IDPK acquired by PPBI. Finra deleted symbol.

http://otce.finra.org/DailyList

You never know when the investor will be pleasantly surprised in banking.

PPBI has been off and on my radar many times, but have never owned a share. We have been primarily looking at banks in Northern California.

IDPK acquired PBSK only last January and later went public. That was quick!

It reminds me of the instructions on the back of a shampoo bottle: Wash, rinse and repeat.

EI, will PPBI get taken over next year?

Pacific Premier Bancorp, Inc. Announces Completion of Acquisition of Independence Bank (1/27/15)

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”), the holding company of Pacific Premier Bank (the “Bank”), announced today that it has completed the acquisition, effective as of the close of business yesterday, of Independence Bank (OTCQB: IDPK), a Newport Beach, California based state-chartered bank. The acquisition was approved by the Independence Bank shareholders at a special meeting of shareholders held on January 23, 2015. The issuance of the shares of the Company's common stock to the Independence Bank shareholders in connection with the acquisition was approved by the Company's shareholders at special meeting of shareholders also held on January 23, 2015.

Under the terms of the merger agreement, each share of Independence Bank common stock was converted into the right to receive $13.75 per share in cash or 0.9259 shares of Company common stock, or a combination thereof, subject to the overall requirement that approximately 10% of the consideration will be in the form of cash and approximately 90% will be in the form of Company common stock. The value of the total deal consideration was approximately $79.6 million, which includes approximately $6.1 million of cash consideration for Independence Bank common stockholders, $1.4 million of aggregate cash consideration to the holders of Independence Bank stock options and warrants, and $72.1 million of stock consideration (based on the closing stock price of the Company’s common stock on January 26, 2015).

“We are very pleased that we were able to execute a quick and efficient closing process, so that we can begin recognizing the significant synergies we project for this transaction,” said Steven R. Gardner, President and Chief Executive Officer of Pacific Premier Bancorp. “We are well under way with our integration so that we can provide a seamless transition for Independence Bank’s customers and ensure they continue to receive an outstanding level of service. We are excited to welcome the former shareholders, employees, and customers of Independence Bank and with the closing of this transaction, we now have a much broader presence in Southern California and a greater ability to increase our combined customer base.”

With the addition of Independence Bank, on a pro forma combined basis, the Company would have total assets of approximately $2.5 billion, total loans outstanding of approximately $2.0 million and total deposits of approximately $2.0 billion as of December 31, 2014 (unaudited and excluding purchase accounting adjustments).

Advisors

D.A. Davidson & Co. acted as financial advisor to the Company in the transaction and delivered a fairness opinion to the Board of Directors of the Company. Holland & Knight LLP served as legal counsel to the Company. 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 LLP served as legal counsel to Independence Bank.

About Pacific Premier Bancorp, Inc.

The Company is the holding company for the Bank, one of the largest community banks headquartered in Southern California. The Bank is a business bank primarily focused on serving small and middle market businesses in the counties of Los Angeles, Orange, Riverside, San Bernardino and San Diego, California. The Bank offers a diverse range of lending products including commercial, commercial real estate, construction, residential warehouse and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide. Prior to including the impact from the acquisition of Independence Bank, the Bank serves its customers through its 13 full-service depository branches in Southern California located in the cities of Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino, San Diego and Seal Beach.

http://www.businesswire.com/news/home/20150127005301/en/Pacific-Premier-Bancorp-Announces-Completion-Acquisition-Independence#.VMelhoktGUk

IDPK shareholders receiving only a 10 percent premium.

Last trade $12.50.

Pacific Premier Bancorp, Inc. Announces Acquisition of Independence Bank (10/22/14)

Highlights of the Announced Transaction:

• In-market consolidation that connects Pacific Premier’s footprint in Southern California

• Low-cost core deposit base comprised of 25.9% non-interest bearing demand deposits and 81.5% non-CDs with a total cost of deposits of 0.40% at September 30, 2014

• Opportunity for significant cost savings and operational synergies for the pro forma company

• Compelling economics for the Company’s shareholders with immediate EPS accretion

IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company,” “we,” “us” or “our”), the holding company of Pacific Premier Bank (the “Bank”), announced that it has entered into a definitive agreement to acquire Independence Bank (OTCQB: IDPK), a Newport Beach, California, based state-chartered bank with $426.2 million in total assets, $341.1 million in gross loans and $358.3 million in total deposits at September 30, 2014. Independence Bank has six branches located in Orange County and Riverside County. This transaction will strengthen the Company’s competitive position as one of the premier banks headquartered in Southern California.

The Company expects that the transaction will be immediately accretive to EPS in 2015, excluding non-recurring deal related expenses, and expects EPS accretion to be approximately 9.6% in 2016. The Company expects tangible book value dilution of approximately 5.0% at close to be earned-back within 3.2 years. The Company anticipates there will be significant cost savings and synergies due to the consolidation of 2 branch locations in Newport Beach and Fountain Valley, as well as the reduction of typical back office expenses.

Steven R. Gardner, President and Chief Executive Officer of the Company, commented, “This is an attractive opportunity for us to acquire a high quality commercial banking franchise in our backyard. The Independence Bank branch locations will connect our existing footprint between Orange County and the broader Coachella Valley. This acquisition represents an important element of our strategic growth plan and provides us with meaningful operational scale in our core markets.”

Mr. Gardner continued, “We view this as an exciting opportunity for our combined shareholders, customers and employees. Independence Bank’s existing customers will continue to receive the same excellent customer service and products without disruption. Additionally, the acquisition of Independence Bank will allow us to deploy a portion of our current capital base into a compelling investment which we anticipate will produce attractive returns for shareholders.”

“This merger is a combination of two high quality organizations and we believe the combined company is better positioned for continued growth and success,” said Chuck Thomas, President and Chief Executive Officer of Independence Bank. “The combination will have tremendous benefits for our customers and shareholders. Our customers will be joining a $2.5 billion Southern California banking franchise which can offer larger lending limits and an expanded array of products and services.”

Independence Bank Details

As of September 30, 2014, Independence Bank’s low-cost core deposit base consisted of 25.9% non-interest bearing demand deposits and 81.5% non-CDs. Independence Bank had a total cost of deposits of 0.40% for the quarter ended September 30, 2014.

Independence Bank has a diversified loan portfolio with commercial real estate, multi-family and non-SBA C&I loans comprising 51%, 29% and 16%, respectively, of the loan portfolio at September 30, 2014. On a pro forma combined basis, with the proposed acquisition of Independence Bank, the Company would have total assets of $2.5 billion, total loans outstanding of $1.9 billion and total deposits of $1.9 billion as of September 30, 2014 (unaudited).

Transaction Details

The aggregate merger consideration is currently estimated at approximately $71.5 million, based on a $14.73 closing price of the Company’s common stock on October 21, 2014. Under the terms of the definitive agreement, holders of Independence Bank common stock, stock options and warrants will receive aggregate cash consideration of $7.2 million and aggregate stock consideration currently estimated at $64.3 million. The Independence Bank shareholders will own approximately 20.4% of the combined company. Independence Bank shareholders will have a choice between electing to receive $13.75 per share in cash or 0.9259 of a share of the Company’s common stock for each share of Independence Bank or a combination thereof, subject to the overall requirement that 10% of the aggregate consideration will be in the form of cash and 90% will be in the form of the Company’s common stock. The number of shares of the Company’s common stock to be issued to Independence Bank shareholders is based on a fixed exchange ratio provided that the Company’s stock price remains between $13.365 and $16.335 as measured by the 10-day average closing price up to and including the fifth trading day prior to closing of the transaction. The value of the stock portion of consideration will fluctuate based on the value of the Company’s common stock. To the extent the average closing price of the Company’s common stock is outside this price range, then the exchange ratio will adjust to reflect the increase or decrease of the Company’s common stock that is outside of this range.

The transaction is expected 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. Directors and executive officers of Independence Bank have entered into agreements with the Company and Independence Bank whereby they committed to vote their shares of Independence Bank common stock in favor of the acquisition. For additional information about the proposed acquisition of Independence Bank, you should carefully read the definitive agreement that we filed with the Securities and Exchange Commission (“SEC”) today.

D.A. Davidson & Co. acted as financial advisor to the Company in the transaction and delivered a fairness opinion to the Board of Directors of the Company. Holland & Knight LLP served as legal counsel to the Company. 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 LLP served as legal counsel to Independence Bank.

Conference Call and Webcast

The Company will host a conference call at 9:00 a.m. PT / 12:00 p.m. ET on October 22, 2014 to discuss the merger announcement. Analysts and investors may participate in the question-and-answer session. The conference call will be webcast live on the Investor Relations section of the Company’s website www.ppbi.com. An archived version of the webcast will made be available in the same location shortly after the live call has ended. The conference call can be accessed by telephone at (866) 290-5977 and ask to join the “Pacific Premier Bancorp” conference call. Additionally a telephone replay will be made available through October 30, 2014 at (877) 344-7529, access code 10054119.

About Pacific Premier Bancorp, Inc.

Pacific Premier Bancorp, Inc. is the holding company for Pacific Premier Bank, one of the largest community banks headquartered in Southern California. Pacific Premier Bank is a business bank primarily focused on serving small and middle market business in the counties of Los Angeles, Orange, Riverside, San Bernardino and San Diego, California. Pacific Premier Bank offers a diverse range of lending products including commercial, commercial real estate, construction, residential warehouse and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide. Pacific Premier Bank serves its customers through its 13 full-service depository branches in Southern California located in the cities of Encinitas, Huntington Beach, Irvine, Los Alamitos, Newport Beach, Palm Desert, Palm Springs, San Bernardino, San Diego and Seal Beach.

About Independence Bank

Independence Bank is a full service community bank, founded by highly experienced bankers and business leaders from Orange County. Founded in 2004, Independence Bank has sustained a successful business model of customer and community focus as well as significant growth during that time. Independence Bank now has six regional offices serving Orange and Riverside Counties in Southern California. For additional information about Independence Bank, visit its website at www.independence-bank.net.

http://www.businesswire.com/news/home/20141022005297/en/Pacific-Premier-Bancorp-Announces-Acquisition-Independence-Bank#.VEeoM4l0yUk

Independence Bank Announces Second Quarter 2014 Financial Results (7/17/14)

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Independence Bank (OTCBB: IDPK) announced today unaudited net income of $982,000 or $0.20 per basic share for the three months ended June 30, 2014, an increase of 204% as compared to $322,000 or $0.07 per basic share for the same period a year ago. For the three months ended June 30, 2014, Independence Bank's return on average assets was 0.95% and return on average equity was 8.43%, up from a return on average assets of 0.46% and a return on average equity of 3.19% for the same period a year ago.

For the six months ended June 30, 2014, net income improved to $1,759,000, or $0.37 per basic share, from $814,000, or $0.19 per basic share, in the first six months of 2013. For the six months ended June 30, 2014, the Bank's return on average assets was 0.83% and return on average equity was 7.95%, up from a return on average assets of 0.57% and a return on average equity of 4.04% for the same period a year ago.

Total loans net of reserves were $315.2 million as of June 30, 2014, compared to $184.3 million at June 30, 2013, an increase of $130.8 million or 71%. Loan origination volume for the three months and six months ended June 30, 2014 was $39.4 million and $87.8 million, respectively, compared to $7.0 million and $17.3 million respectively for the three months and six months ended June 30, 2013.

Total deposits were $340.2 million as of June 30, 2014, with non-interest bearing and NOW accounts totaling $91.9 million, compared to total deposits of $188.9 million and $33.3 million of non-interest bearing and NOW accounts at June 30, 2013.

“Our bank continues to build momentum on both sides of the balance sheet, with loan growth strengthening and the deposit mix continuing to improve organically and with the Premier Service acquisition,” said Chuck Thomas, Independence Bank President and Chief Executive Officer. “With the Premier Service conversion behind us as of May, the bank is again 100% focused on its core model of strong organic growth with appropriate risk management.”

The Bank ended the quarter with a net interest margin of 5.07%, compared to 4.24% for the same period a year ago. The wide margin is partially attributable to interest income recognized through the accretion of discount on purchased loans. The Bank’s efficiency ratio for the three months ended June 30, 2014 decreased to 70.7% from 83.3% for the same period a year ago. The bank’s book value per share as of June 30, 2014 was $9.83, compared to $9.06 per share at June 30, 2013.

The bank has strong capital ratios, including a 11.12% Tier 1 Leverage Ratio and a 13.68% Total Risk Based Capital Ratio as of June 30, 2014.

Independence Bank is a full service community bank, founded by highly experienced bankers and business leaders from Orange County. Founded in 2004, Independence Bank has sustained a successful business model of customer and community focus as well as significant growth during that time. Independence Bank now has six regional offices serving Orange and Riverside Counties in Southern California.

Statements concerning future performance, developments or events concerning expectations for growth and market forecasts, and any other guidance on future periods, constitute forward looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, effects of interest rate changes, ability to control costs and expenses, impact of consolidation in the banking industry, financial policies of the US government, and general economic conditions.

Contacts

Independence Bank
Matthew Terry, 949-266-6033
mterry@ibankca.com

http://www.businesswire.com/news/home/20140717006444/en/Independence-Bank-Announces-Quarter-2014-Financial-Results#.U8hKBolOWUk

Independence Bank Announces First Quarter 2014 Financial Results (4/21/14)

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Independence Bank (OTCBB: IDPK) announced today unaudited net income of $777,000 or $0.16 per basic share for the quarter ended March 31, 2014, an increase of 58% as compared to $492,000 or $0.11 per basic share for the same period a year ago.

On January 31, 2014, the Bank successfully completed the merger with Premier Service Bank adding two Inland Empire branches, $58.1 million of loans, and $117.8 million of deposits. Related to the merger, Independence Bank incurred $1.8 million in acquisition expenses and booked a $1.4 million bargain purchased gain during the quarter.

“The Premier Service Bank integration, although in early stages, has gone well in all respects and we’re looking forward to a smooth conversion for customers this quarter,” said Chuck Thomas, Independence Bank President and Chief Executive Officer. “We intend to continue to deliver ongoing and sustainable growth, including in our new markets in Riverside County, with a carefully managed level of risk.”

Total loans were $310.2 million as of March 31, 2014, compared to $194.0 million at March 31, 2013, an increase of $116.2 million or 60%. In addition to the growth directly attributable to the merger, the bank also achieved solid internal loan growth this reporting period.

Total deposits were $337.0 million as of March 31, 2014, with non-interest bearing and NOW accounts totaling $91.0 million, compared to $200.7 million of total deposits and $34.0 million of non-interest bearing and NOW accounts at March 31, 2013.

The bank has strong capital ratios, including a 10.41% Tier 1 Leverage Ratio and 13.64% Total Risk Based Capital Ratio as of March 31, 2014. Independence Bank ended the quarter with a net interest margin of 4.42%, a return on average assets of 0.79% and a return on average equity of 7.43%. The bank’s book value per share was $9.51 at March 31, 2014, compared to $9.21 per share at March 31, 2013.

Independence Bank is a full service community bank, founded by highly experienced bankers and business leaders from Orange County. Founded in 2004, Independence Bank has sustained a successful business model of customer and community focus as well as significant growth during that time. Independence Bank now has six regional offices serving Orange and Riverside Counties in Southern California.

http://www.businesswire.com/news/home/20140421006006/en/Independence-Bank-Announces-Quarter-2014-Financial-Results

2013 4th Quarter Report

https://www.independence-bank.net/files/2013_4th_Quarter_Report_012414-PRESS_RELEASE_FINAL(1).pdf