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Pacific Premier in Costa Mesa, Calif., needed more deposits to make more loans, so it took advantage of its rising share price to strike a deal for First Associations Bank in Dallas, which holds deposits for homeowners associations.
October 16
Pacific Premier Bancorp (PPBI) in Costa Mesa, Calif., will raise roughly $30 million through a public offering of common stock.
Pacific Premier will use the proceeds for general corporate purposes, including growth and to capitalize its Pacific Premier Bank, the $1.1 billion-asset company said Wednesday.
In October, the company said it would
Raymond James & Associates is acting as the book-running manager and D.A. Davidson is the offering's co-manager. The underwriters will have a 30-day option to purchase up to an additional 15% of the offered amount of common stock to cover over-allotments, Pacific Premier said.