Tag Archives: Pacific Premier Bancorp

Business, Finance, Occupation & Industry

Law Firm Brower Piven Announces Investigation of San Diego Trust Bank Proposed Buyout

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By Business Wirevia The Motley Fool

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Law Firm Brower Piven Announces Investigation of San Diego Trust Bank Proposed Buyout

STEVENSON, Md.–(BUSINESS WIRE)– The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of San Diego Trust Bank (“San Diego Trust” or the “Company”) (OTC: SDBK) and other violations of state law by the board of directors of San Diego Trust relating to the proposed buyout of the Company by Pacific Premier Bancorp, Inc. (“Pacific Premier“). The firm’s investigation seeks to determine, among other things, whether San Diego Trust‘s board of directors breached their fiduciary duties by failing to maximize shareholder value.

As stated in the press release announcing the proposed buyout, San Diego Trust shareholders will have a choice between electing to receive $13.41 per share in cash or 1.114 shares of Pacific Premier common stock for each share of San Diego Trust they own or a combination thereof. According to Yahoo! Finance, San Diego Trust shares were trading at $14.50 the week before the proposed buyout was announced.

If you currently own common stock of San Diego Trust and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.

Brower Piven, A Professional Corporation
Stevenson, Maryland
Charles J. Piven, 410-415-6616
hoffman@browerpiven.com

KEYWORDS:   United States  North America  California  Maryland

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The article Law Firm Brower Piven Announces Investigation of San Diego Trust Bank Proposed Buyout originally appeared on Fool.com.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Rigrodsky & Long, P.A. Announces Investigation Of San Diego Trust Bank Buyout

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By Business Wirevia The Motley Fool

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Rigrodsky & Long, P.A. Announces Investigation Of San Diego Trust Bank Buyout

WILMINGTON, Del.–(BUSINESS WIRE)– Rigrodsky & Long, P.A.:

  • Do you own shares of San Diego Trust Bank (OTC QB: SDBK )?
  • Did you purchase any of your shares prior to March 6, 2013?
  • Do you think the proposed buyout price is too low?
  • Do you want to discuss your rights?

Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of San Diego Trust Bank (“San Diego Trust” or the “Company”) (OTC QB: SDBK) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Pacific Premier Bancorp, Inc. (“Pacific Premier“) (NASDAQ GM: PPBI) in a transaction valued at approximately $30.6 million.

Click here to learn more: http://www.rigrodskylong.com/investigations/san-diego-trust-bank-sdbk.

Under the terms of the proposal, public shareholders of San Diego Trust will have a choice between electing to receive $13.41 per share in cash or 1.114x shares of Pacific Premier common stock for each share of San Diego Trust or a combination there, subject to the overall requirement that 50% of the consideration will be in the form of cash and 50% will be in the form of Pacific Premier stock. The number of shares of Pacific Premier common stock to be issued to San Diego Trust shareholders is based on a fixed exchange ratio provided that Pacific Premier‘s stock price remains between $10.83 and $13.24 as measure by the 10-day average closing price immediately prior to closing of the transaction. The value of the stock portion of consideration will fluctuate based on the value of Pacific Premier common stock. To the extent the average closing price of Pacific Premier common stock is outside this price range for Pacific Premier common stock, then the exchange ratio will adjust to reflect the increase or decrease of Pacific Premier common …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Law Office of Brodsky & Smith, LLC Announces Investigation of San Diego Trust Bank

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By Business Wirevia The Motley Fool

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Law Office of Brodsky & Smith, LLC Announces Investigation of San Diego Trust Bank

BALA CYNWYD, Pa.–(BUSINESS WIRE)– Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of San Diego Trust Bank (“San Diego Trust” or the “Company”) (OTC: SDBK) relating to the proposed acquisition by Pacific Premier Bancorp, Inc. (“PPBI“).

Under the terms of the transaction, San Diego Trust shareholders will receive only $13.41 in cash or 1.114 shares of PPBI common stock, or a combination of the cash and PPBI common stock, for each share of San Diego Trust stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of San Diego Trust for not acting in the Company’s shareholders’ best interests in connection with the sale process. The transaction may undervalue the Company and will result in a loss or no significant gain for many long term San Diego Trust shareholders. For example San Diego Trust stock traded at $14.50 as recently as March 5, 2012 and $21.84 on June 8, 2011.

If you own shares of San Diego Trust stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at investorrelations@brodsky-smith.com visiting http://brodsky-smith.com/558-sdbk-san-diego-trust-bank.html, by calling toll free 877-LEGAL-90.

Brodsky & Smith, LLC
Jason L. Brodsky, Esquire
Evan J. Smith, Esquire
877-LEGAL-90
investorrelations@brodsky-smith.com
http://brodsky-smith.com/558-sdbk-san-diego-trust-bank.html

KEYWORDS:   United States  North America  Pennsylvania

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The article Law Office of Brodsky & Smith, LLC Announces Investigation of San Diego Trust Bank originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Pacific Premier Bancorp, Inc. Announces Completion of Acquisition of First Associations Bank

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By Business Wirevia The Motley Fool

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Pacific Premier Bancorp, Inc. Announces Completion of Acquisition of First Associations Bank

IRVINE, Calif.–(BUSINESS WIRE)– Pacific Premier Bancorp, Inc. (NAS: PPBI) (“Pacific Premier” or the “Company”) today announced that, on Friday March 15, 2013, it completed the acquisition of First Associations Bank (“FAB“), a Dallas, Texas-based state chartered bank exclusively focused on serving homeowners associations (“HOAs”) and HOA management companies nationwide. The acquisition of FAB is expected to add approximately $375.7 million in assets and approximately $319.8 million in deposits.

Effective immediately, FAB will operate as a division of Pacific Premier Bank. John Carona, FAB‘s largest shareholder and director, has been added as a director on the Boards of Directors of the Company and Pacific Premier Bank.

Under the terms of the definitive agreement, FAB shareholders, in exchange for their shares of FAB common stock, will be entitled to receive an aggregate of $37.2 million in cash and 1,279,217 shares of Pacific Premier common stock. The value of the total deal consideration was approximately $56.7 million, which includes $16.0 million of stock consideration (based on the closing stock price of Pacific Premier common stock on March 15, 2013), $37.2 million of cash consideration and $3.5 million of cash consideration to the holders of FAB stock options and warrants.

“We are very pleased to complete our acquisition of FAB and welcome its national roster of HOA-related clients to Pacific Premier,” said Steven R. Gardner, President and Chief Executive Officer of Pacific Premier Bancorp. “We have been actively preparing for the integration of FAB into our operations over the past several months, including solidifying relationships with its largest customers, identifying additional banking talent that can further build our HOA-related business, and repositioning our balance sheet to take advantage of the liquidity and low-cost deposit base provided by FAB. As a result of the upfront planning we have done, we believe we are well positioned to quickly realize the synergies projected from this transaction and also continue growing our share of the national market for HOA banking services in the coming years.”

On a pro forma combined basis with the FAB acquisition and the proposed acquisition of San Diego Trust Bank, Pacific Premier is expected to have total assets of $1.7 billion.


Advisors

Pacific Premier was advised in this transaction by …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

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

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By Business Wirevia The Motley Fool

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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
Source: FULL ARTICLE at DailyFinance