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Pacific Premier Bancorp to acquire Opus Bank, create $20 billion franchise

Christian 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.
Pacific Premier Bancorp
Acquisition   Pacific Premier Bancorp
Pacific Premier will acquire Opus in an all stock transaction valued approximately $1.0 billion, or $26.82 per share, based on a closing price for Pacific Premier’s common stock of $29.80 as of January 31, 2020.

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.