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 press release. IFC will be rebranded as Pacific Premier Franchise Capital after the deal closes in the current quarter or early 2014.

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 plans to grow through acquisition earlier this year. It paid $30.6 million for San Diego Trust Bank in June.

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.

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