Pacific Premier completed the acquisition of Opus Bank for $744m.

Pacific Premier, a bank with c. $11.8bn in assets, completed the acquisition of Opus Bank, an FDIC-insured California-chartered commercial bank, for $744m. Existing Pacific Premier shareholders own c. 63% of the outstanding shares of the combined company and Opus shareholders own c. 37%. “We are excited to announce this transformative merger that we believe will create one of the premier commercial banks in the Western United States. The combination with Opus provides us with a meaningful presence in attractive major metropolitan markets with operational scale, a complementary set of banking products and services, and improved revenue and business diversification. As a result of this transaction, we believe we will be well-positioned to generate profitable growth in the future and to benefit the combined institution’s shareholders,” Steven R. Gardner, Pacific Premier Chairman, President and CEO.