PRESS RELEASE: First Associations Bank Acquisition
SAMCO Capital Markets, Inc. announces that Dallas-headquartered First Associations Bank has been acquired by Irvine, California-based Pacific Premier Bancorp, Inc. (NASDAQ: PPBI).
The deal closed during First Quarter 2013 and was valued at approximately $56.7 million, which included $3.5 million in cash consideration for its options and warrants holders.
First Associations Bank was headquartered in Dallas and had $356.2 million in total assets and $205.5 million in total deposits at the time of the transaction, according to a news release from Pacific Premier. The acquired bank focused primarily on nationwide business with homeowners associations and HOA management companies, and it employed a full-time staff of thirteen.
“This acquisition is a unique opportunity for us to acquire a highly efficient, consistently profitable and niche-focused business that will complement our existing banking franchise,” said Steven R. Gardner, President and CEO of Pacific Premier. “We are very pleased to complete our acquisition of First Associations Bank and welcome its national roster of HOA-related clients.”
Additionally, Gardner announced plans to fully integrate the acquired bank into Pacific Premier’s existing operations by pursuing and solidifying its existing relationships with large-scale customers, scoping out existing or additional banking talent in the interest of further building the HOA-related business, and repositioning the balance sheet to capitalize on the liquidity and low-cost (0.23% cost of funds during 3rd-quarter 2012) deposit base provided by First Associations Bank.
First Associations Bank was advised on the deal by SAMCO Capital Markets’ Dallas office. Managing Director Jacob Thompson led the deal team.
SAMCO Capital Markets, Inc. is a full-service investment bank and private funds management company specializing in serving and investing in financial institutions across the United States. Our expertise spans the practices of mergers & acquisitions, private funds management, corporate, real estate and municipal finance, securities trading, financial advisory and bank development. We are headquartered in Austin, TX and have offices in Dallas, Houston, San Antonio and Edmond, OK.
About Pacific Premier Bancorp, Inc.
Pacific Premier owns all of the capital stock of Pacific Premier Bank. Pacific Premier Bank provides business and consumer banking products to its customers through our ten full-service depository branches in Southern California located in the cities of Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino and Seal Beach and one branch office in Dallas, Texas. For additional information about the Company, visit the Company’s website at www.ppbi.com.