Pacific Premier Bancorp has inked a definitive agreement to purchase California-based state-chartered lender San Diego Trust Bank (SDBK), in a bid to reinforce its presence in San Diego County.
The transaction, which has been valued at nearly $30.6m, is likely to conclude during the second or third quarter of 2013, pending receipt of regulatory and shareholders’ approvals as well as satisfying customary closing conditions.
Based on the agreement, the company will get SDBK’s three full-service branches, with an attractive deposit franchise including 97.1% non-CDs and 33.6% non-interest bearing demand deposits, with a total deposits cost of 0.25%, for the quarter ended on 31 December 2012.
SDBK chief operating officer Toby Reschan will become the senior executive for Pacific Premier in the San Diego region and will manage the existing offices and continued expansion.
San Diego Trust Bank founder, chairman, president and chief executive officer Michael Perry will remain engaged as a shareholder and supporter of the combined entity.
DA Davidson & Co and Patton Boggs served as advisors to Pacific Premier, while San Diego Trust Bank was advised by Keefe, Bruyette & Woods, and McKenna Long & Aldridge.