Regional bank Pacific Premier to buy Opus Bank in $1 bln deal (updated)

Pacific Premier Bancorp

03/02/2020 11:46

(Adds deal details, background on Pacific Premier, Opus)
    Feb 3 (Reuters) - Regional bank Pacific Premier Bancorp Inc
 PPBI.O  said on Monday it would buy peer Opus Bank  OPB.O  in
an all-stock deal valued at $1 billion, to expand its footprint
in California and other parts of the western United States.
    Opus Bank shareholders will receive 0.9 shares of Pacific
Premier, or $26.82, for each share held, based on Pacific's
Friday closing. That represents a premium of 0.7% to Opus' last
closing share price.
    Southern California-based Pacific Premier Bancorp is a
business bank mainly focused on serving small- and middle-market
businesses in the region.
    Opus, headquartered in Irvine, California, will help Pacific
Premier swell its assets by $8 billion to $20 billion. Pacific
Premier shareholders will own about 63% of the combined company.
    The deal, slated to close in the second quarter, is expected
to increase Pacific's earnings per share by 14% in 2021. (https://reut.rs/36OrzCJ)
    D.A. Davidson & Co advised Pacific Premier, while Piper
Sandler & Co was the financial adviser to Opus.

 (Reporting by Bharath Manjesh in Bengaluru; Editing by Maju
Samuel)
 ((Bharath.ManjeshR@thomsonreuters.com;  outside U.S. +91 80
6749 2703;))