Irvine Newswire

Irvine Newswire

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  1. Montecito Bank & Trust owner Towbes stepping down as chairmanRead the original story w/Photo

    Apr 3, 2017 | Pacific Business Times

    Montecito Bank & Trust founder and owner Michael Towbes will step down from his role as board chairman, the bank announced April 3. The bank said it would propose naming bank President Janet Garufis as CEO and board chair, and bank executive George Leis as president at its April board meeting. The bank said that naming Garufis as board chair would be the first step toward a plan that would provide for ownership to pass to a trust with Garufis as lead trustee.


  2. Regulators back Pacific Premier acquisition of Heritage OaksRead the original story w/Photo

    Mar 21, 2017 | Pacific Business Times

    The board of governors of the Federal Reserve System and the California Department of Business Oversight approved Irvine-based Pacific Premier Bancorp's acquisition of Heritage Oaks Bancorp in Paso Robles, the company announced in a news release March 21. The all-stock deal, announced Dec. 13, is valued at $405.6 million or $11.68 per share. It combines the region's largest bank, with $2 billion in assets, and Pacific Premier, which has $3.8 billion in assets, for a total of 28 branches in Southern California.


  3. Bacara Resort & Spa in Goleta put up for saleRead the original story w/Photo

    Feb 8, 2017 | Pacific Business Times

    The Pacific Hospitality Group listed the Bacara Resort & Spa in Goleta for sale for an undisclosed amount, PHG Chief Investment Officer Kory Kramer said. The Irvine-based company has invested more than $25 million in upgrades and renovations since it purchased the resort in 2013 for an estimated $150 million to $180 million.


  4. Heritage Oaks Bancorp beats revenue, income estimatesRead the original story w/Photo

    Jan 30, 2017 | Pacific Business Times

    Heritage Oaks Bancorp, the holding company of Paso Robles-based Heritage Oaks Bank, beat analyst estimates in both year-over-year revenue and net income. The bank reported $20.3 million in revenue in 2016, a 12 percent increase from 2015, outpacing analyst expectations by more than $1 million.


  5. Pacific Premier Bancorp's net income climbsRead the original story w/Photo

    Jan 24, 2017 | Pacific Business Times

    Pacific Premier Bancorp, the holding company of Pacific Premier Bank, reported fourth quarter net income of $12 million, or 43 cents per diluted share, including $772,000 of merger-related expenses related to its pending acquisition of Heritage Oaks Bancorp. Net income was up from $8.1 million, or 37 cents per diluted share, in the fourth quarter of 2015.


  6. Dubroff: Merger writes next chapter for Central Coast bankingRead the original story w/Photo

    Dec 16, 2016 | Pacific Business Times

    The $405 million sale of Heritage Oaks Bancorp to Pacific Premier Bancorp caught many experts by surprise. It is a transformative deal for the Irvine-based buyer, which will grow from $3.8 billion to $6 billion in assets when it closes next year.


  7. Heritage Oaks Bancorp merging with Pacific PremierRead the original story w/Photo

    Dec 13, 2016 | Pacific Business Times

    In a deal that will once again shake up the ranks of top banks in the region, Pacific Premier Bancorp of Irvine will acquire Heritage Oaks Bancorp for $405.6 million or $11.68 per share based on current values. The all-stock merger, announced before the markets opened on Dec. 13, will combine the region's largest bank, with $2 billion in assets, with Pacific Premier, an expansion-minded $3.8 billion asset bank with 16 branches in California and several operations outside the state.


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