Pacific Premier Bancorp Acquired by Umpqua Bank in $2 Billion Deal
'The combination of these two companies operating in growing markets provides a great opportunity for our teams to continue to deliver high-quality, relationship-based banking products, services, and expertise to our clients and to continue to generate long-term value for our stockholders,' said Steve Gardner, chairman, chief executive and president of Pacific Premier Bank, in a statement.
The merger valued Pacific Premier at $20.83 per share based on Columbia's closing stock price of $22.77 on April 22. Following the completion of the acquisition, Pacific Premier shareholders will own approximately 30% of Columbia's outstanding shares of common stock. The combined company will have $70 billion in assets and operate 350 branches across the Western United States.
Three Pacific Premier directors, including Gardner, will join the Columbia board upon the completion of the transaction.
'It is a natural and strategic fit that strengthens our competitive position in Southern California, enhances our service offerings and elevates our performance,' said Clint Stein, chief executive and president of Columbia, in a statement.
Piper Sandler & Co. acted as financial advisor to Columbia. Sullivan & Cromwell LLP acted as legal advisor to Columbia. Pacific Premier Bancorp was advised by Keefe, Bruyette & Woods Inc. as financial advisor and Holland & Knight LLP as legal advisor.
Information for this article was sourced from Umpqua Bank.
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