Pacific Premier Bank, received regulatory approvals from the Board of Governors of the Federal Reserve and the California Department of Business Oversight to acquire Heritage Oaks Bank.
The acquisition remains subject to the approval of the Heritage Oaks shareholders, approval by the Pacific Premier shareholders and the satisfaction of other closing conditions.
Steve R. Gardner, chairman, president and CEO of Pacific Premier Bancorp, said, “We are pleased to have received all of the required regulatory approvals for our acquisition of Heritage Oaks. We believe that the combination of Pacific Premier and Heritage Oaks will create one of the most attractive commercial banks in California with significant opportunities to enhance the banking experience for our customers and drive increased value for our shareholders.”
Pacific Premier Bank is one of the largest banks headquartered in Southern California with $4 billion in assets. Pacific Premier Bank is a business bank primarily focused on serving small- and middle-market businesses in the counties of Los Angeles, Riverside, San Bernardino and San Diego, CA. Pacific Premier Bank offers a diverse range of lending products including commercial, commercial real estate, construction and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide.