Pacific Premier closes USD57m acquisition of FAB.
18 March 2013 a[euro]" US Pacific Premier Bancorp Inc (NASDAQ:PPBI) said on Monday it had concluded its USD56.7m (EUR43.8m) cash-and-stock takeover of Texas-based state chartered bank First Associations Bank (FAB).
Under the terms, Pacific Premier Bancorp is paying some USD37.2m in cash and USD16m in stock, based on the buyera[euro](tm)s closing stock price on 15 March. In addition, it is providing a cash consideration of USD3.5m to the holders of FAB stock options and warrants.
The transaction was cleared by the Federal Reserve Bank of San Francisco and the California Department of Financial Institutions in November.
FAB will now become a division of the purchasera[euro](tm)s wholly-owned Pacific Premier Bank, adding around USD375.7m in assets and about USD319.8m in deposits. When taking into consideration Pacific Premier Bancorpa[euro](tm)s purchase of San Diego Trust Bank, the bank holding company will have total assets of some USD1.7bn.
DA Davidson & Co and Patton Boggs LLP offered advice to the buyer, while SAMCO Capital Markets and Haynie Rake & Repass OC consulted FAB.Country: USASector: Banking/Financial ServicesTarget: First Associations Bank (FAB)Buyer: Pacific Premier Bancorp IncDeal size in USD: 57mType: Corporate acquisitionFinancing: Cash & StockStatus: ClosedBuyer advisor: Patton Boggs LLP, DA Davidson & Co