Pacific Premier Bancorp, Inc. and San Diego Trust Bank Announce Merger Agreement

Highlights of the announced transaction:

• Expanding Pacific Premier‘s footprint into San Diego County by adding three full-service branches
• Acquiring an attractive deposit franchise, which was comprised of 97.1% non-CDs and 33.6% non-interest bearing demand deposits, with a total cost of deposits of 0.25%, for the quarter ended December 31, 2012
• Acquiring a bank with exceptional asset quality and eight consecutive years of profitability
• Compelling economics for Pacific Premier‘s shareholders
• Providing liquidity event and meaningful return to the original shareholders of San Diego Trust Bank

IRVINE, Calif.–(BUSINESS WIRE)– Pacific Premier Bancorp, Inc. (NAS: PPBI) (“Pacific Premier” or the “Company”) today announced that it has entered into a definitive agreement to acquire San Diego Trust Bank (OTCBB: SDBK), a San Diego, California, based state-chartered bank with $242.0 million in total assets and $187.9 million in total deposits at December 31, 2012. This transaction will expand Pacific Premier‘s banking footprint into San Diego County and is expected to further improve Pacific Premier‘s deposit mix.

Steven R. Gardner, President and Chief Executive Officer of Pacific Premier commented, “This is an attractive opportunity for us to expand into the San Diego marketplace with the acquisition of San Diego Trust Bank, one of the top performing community banks in this market. We believe San Diego is a logical extension for our franchise that will allow us to continue to execute on our strategic plan. This acquisition will enable us to introduce the Pacific Premier brand, products and services into a new market with similar demographics to our current footprint. Further, the transaction will provide us with significant opportunities for synergies due to San Diego Trust Bank’s strong relationship based business banking model.”

Mr. Gardner continued, “We are excited that San Diego Trust Bank has agreed to join and grow with Pacific Premier. We see this as an exciting opportunity for our combined shareholders, customers and employees. San Diego Trust Bank’s existing customers will continue to receive the same excellent customer service and products without disruption. Additionally, the acquisition of San Diego Trust Bank will allow Pacific Premier to deploy a portion of its current capital base into a compelling investment. Lastly, …read more
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