Pacific Premier Bancorp shareholders have voted to approve the acquisition of Paso Robles-based Heritage Oaks Bancorp, Pacific Premier said March 28.
The all-stock deal, announced Dec. 13, is valued at $405.6 million or $11.68 per share. It combines the region’s largest bank, with $2 billion in assets, and Pacific Premier, which has $3.8 billion in assets, for a total of 28 branches in Southern California.
The merger is expected to become official on April 1. Heritage Oaks’ stock will be delisted from Nasdaq at that time.
“We are pleased to have received the approval of our stockholders for the issuance of shares of our common stock to Heritage Oaks’ stockholders in connection with our acquisition of Heritage Oaks,” said Steven R. Gardner, chairman, president and CEO of Pacific Premier Bancorp. “We believe that these voting results are an affirmation of our belief that the combination of Pacific Premier and Heritage Oaks will create one of the most attractive commercial banks in California with significant opportunities to enhance the banking experience for our customers and drive increased value for our shareholders.”
Pacific Premier Bank is a business bank primarily focused on serving small and middle market businesses.