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Pacific Premier Bancorp Closes Acquisition of California´s Opus Bank
Monday 01 June 2020

California-based Pacific Premier Bancorp, Inc. (NASDAQ: PPBI), the holding company of Pacific Premier Bank, has closed the acquisition of California-based Opus Bank (NASDAQ: OPB) in an all-stock transaction originally valued at approximately USD 1bn, the company said.

Premier Bancorp was to pay USD 26.82 per share, based on a closing price for Pacific Premier's common stock of USD 29.80 as of January 31, 2020.

At the close, the value of the total deal consideration was approximately USD 743.9m, which is based upon the closing price of the company's common stock on May 29, 2020, the last trading day prior to the closing.

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 has USD 8.0bn in total assets, USD 5.9bn in gross loans and USD 6.5bn in total deposits as of December 31, 2019.

The transaction will increase Pacific Premier's total assets to approximately USD 20bn on a pro forma basis as of December 31, 2019.

Existing Pacific Premier shareholders will own approximately 63% of the outstanding shares of the combined company, and Opus shareholders are expected to own approximately 37%.

Pacific Premier said the combination with Opus provides a presence in attractive major metropolitan markets with operational scale, a complementary set of banking products and services, and improved revenue and business diversification.

Pacific Premier Bancorp, Inc. has approximately USD 11.8bn in assets as of December 31, 2019.

D.A. Davidson and Co. acted as financial advisor to Pacific Premier in the transaction and delivered a fairness opinion to the board of directors of Pacific Premier. Holland and Knight LLP served as legal counsel to Pacific Premier.

Piper Sandler and Co. acted as financial advisor to Opus and delivered a fairness opinion to the board of directors of Opus. Sullivan and Cromwell LLP served as legal counsel to Opus.
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Date Published: 01/06/2020

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