Pacific Premier Buys Opus
Pacific Premier buys Opus.
Pacific Premier Bancorp buys Opus Bank for $1 billion.
Opus, with $8 billion in assets, $5.9 billion in loans and $6.5 billion in deposits, has 46 branches in California, Washington, Oregon, and Arizona. The deal builds Pacific Premier’s total assets to $20 billion. This bigger scale boosts efficiencies and leverages tech investments. The addition of Opus’ strong fee income-generating business makes for greater revenue diversification. A large source of stable, low-cost deposits through escrow and trust business lines will add $2 billion in deposits. The speedup of capital generation makes for sustained prudent management and creates other openings to return shareholder capital.
Pacific Premier Bank is a business bank with $11.8 billion in assets. It serves small and middle-market businesses in the counties of Orange, Los Angeles, Riverside, San Bernardino, San Diego, San Luis Obispo, and Santa Barbara, California, and markets in Arizona, Nevada, and Washington. With 40 branches, it offers a diverse range of loans such as commercial, commercial real estate, construction, and SBA, as well as specialty banking products for homeowners' associations and franchise lending nationwide.
Opus Bank provides commercial and retail banking and solutions to its clients in Western markets. It offers a suite of treasury and cash management and depository solutions, and a range of loan products such as commercial, healthcare, media and entertainment, corporate finance, multifamily residential, commercial real estate and structured finance. It offers commercial escrow services and facilitates 1031 Exchange transactions through its Escrow and Exchange divisions. A wholly-owned subsidiary, PENSCO Trust Company, has $14 billion of custodial IRA assets and 46,000 client accounts, comprised of self-directed investors, financial institutions, capital raisers, and financial advisors.
Steven Gardner of Pacific Premier said: ‘We are excited to announce this transformative merger we believe will create one of the premier commercial banks in the Western United States. The combination with Opus provides us with a meaningful presence in attractive major metropolitan markets, a complementary set of banking products and service, and improved revenue and business diversification. As a result of this transaction, we'll be well-positioned to generate profitable growth in the future and to benefit the joint institution’s shareholders.’
Paul Taylor of Opus said: ‘We are happy to be partnering with Pacific Premier and believe the combination creates one of the most attractive banks in the Western US. We look forward to the opportunities and benefits this combination will bring to our shareholders, as prospects for future earnings growth, immediate dividend pick-up, and diversification, as well as to clients, employees and the communities we serve.’
D.A. Davidson served as financial advisor to Pacific Premier. Holland & Knight served as legal advisor.
Pacific Premier Bancorp buys Opus Bank for $1 billion.
Opus, with $8 billion in assets, $5.9 billion in loans and $6.5 billion in deposits, has 46 branches in California, Washington, Oregon, and Arizona. The deal builds Pacific Premier’s total assets to $20 billion. This bigger scale boosts efficiencies and leverages tech investments. The addition of Opus’ strong fee income-generating business makes for greater revenue diversification. A large source of stable, low-cost deposits through escrow and trust business lines will add $2 billion in deposits. The speedup of capital generation makes for sustained prudent management and creates other openings to return shareholder capital.
Pacific Premier Bank is a business bank with $11.8 billion in assets. It serves small and middle-market businesses in the counties of Orange, Los Angeles, Riverside, San Bernardino, San Diego, San Luis Obispo, and Santa Barbara, California, and markets in Arizona, Nevada, and Washington. With 40 branches, it offers a diverse range of loans such as commercial, commercial real estate, construction, and SBA, as well as specialty banking products for homeowners' associations and franchise lending nationwide.
Opus Bank provides commercial and retail banking and solutions to its clients in Western markets. It offers a suite of treasury and cash management and depository solutions, and a range of loan products such as commercial, healthcare, media and entertainment, corporate finance, multifamily residential, commercial real estate and structured finance. It offers commercial escrow services and facilitates 1031 Exchange transactions through its Escrow and Exchange divisions. A wholly-owned subsidiary, PENSCO Trust Company, has $14 billion of custodial IRA assets and 46,000 client accounts, comprised of self-directed investors, financial institutions, capital raisers, and financial advisors.
Steven Gardner of Pacific Premier said: ‘We are excited to announce this transformative merger we believe will create one of the premier commercial banks in the Western United States. The combination with Opus provides us with a meaningful presence in attractive major metropolitan markets, a complementary set of banking products and service, and improved revenue and business diversification. As a result of this transaction, we'll be well-positioned to generate profitable growth in the future and to benefit the joint institution’s shareholders.’
Paul Taylor of Opus said: ‘We are happy to be partnering with Pacific Premier and believe the combination creates one of the most attractive banks in the Western US. We look forward to the opportunities and benefits this combination will bring to our shareholders, as prospects for future earnings growth, immediate dividend pick-up, and diversification, as well as to clients, employees and the communities we serve.’
D.A. Davidson served as financial advisor to Pacific Premier. Holland & Knight served as legal advisor.
Piper Sandler served as financial advisor to Opus. Sullivan & Cromwell served as legal advisor.
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