Pacific Premier Bancorp in Irvine, Calif., is planning to close three California branches.
The $3.6 billion-asset company said in a press release Monday that it will shutter two locations in San Diego, along with an office in Palm Springs in late July and early August. Customers, and most personnel, will be transferred to Pacific Premier branches located within five miles of the closed locations.
“We are constantly evaluating our branch network in light of changes in the preferred banking channels of our customer base,” Steve Gardner, Pacific Premier’s president and chief executive, said in the release. “As customers increasingly utilize our online and mobile banking platforms, we are able to effectively serve their needs with a smaller physical branch network. The … plans announced today will enable us to more effectively align our branch resources with our overall growth strategy and customer demand.”
The company said it expects to incur a pretax charge of about $200,000 in the third quarter, though the closures should reduce annual expenses by roughly $800,000.