable to holders of unexercised options exercisable for shares of Grandpoint common stock.
Steven R. Gardner, Chairman, president and chief executive officer of the company, commented, “We are pleased to welcome the clients, employees and stockholders of Grandpoint. We believe our strategic combination creates one of the strongest commercial banks in California, with significant opportunities to provide a wider array of products and services to our clients while continuing to expand our market share.
“This transaction enables us to enter attractive markets in Arizona and Washington, which further enhances our opportunities to expand the Pacific Premier franchise in the years ahead.”
Mr. Gardner added, “We are excited to be able to complete this transaction, the largest in the Company’s history, in just over four months after announcement. We have already made significant progress in integrating the two organizations and we expect to complete the system conversion in October. We expect this will result in a smooth transition for our clients and employees, and enable us to quickly begin realizing the benefits that drive shareholder value.”
With the addition of Grandpoint,
