Shareholders of Pacific Premier Bancorp, the holding company of Pacific Premier Bank, approved the issuance of shares of the company’s common stock in connection with the consummation of a proposed merger with Opus Bank at a special meeting of the company’s shareholders held on May 5. The approval is pursuant to the terms of an agreement and plan of reorganization, dated as of Jan. 31, by and among Pacific Premier Bancorp, Pacific Premier Bank and Opus.
In addition, Opus’s shareholders approved the merger agreement and the merger of Opus with and into Pacific Premier Bank, with Pacific Premier Bank as the surviving institution, at a special meeting of Opus’s shareholders held on May 5. The closing of the merger, which is currently anticipated to be effective on June 1, remains subject to the satisfaction of certain customary closing conditions.
“We are pleased to have received the approval of our shareholders in connection with our acquisition of Opus, and the approval by Opus’s shareholders,” Steven R. Gardner, chairman, president and CEO of Pacific Premier Bancorp, said. “These voting results affirm our belief that the combination of Pacific Premier and Opus will create one of the most attractive commercial banks in the western United States with significant opportunities to enhance the banking experience for the combined institution’s clients and drive increased long-term value for our shareholders.”
Pacific Premier Bank is headquartered in Southern California and has approximately $12 billion in assets.