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Irvine's Pacific Premier Bancorp, the holding company of Pacific Premier Bank, is inking an all-stock deal to purchase its neighbor Plaza Bancorp for approximately $226M, or $7.29/share.
Plaza Bancorp has seven regional offices in Irvine, Manhattan Beach, El Segundo, Pasadena, Montebello, San Diego and Las Vegas.
It also boasts $1.3B in total assets, $1.1B in loans and $1.1B in total deposits as of the close of the fiscal year, the Orange County Register reports.
Pacific Premier Bancorp has about $6.4B in assets.
Once the deal closes, existing Pacific Premier shareholders will own approximately 86.9% of the outstanding shares of the combined company with Plaza Bancorp shareholders expected to own around 13.1%.
The deal, which is subject to regulatory approval, is expected to close in Q4 or early next year.
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