Pacific Premier Bancorp, Inc. Announces Capital Securities Issuance.Business Editors COSTA MESA Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. , Calif.--(BUSINESS WIRE)--March 26, 2004 Pacific Premier Bancorp, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PPBI PPBI Post Programming Burn-In (device testing) PPBI Permutation-Polynomial-Based Interleaver ) (the "Company"), the holding company of Pacific Premier Bank, F.S.B. (the "Bank"), announced that it has completed a $10 million capital trust offering on March 25, 2004. The floating rate capital securities will bear an interest rate of three-month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 2.75 percent, and will mature on April 7, 2034. The capital securities were issued through a newly formed trust, PPBI Trust I, in a private transaction. The securities constitute new funding and further strengthen Pacific Premier's existing capital. Additionally, the Board of Directors of the Company authorized a capital contribution to the Bank of $5.0 million to support the planned growth in assets of the Company. The Placement Agent for the transaction was Sandler O'Neill & Partners, L.P. This press release does not constitute an offer to buy or a solicitation to sell the capital securities. The Company is a savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. holding company that owns 100% of the capital stock of the Bank, the Company's principal operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . The Bank is a federally chartered stock savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. whose primary business includes branch banking, income property and construction lending. The Bank currently operates three full-service branches located in Orange and San Bernardino Counties, in Southern California. This press release may include forward-looking statements (related to the Company's plans, beliefs and goals), which involve certain risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: competitive pressure in the banking industry; changes in the interest rate environment; the health of the economy, either nationally or regionally; the deterioration of credit quality, which would cause an increase in the provision for possible loan losses; changes in the regulatory environment; changes in business conditions, particularly in California real estate; volatility of rate sensitive deposits; asset/liability matching risks and liquidity risks; and changes in the securities markets. The Company undertakes no obligation to revise or publicly release any revision to these forward-looking statements. |
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