Pacific Premier Bancorp, the holding company of Pacific Premier Bank, has received the pending regulatory approvals from the Board of Governors of the Federal Reserve System and the California Department of Business Oversight regarding its $641m Grandpoint Capital acquisition.
Grandpoint Capital is the holding company of California-based Grandpoint Bank.
In February, Pacific Premier Bancorp signed the definitive agreement to acquire Grandpoint Capital under an all-stock transaction. It is expected to boost Pacific Premier’s total assets to nearly $11.7bn on a pro forma basis.
Grandpoint Bank has 14 regional offices across Southern California, Arizona and Vancouver, Washington.
Commenting on securing regulatory approval, Pacific Premier Bancorp chairman, president and CEO Steven R. Gardner said: “We are pleased to have received all of the required regulatory approvals for our acquisition of Grandpoint.
“The receipt of these approvals brings us one step closer to being able to consummate a strategic combination that we believe will create one of the most attractive commercial banks in California, with significant opportunities to enhance the banking experience for the combined institution’s customers and drive increased value for our stockholders.”
The deal, which has received all the regulatory approvals now, is expected to be completed in the third quarter of this year.