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Pacific Premier Bancorp acquiring Heritage Oaks Bancorp for $405.6M

In California, Irvine-based Pacific Premier Bancorp Inc. inked a definitive agreement to acquire Paso Robles-based Heritage Oaks Bancorp in a stock transaction valued at approximately $405.6 million, or $11.68 per share, based on a closing price for Pacific Premier's common stock of $33.65 as of Dec. 12.

Existing Pacific Premier shareholders will own approximately 69.9% of the outstanding shares of the combined company and Heritage Oaks shareholders are expected to own approximately 30.1%.

More details to follow...