Pacific Premier, the holding company of Pacific Premier Bank, completed the acquisition of Plaza Bancorp, the holding company of Irvine, CA-based Plaza Bank.

Under the terms of the merger agreement, each share of Plaza common stock was converted into the right to receive 0.2000 shares of company common stock. The value of the total deal consideration was approximately $251 million, which includes approximately $6.5 million of aggregate cash consideration payable to holders of unexercised options and warrants exercisable for shares of Plaza common stock.

Steven R. Gardner, chairman, president and CEO of the company, commented, “We are pleased to welcome the customers, employees and stockholders of Plaza. We are excited about entering Los Angeles County and adding operational scale and increased market presence in Southern California to continue to provide a superior banking experience for our commercial customers.”

With the addition of Plaza, on a pro forma combined basis, the company would have total assets of approximately $7.8 billion, total loans outstanding of approximately $6.1 billion and total deposits of approximately $6.1 billion as of September 30, 2017 (unaudited and excluding purchase accounting adjustments).

D.A. Davidson acted as financial advisor and delivered a fairness opinion to the board of directors. Holland & Knight served as legal counsel. Sandler O’Neill & Partners acted as financial advisor to and delivered a fairness opinion to Plaza’s board of directors of plaza. Sheppard Mullin Richter & Hampton served as legal counsel to Plaza.