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Regulators approve Pacific Premier Bancorp-Grandpoint Capital deal

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Regulators approve Pacific Premier Bancorp-Grandpoint Capital deal

Regulators have approved Irvine, Calif.-based Pacific Premier Bancorp Inc.'s planned acquisition of Los Angeles-based Grandpoint Capital Inc.

The $641.2 million all-cash deal secured approvals from the Federal Reserve Board and the California Department of Business Oversight. The deal is subject to closing conditions and is expected to close early in the third quarter.

Pacific Premier Bancorp is the holding company of Pacific Premier Bank. Grandpoint Capital is the holding company of Grandpoint Bank.