Pacific Premier Bancorp, the holding company of Pacific Premier Bank, completed the acquisition of Opus Bank, a California-chartered commercial bank headquartered in Irvine, CA.
Shareholders of Pacific Premier Bancorp and Opus Bank approved the proposed merger of the two companies pursuant to the terms of an agreement and plan of reorganization.
Pacific Premier will acquire Opus Bank in an all-stock transaction valued at approximately $1 billion, or $26.82 per share, based on a closing price for Pacific Premier’s common stock of $29.80 as of January 31, 2020.
Mary E. “Mimi” Thigpen has been appointed to Opus Bank’s board of directors, effective December 27, 2019, and appointed a member of each of the Audit Committee and Risk Oversight Committee.
Melanie S. Cibik has been appointed to Opus Bank’s board of directors. Concurrently, director Mark E. Schaffer voluntarily resigned from the board in accordance with the board’s retirement policy.
G. Malpass “Mal” Durkee has been appointed to Opus Bank’s Board of Directors as a member of the Risk Oversight Committee. Durkee replaces Mark Cicirelli, who concurrently resigned from the board.