Pacific Premier Bancorp, Inc. (NASDAQ:PPBI), the holding company of Pacific Premier Bank, and Heritage Oaks Bancorp (NASDAQ:HEOP) announced that they have entered into a definitive agreement under which Pacific Premier will acquire Heritage Oaks. D.A. Davidson & Co. has served as financial advisor to Pacific Premier and delivered a fairness opinion to the board of directors.
The transaction, valued at $405.6 million, is expected to close early in the second quarter of 2017.
The transaction will be the largest bank acquisition in California in 2016 and is Pacific Premier’s fifth bank acquisition whereby D.A. Davidson & Co. provided M&A advisory. D.A. Davidson & Co. ranks as the second most active M&A advisor for banks in the Western U.S. with 15 transactions announced since 2015.
Transaction details can be found here.