Pacific Premier Bancorp, Inc. Announces Pricing of Public Offering
of 3.3 Million Shares of Common Stock
IRVINE, Calif., Dec. 6, 2012 /PRNewswire/ -- Pacific
Premier Bancorp, Inc. (NASDAQ: PPBI) (the "Company"), the
holding company of Pacific Premier Bank, announced today that it
has priced a public offering of 3,300,000 shares of its common
stock at $10.00 per share. The
net proceeds from the offering after deducting underwriting
discounts and commissions and estimated offering expenses are
expected to be approximately $30,880,000. The shares were sold in an
underwritten public offering by Raymond
James & Associates, Inc. and D.A. Davidson & Co. The Company has
granted the underwriters a 30-day option to purchase up to an
additional 495,000 shares of the Company's common stock to cover
over-allotments, if any.
(Logo:
http://photos.prnewswire.com/prnh/20121015/LA93355LOGO)
The Company intends to use the net proceeds of the offering for
general corporate purposes, to support our ongoing and future
anticipated growth and to augment the capitalization of Pacific
Premier Bank. The Company expects to close the sale of common
stock, subject to customary conditions, on or about December 11, 2012.
Steven R. Gardner, President and
CEO of the Company stated, "I am extremely pleased with the success
of this offering and I welcome our new shareholders. We have
significantly grown the Bank over the past year and we intend to
remain aggressive in pursuing additional growth
opportunities. This offering will help ensure that we have
the capital strength and flexibility to support the continued
expansion of our franchise and drive further value creation for our
shareholders."
This announcement shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. The
Company has filed a registration statement (including a prospectus)
with the Securities and Exchange Commission ("SEC") for the
offering to which this communication relates. Before you
invest, you should read the prospectus in the registration
statement and other documents the Company has filed with the SEC
for more complete information about the Company and this offering.
You may get these documents for free by visiting EDGAR on the SEC
website at www.sec.gov or by visiting the Company's
website at www.ppbi.com. Alternatively, copies of the
prospectus relating to the offering may be obtained by
contacting Raymond James & Associates, Inc., 550
West Washington, Suite 1650,
Chicago, IL 60661, by calling
toll-free 1-877-587-7748 or by e-mailing Mark Edwards at
mark.edwards@raymondjames.com.
About Pacific Premier Bancorp, Inc.
The Company owns
all of the capital stock of Pacific Premier Bank. Pacific
Premier Bank provides business and consumer banking products to its
customers through its ten full-service depository branches in
Southern California located in the
cities of, Huntington Beach,
Irvine, Los Alamitos, Newport Beach, Palm
Desert, Palm Springs,
San Bernardino and Seal
Beach. For additional information about the Company,
visit our website www.ppbi.com.
FORWARD-LOOKING COMMENTS
The statements contained
herein that are not historical facts are forward-looking statements
based on management's current expectations and beliefs concerning
future developments and their potential effects on the
Company. Such statements involve inherent risks and
uncertainties, many of which are difficult to predict and are
generally beyond the control of the Company. There can be no
assurance that future developments affecting the Company will be
the same as those anticipated by management. The Company
cautions readers that a number of important factors could cause
actual results to differ materially from those expressed in, or
implied or projected by, such forward-looking statements.
These risks and uncertainties include, but are not limited to, the
following: the strength of the
United States economy in general and the strength of the
local economies in which the Company conducts operations; the
effects of, and changes in, trade, monetary and fiscal policies and
laws, including interest rate policies of the Board of Governors of
the Federal Reserve System; inflation, interest rate, market and
monetary fluctuations; the timely development of competitive new
products and services and the acceptance of these products and
services by new and existing customers; the willingness of users to
substitute competitors' products and services for the Company's
products and services; the impact of changes in financial services
policies, laws and regulations; technological changes; the effect
of acquisitions that the Company may make, if any, including,
without limitation, the failure to achieve the expected revenue
growth and expense savings from its pending acquisition of First
Associations Bank; changes in the level of the Company's
nonperforming assets and charge-offs; oversupply of inventory and
continued deterioration in values of California real estate, both residential and
commercial; the effect of changes in accounting policies and
practices, as may be adopted from time-to-time by bank regulatory
agencies, the SEC, the Public Company Accounting Oversight Board,
the Financial Accounting Standards Board or other accounting
standards setters; possible other-than-temporary impairments of
securities held by the Company; the impact of current governmental
efforts to restructure the U.S. financial regulatory system;
changes in consumer spending, borrowing and savings habits; the
effects of the Company's lack of a diversified loan portfolio,
including the risks of geographic and industry concentrations;
ability to attract deposits and other sources of liquidity; changes
in the financial performance and/or condition of the Company's
borrowers; changes in the competitive environment among financial
and bank holding companies and other financial service providers;
unanticipated regulatory or judicial proceedings; and the Company's
ability to manage the risks involved in the foregoing.
Additional factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
are discussed in the Company's 2011 Annual Report on Form 10-K
filed with the SEC and other filings made by the Company with the
SEC.
The Company specifically disclaims any obligation to update any
factors or to publicly announce the result of revisions to any of
the forward-looking statements included herein to reflect future
events or developments.
Contact:
Pacific Premier Bancorp, Inc.
Steven R. Gardner
President/CEO
714.431.4000
Kent J. Smith
Executive Vice President/CFO
714.431.4000
SOURCE Pacific Premier Bancorp, Inc.