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COSTA MESA, Calif. (AP) — Pacific Premier Bancorp. Inc. said Monday that it agreed to buy First Associations Bank in a deal valued at $53.7 million.
First Associations, based in Dallas, is a specialized bank that caters to homeowners associations and homeowners associations' management companies, and it doesn't accept retail or consumer deposits, Pacific Premier said in a news release. Pacific Premier said the purchase will give it a valuable source of low-cost deposits.
First Associations had $356.2 million in assets and $305.5 million in deposits as of Sept. 30.
The acquisition is expected to be completed late in the fourth quarter or in the first quarter of next year.
Under terms of the deal, $50.2 million will go to First Associations shareholders, comprised of $37.6 million in cash and 1,279,419 shares of Pacific Premier common stock, and $3.5 million in cash will be paid to holders of First Associations options and warrants.
Pacific Premier shares rose 34 cents to end at $10.53.