Pacific Premier to Buy San Diego Trust

Pacific Premier (PPBI) in Irvine, Calif., is buying San Diego Trust Bank for $30.6 million.

The deal would add three branches and $242 million in assets to the $1.2 billion-asset Pacific Premier and expand it southward into San Diego.

Under the terms of the agreement, San Diego Trust shareholders can elect to receive $13.41 a share in cash or roughly 1.1 shares of Pacific Premier's common stock in exchange for each San Diego Trust share they own. Half the consideration must involve cash.

"This is an attractive opportunity for us to expand into the San Diego marketplace with the acquisition of San Diego Trust Bank, one of the top performing community banks in this market," Steven Gardner, Pacific Premier's chief executive, said in a press release Wednesday. "We believe San Diego is a logical extension for our franchise that will allow us to continue to execute on our strategic plan."

Pacific Premier recently named new chief lending and operating officers and said it was readying for deals. The company also has a pending deal to buy First Associations Bank in Dallas for roughly $54 million.

D.A. Davidson & Co. and the law firm of Patton Boggs advised Pacific Premier on the deal. San Diego Trust Bank was advised by Keefe, Bruyette & Woods and the law firm of McKenna Long & Aldridge.