Pacific Premier in California to Raise $30 Million

Pacific Premier Bancorp (PPBI) in Costa Mesa, Calif., will raise roughly $30 million through a public offering of common stock.

Pacific Premier will use the proceeds for general corporate purposes, including growth and to capitalize its Pacific Premier Bank, the $1.1 billion-asset company said Wednesday.

In October, the company said it would buy First Associations Bank in Dallas for $53.7 million. That deal would add to Pacific Premier's deposits so it could continue to make loans.

Raymond James & Associates is acting as the book-running manager and D.A. Davidson is the offering's co-manager. The underwriters will have a 30-day option to purchase up to an additional 15% of the offered amount of common stock to cover over-allotments, Pacific Premier said.