M&A Deal Summary

Pacific Premier Bank Acquires Heritage Oaks Bancorp.

On December 13, 2016, Pacific Premier Bank acquired financial services company Heritage Oaks Bancorp. from Castle Creek Capital and Patriot Financial Partners for 406M USD

Acquisition Highlights
  • This is Pacific Premier Bank’s 7th transaction in the Financial Services sector.
  • This is Pacific Premier Bank’s 4th largest (disclosed) transaction.
  • This is Pacific Premier Bank’s 8th transaction in the United States.
  • This is Pacific Premier Bank’s 5th transaction in California.

M&A Deal Summary
Date 2016-12-13
Target Heritage Oaks Bancorp.
Sector Financial Services
Buyer(s) Pacific Premier Bank
Sellers(s) Castle Creek Capital
Patriot Financial Partners
Deal Type Add-on Acquisition
Deal Value 406M USD
Advisor(s) Sandler O'Neill + Partners (Financial)
Manatt, Phelps & Phillips (Legal)

Target

Heritage Oaks Bancorp.

Paso Robles, California, United States
Heritage Oaks Bancorp. is a holding company for Heritage Oaks Bank which provides personal and business banking solutions. With $2.0 billion in assets, Heritage Oaks Bancorp is headquartered in Paso Robles, California and is the holding company for Heritage Oaks Bank. Heritage Oaks Bank operates two branch offices each in Paso Robles and San Luis Obispo; single branch offices in Atascadero, Templeton, Cambria, Morro Bay, Arroyo Grande, Santa Maria, Goleta and Santa Barbara; as well as a single loan production office in Ventura/Oxnard. Heritage Oaks Bank conducts commercial banking business in San Luis Obispo, Santa Barbara, and Ventura counties.

Search 201,292 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 1

Buyer

Pacific Premier Bank

Irvine, California, United States
Category Company
Founded 1983
Sector Financial Services
Employees1,345
Revenue 409M USD (2023)
DESCRIPTION

Pacific Premier Bank is a provider of financial services. The company accepts deposit products, which includes checking, money market, savings accounts, and certificates of deposit. Pacific Premier Bank was founded in 1983 and is based in Irvine, California.

DEAL STATS #
Overall 8 of 12
Sector (Financial Services) 7 of 10
Type (Add-on Acquisition) 8 of 12
State (California) 5 of 8
Country (United States) 8 of 11
Year (2016) 1 of 1
Size (of disclosed) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-01 Security California Bancorp.

Riverside, California, United States

Security California Bancorp. is a provider of banking services for businesses, their owners and families, and successful individuals.

Buy $119M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-09 Plaza Bancorp.

Irvine, California, United States

Plaza Bancorp. is a provider of banking services and is committed to serving and supporting the businesses in Southern California and Southern Nevada with seven regional offices located in Irvine, Manhattan Beach, El Segundo, Pasadena, Montebello, San Diego and Las Vegas. Plaza Bancorp was founded in 2008 and is based in Irvine, California.

Buy $226M

Seller(S) 2

SELLER

Castle Creek Capital

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1992
PE ASSETS 750M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Castle Creek Capital is a private investment firm that makes control investments in U.S.-based community banks with less than $10 billion of assets. The firm specializes in operating, recapitalizing and strategically refocusing US based banks. Castle Creek targets smaller, healthier banks that are under-performing or lack critical mass. Castle Creek offers the resources to then implement a roll-up acquisition program. Castle Creek Capital LLC was founded in 1992 and is based in Rancho Santa Fe, California.

DEAL STATS #
Overall 10 of 15
Sector (Financial Services) 10 of 15
Type (Add-on Acquisition) 4 of 7
State (California) 1 of 1
Country (United States) 10 of 15
Year (2016) 2 of 2
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-21 Carlile Bancshares

Forth Worth, Texas, United States

Carlile Bancshares, Inc. is a provider of buying small to regional banks that are looking for shareholder alternatives. Carlile Bancshares, Inc. was established in 2009 and is headquartered in Forth Worth, Texas.

Sell $434M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-23 Eastern Virginia Bankshares

Tappahannock, Virginia, United States

Eastern Virginia Bankshares, Inc. own and operates twenty-three full-service branches in eastern Virginia. Eastern Virginia Bankshares was founded in 1910 and is based in Tappahannock, Virginia.

Sell -
SELLER

Patriot Financial Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2007
PE ASSETS 1.3B USD
Size Large
Type Sector Focused
DESCRIPTION

Patriot Financial Partners is a private equity firm focused on acquiring and investing in community based banks, thrifts, and other related financial services companies throughout the US. Patriot is a hands-on investor and seeks businesses with assets between $500 million and $5 billion. Patriot Financial Partners was established in 2007 and is headquartered in Radnor, Pennsylvania.

DEAL STATS #
Overall 8 of 14
Sector (Financial Services) 8 of 14
Type (Add-on Acquisition) 7 of 11
State (California) 1 of 1
Country (United States) 8 of 14
Year (2016) 2 of 2
Size (of disclosed) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-02 Cape Bancorp

Cape May Court House, New Jersey, United States

Cape Bancorp, Inc. is a provider of retail and commercial banking services to a variety of individual and small- to mid-sized businesses.

Sell $206M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-15 First Mariner Bank

Baltimore, Maryland, United States

First Mariner Bank is a Maryland based community bank operating primarily throughout the central region of Maryland. First Mariner is an independent bank and operates 18 branches. First Mariner Bank was founded in 1920 and is based in Baltimore, Maryland.

Sell -
Mergr

Product

Company

Legal