Pacific Premier Bancorp to buy Security California BancorpStaff writer ▼ | October 1, 2015
Pacific Premier Bancorp has entered into a definitive agreement to acquire Security California Bancorp, the holding company of Security Bank of California.
Acquisition Riverside has 733.6 million in total assets
Security Bank has six branches located in Riverside County, San Bernardino County and Orange County and a loan production office located in Los Angeles County.
This transaction will strengthen Pacific Premier Bank’s competitive position as one of the premier banks headquartered in Southern California.
The company expects that the transaction will result in modest EPS accretion in 2016 and EPS accretion of approximately 5.0% in 2017. The company expects tangible book value dilution of approximately 2.3% at close to be earned-back within 2.7 years.
The company anticipates there will be significant cost savings and synergies due to the anticipated consolidation of three of Pacific Premier Bank’s branch locations in Tustin, Riverside and Palm Desert with Security Bank branches in the same markets, as well as the reduction of typical back office expenses. ■