Stinson Leonard Street Represents Independence Bank in its Announced $71.5 Million Sale to Pacific Premier Bancorp., Inc.
MINNEAPOLIS (October 24, 2014)—Stinson Leonard Street LLP announced today it is representing Independence Bank of Newport Beach, Calif. (OTCQB: IDPK) in its merger with Pacific Premier Bancorp, Inc. (NASDAQ: PPBI), of Irvine, California.
The deal value is estimated at $71.5 million and is scheduled to close in the first quarter of 2015, subject to satisfaction of customary closing conditions, including regulatory approvals and approval of Independence Bank and the company’s shareholders.
Independence Bank, a California state-chartered bank with $426.2 million in total assets,
$341.1 million in gross loans and $358.3 million in total deposits as of September 30, 2014, has six branches located in Orange County and Riverside County.
Pacific Premier Bank’s acquisition of Independence Bank will strengthen its competitive position as one of the premier banks headquartered in Southern California. The new combined $2.5 billion banking franchise will offer larger lending limits and an expanded array of products and services to customers.
Read more about the terms of the acquisition here.
Stinson Leonard Street, under the direction of attorneys Ernie Panasci and Ryan Behrman, served as legal counsel to Independence Bank. Keefe, Bruyette & Woods, Inc., A Stifel Company, acted as financial advisor to Independence Bank and delivered a fairness opinion to the Board of Directors of Independence Bank.
Stinson Leonard Street's Banking and Financial Services Division and Financial Institutions Mergers and Acquisitions handles mergers and acquisitions, regulatory matters, commercial lending and creditors’ rights for community and regional banks, and large national banks. The firm's Banking and Financial Services Division has consistently placed near the top of SNL Financial's deal rankings in recent years. In 2012, the firm advised on more bank and thrift mergers and acquisitions, and branch sales, than any other U.S. legal advisor, according to SNL Financial data.
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