Pacific Premier Bancorp has completed the acquisition of First Associations Bank (FAB), a Texas-based state chartered bank that serves homeowners associations (HOAs) and HOA management companies nationwide.
FAB will operate as a division of Pacific Premier Bank, effective immediately and will add nearly $375.7m in assets and approximately $319.8m in deposits to the acquirer.
John Carona, who is the largest shareholder and director of FAB, has been appointed as a director on the boards of directors of Pacific Premier Bancorp and its banking subsidiary.
FAB common stock shareholders will be entitled to receive an aggregate of $37.2m in cash and 1,279,217 shares of Pacific Premier common stock and the value of the total deal consideration was about $56.7m, according to the terms of the definitive agreement.
DA Davidson & Co and Patton Boggs offered advice to Pacific Premier, while FAB was advised by SAMCO Capital Markets, and Haynie Rake & Repass.
Pacific Premier Bank offers business and consumer banking products to its customers through ten full-service depository branches in Southern California.