Costa Mesa-based Pacific Premier Bank has acquired Palm Desert National Bank. The Comptroller’s Office and FDIC closed the struggling Palm Desert financial institution late last month. The new purchase will be Pacific Premier’s 10th location to serve its customers.
"This acquisition provides an excellent opportunity for Pacific Premier to expand our branch footprint and grow interest earning assets at a discount," said Pacific Premier’s President and CEO Steven Gardner. He added that the structure of the transaction allows Premier a certain flexibility in directing assets, consistent with established company strategies, enabling the bank to make the most effective benefit of the acquisition.
According to the Wall Street Journal, the closure of Palm Desert National marks the first California bank closure for 2012. As of December 31, 2011, the desert branch had nearly $125.8 million in total assets and $122.8 million in total deposits. Pacific Premier will not inherit any liabilities or assets of the Palm Desert bank.
Pacific Premier Bank will begin operating its second Palm Desert branch on April 30, 2012. The staff at the former Palm Desert National will remain, as well as its normal business hours. Under FDIC regulations, customers of the bank will be able to conduct business as usual in regard to processing checks, online banking, automatic bill pay, and all other electronic banking operations.
"We are excited to welcome the customers and employees of Palm Desert National to our family and look forward to the benefits this acquisition should bring to the businesses and residents of the Coachella Valley. We want depositors of Palm Desert National to be confident in knowing that they will be banking with a strong, locally owned financial institution. We also want to reassure all customers of Palm Desert National that they will continue to conduct business as normal with the employees with whom they have built a solid long term relationship," said Gardner.
Pacific Premier Bank has nine other locations in the following areas: Costa Mesa, Los Alamitos/Cypress, Newport Beach, Huntington Beach, San Bernardino, Seal Beach, two in Palm Springs and another in Palm Desert.
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