Pacific Premier Bancorp (PPBI) Tops Q4 EPS by 2c

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Go back to Pacific Premier Bancorp (PPBI) Tops Q4 EPS by 2c

Pacific Premier Bancorp (PPBI) to Acquire Independence Bank in $71.5M Deal

October 22, 2014 8:21 AM EDT

Pacific Premier Bancorp (Nasdaq: PPBI) announced that it has entered into a definitive agreement to acquire Independence Bank, a Newport Beach, California, based state-chartered bank with $426.2 million in total assets, $341.1 million in gross loans and $358.3 million in total deposits at September 30, 2014. Independence Bank has six branches located in Orange County and Riverside County. This transaction will strengthen the Companys competitive position as one of the premier banks headquartered in Southern California.

The Company expects that the transaction will be immediately accretive to EPS in 2015, excluding non-recurring deal related expenses, and expects EPS accretion... More