Pacific Premier Bancorp to acquire Opus Bank, create $20 billion franchiseChristian Fernsby ▼ | February 3, 2020
Pacific Premier Bancorp, the holding company of Pacific Premier Bank, and Opus Bank today announced they have entered into a definitive agreement.
Acquisition Pacific Premier Bancorp
Topics: Pacific Premier Bancorp acquire Opus Bank
Pacific Premier expects the transaction to be 14% accretive to EPS in 2021 with a 1.8 year earnback period to tangible book value per share based on anticipated cost savings of approximately 25%.
Opus is headquartered in Irvine, California with $8.0 billion in total assets, $5.9 billion in gross loans and $6.5 billion in total deposits as of December 31, 2019.
Opus operates 46 banking offices located throughout California, Washington, Oregon and Arizona.
The transaction will increase Pacific Premier’s total assets to approximately $20 billion on a pro forma basis as of December 31, 2019. ■