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Pacific Premier Bancorp (PPBI) in Costa Mesa, Calif., will raise roughly $30 million through a public offering of common stock.
December 5 -
Pacific Premier in Irvine, Calif., is buying San Diego Trust Bank for $30.6 million.
March 6 -
Pacific Premier (PPBI) in Irvine, Calif., has named new chief lending and operating officers among several executive moves.
March 4
Pacific Premier Bancorp (PPBI) in Irvine, Calif., has agreed to acquire the chain-restaurant lender Infinity Franchise Capital.
The $1.5 billion-asset Pacific will pay approximately $16 million in cash and stock for IFC, according to a Monday
IFC's loan clients include owner-operators of Dunkin' Donuts, Burger King and Wendy's. It had $79 million in loan commitments and $75 million in loans outstanding with no delinquent or troubled assets as of Oct. 31.
"We are very pleased to expand our commercial lending platform with this attractive acquisition," Pacific president and chief executive Steven Gardner said in the release. "The acquisition of IFC will further diversify our loan portfolio with [commercial and industrial] and owner-occupied [commercial real estate] loans, will deploy excess liquidity into higher yielding assets, will positively impact our net interest margin and allows us to further leverage our strong capital base. The [quick-service] franchisee lending business is an appealing niche market that provides excellent growth opportunities in the future."
Pacific Premier announced
Sandler O'Neill & Partners acted as Pacific Premier's financial advisor in the deal. Patton Boggs provided legal counsel. Keefe, Bruyette & Woods served as financial advisor to IFC.
