Pacific Premier Bancorp (PPBI) in Costa Mesa, Calif., is considering raising up to $50 million in fresh capital so it can make more acquisitions if and when opportunities arise.
The $980 million-asset company has acquired two failed banks in the Palm Springs, Calif., area over the last 17 months and said late Monday that it has filed a shelf registration with the Securities and Exchange Commission to give it the flexibility to do more deals. The registration would allow Pacific Premier to issue a variety of securities, including common stock, preferred stock and debt securities, over the next three years.
"The shelf registration better positions the company to take advantage of potential business opportunities for growth through [Federal Deposit Insurance Corp.]-assisted transactions and/or open bank mergers and acquisitions," President and Chief Executive Steven R. Gardner said in a news release.
Pacific Premier acquired the $210 million-asset Canyon National Bank in Palm Springs from the FDIC in February 2011 and took over $129 million-asset Palm Desert National Bank this past April. The company has 10 branches in southern California.