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Pacific Premier Bancorp., which is the largest bank headquartered in Orange County, agreed to sell itself for $2 billion to Columbian Banking System Inc. in Washington state.
Columbia Banking, the parent company of Umpqua Bank, will acquire Pacific Premier Bancorp Inc. in an all-stock transaction (Nasdaq: PPBI). The combined company will have approximately $70 billion in assets (Nasdaq: COLB)
“We have worked tirelessly for more than two decades to build a strong franchise at Pacific Premier,” Pacific Premier Chairman and Chief Executive Steve Gardner said in a statement. “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.”
Shares of Pacific Premier were unchanged at $20.11 after the announcement. They had risen 2% during regular trading and sported a $1.95 billion market cap. Columbia’s stock fell 1.8% to $22.95 after the news; the Tacoma, Wash.-based bank had a $4.9 billion market cap at today’s close.
For more details, see the April 28 print issue of the Business Journal.