COSTA MESA, Calif., April 27, 2012 /PRNewswire/ -- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the "Company"), the holding company of Pacific Premier Bank ("Pacific Premier"), announced today that Pacific Premier has acquired the banking operations of Palm Desert National Bank ("Palm Desert National") located in Palm Desert, California. Palm Desert National was closed today by the Office of Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation ("FDIC") as receiver. To protect the depositors, the FDIC entered into an agreement with Pacific Premier to assume all the deposits and essentially all of the assets of Palm Desert National which operates one branch in Palm Desert, California.
The transaction was structured as a whole bank purchase and assumption without a loss sharing agreement with the FDIC. The FDIC accepted Pacific Premier's bid to acquire Palm Desert National, which included no deposit premium. Palm Desert National had approximately $125.8 million in total assets and $122.8 million in total deposits at December 31, 2011. No assets or liabilities of Palm Desert National's holding company were acquired by Pacific Premier in the transaction.
Steven R. Gardner, President and Chief Executive Officer of Pacific Premier, commented on the acquisition, "We are excited to welcome the customers and employees of Palm Desert National to our family and look forward to the benefits this acquisition should bring to the businesses and residents of the Coachella Valley. We want depositors of Palm Desert National to be confident in knowing that they will be banking with a strong, locally owned financial institution. We also want to reassure all customers of Palm Desert National that they will continue to conduct business as normal with the employees with whom they have built a solid long term relationship."
Mr. Gardner continued, "This acquisition provides an excellent opportunity for Pacific Premier to expand our branch footprint and grow interest earning assets at a discount. The transaction structure provides us with flexibility to aggressively manage assets consistent with our proven loss mitigation strategy, which should enable us to optimize the benefits of this acquisition."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV