Irvine-based Pacific Premier Bancorp, the parent of Pacific Premier Bank, has closed the acquisition of Security California Bancorp, the parent of Security Bank of California.
Security Bank operates with six branches in Riverside County, San Bernardino County and Orange County as well as a loan production office in Los Angeles County.
As per the terms of the $120.2m merger deal, each share of Security common stock was converted into the right to receive 0.9629 shares of Pacific Premier common stock.
The acquisition of Security is expected to boost Pacific Premier’s total assets to about $3.5bn, total loans outstanding to about $2.7bn and total deposits to about $2.8bn.
Pacific Premier Bancorp president and CEO Steve Gardner said: "This transaction strengthens our growing small and middle market businesses in Southern California, which we expect will help bolster our earnings growth. The operational efficiencies and financial attributes related to this transaction are compelling, and our teams are working diligently to provide Security Bank’s customers the same outstanding level of service to which they have become accustomed."
