San Diego Trust's Shareholders Approve Sale to Pacific Premier

Shareholders of San Diego Trust Bank have approved the bank's sale to Pacific Premier (PPBI) in Irvine, Calif.

The $1.4 billion-asset Pacific Premier announced plans to buy the San Diego bank in March. Under the terms of the deal, Pacific Premier would pay about $30.6 million in cash and stock for San Diego Trust, which has three branches and $211 million in assets.

The acquisition, which is expected to close by the end of June, would allow Pacific Premier to enter San Diego County.

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Community banking M&A
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