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Wednesday's Bank Stocks: Pacific Premier slips after next step toward $10B


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Wednesday's Bank Stocks: Pacific Premier slips after next step toward $10B

Pacific Premier Bancorp Inc. dipped 1.51% to $35.90 on Wednesday, Aug. 9, after it announced an all-stock deal to buy Plaza Bancorp, a fellow California bank with a footprint in Los Angeles County, California's Orange County and Las Vegas.

The deal moves Irvine, Calif.-based Pacific Premier closer to the $10 billion-in-assets regulatory threshold, at a pro forma $7.71 billion. It is one of several California-based acquisitions the company has agreed to over the past few years.

Among banks overall on Wednesday, the SNL U.S. Bank Index dipped 0.53% to 553.91, and the SNL U.S. Thrift Index fell 0.98% to 886.80. The broader markets were also lower, with the Dow Jones Industrial Average Index sliding 0.17% to 22,048.70, the S&P 500 ticking down 0.04% to 2,474.02 and the Nasdaq Composite Index declining 0.28% to 6,352.33.

Among the largest banks, JPMorgan Chase & Co. slipped 0.16% to $93.53, Bank of America Corp. was 0.64% lower at $24.74, Citigroup Inc. reduced 0.65% to $68.43 and Wells Fargo & Co. ended the day in the green, rising 0.15% to $52.79.

Wilmington, N.C.-based Live Oak Bancshares Inc. dropped 4.15% to $23.10 after it priced a common stock offering at $23.00 per share. McKinney, Texas-based Independent Bank Group Inc. fell 3.67% to $59.10 and Fresno, Calif.-based Central Valley Community Bancorp dropped 7.05% to $20.29.

In the thrift space, New York Community Bancorp Inc. slipped 0.95% to $12.55 and Cleveland-based TFS Financial Corp. (MHC) shed 0.71% to end the day at $15.40.

In broader U.S. news, wholesale inventories were up 2.8% in June from a year earlier and the Mortgage Bankers Association reported that U.S. mortgage applications rose 3.0% week over week for the week ended Aug. 4.

Market prices and index values are current as of the time of publication and are subject to change.