Pacific Premier Bancorp has completed the acquisition of Opus Bank, a chartered commercial bank headquartered in California.

The transaction was effective on 1 June 2020.

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Terms of the deal

Under the merger agreement, Opus common stockholders received 0.9000 of a share of Pacific Premier common stock for each share held.

The total deal value is approximately $743.9m based on the closing price of Opus Bank’s common stock as of 29 May 2020.

Opus Bank subsidiary PENSCO Trust Company was merged into Pacific Premier Bank, a subsidiary of Pacific Premier Bancorp.

PENSCO, a chartered non-depository trust company with $14bn in custodial assets and nearly 45,000 client accounts, serves as a custodian for self-directed individual retirement accounts.

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On a pro forma basis, Pacific Premier, with the addition of Opus, will have nearly $20bn in assets, $14.6bn in loans and $15.8bn in deposits as of 31 March 2020.

Pacific Premier Bancorp chairman, president and CEO Steven Gardner said: “This strategic combination creates one of the premier commercial banks in the Western United States, provides us with a meaningful presence in attractive metropolitan markets, a broad offering of banking products, and improved diversification of our banking franchise.

“We have already made significant progress in integrating the two organisations and we will complete the Opus system conversion early in the fourth quarter of 2020.

“We expect this will result in a smooth transition for our clients and employees, and enable us to quickly begin realising the benefits that drive shareholder value.”