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BRIEF-Pacific Premier Bancorp to acquire Heritage Oaks Bancorp
December 13, 2016 / 11:33 AM / a year ago

BRIEF-Pacific Premier Bancorp to acquire Heritage Oaks Bancorp

Dec 13 (Reuters) - Pacific Premier Bancorp Inc

* Pacific Premier Bancorp Inc to acquire Heritage Oaks Bancorp

* Pacific Premier Bancorp Inc - merger agreement provides for three directors from Heritage Oaks to be added to board of directors of Pacific Premier

* Pacific Premier Bancorp - holders of Heritage Oaks stock will receive 0.3471 shares of Pacific Premier stock for each share of Heritage Oaks

* Pacific Premier Bancorp - existing pacific premier shareholders will own about 69.9 pct of outstanding shares of combined co

* Total consideration of approximately $405.6 million, or $11.68 per share

* Pacific Premier Bancorp - expects transaction will be immediately accretive to tangible book value per share, 5.2 pct accretive to earnings per share in 2018

* Expects financial impact will produce stronger profitability and returns for combined shareholder base

* Transaction will increase Pacific Premier’s total assets to approximately $6.0 billion on a pro forma basis

* Pacific Premier Bancorp - Heritage Oaks shareholders are expected to own about 30.1 pct of outstanding shares of combined co Source text for Eikon: Further company coverage:

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