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Subsequent Events
12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
 
Pacific Premier Bancorp, Inc. and Heritage Oak Bancorp
 
On December 13, 2016, the Company announced that it had entered into an agreement to acquire Heritage Oaks Bancorp ("HEOP"), the holding company of Heritage Oaks Bank, a Paso Robles, California based state-chartered bank (“Heritage Oaks Bank”) with $2.0 billion in total assets, $1.4 billion in gross loans and $1.7 billion in total deposits at December 31, 2016. Heritage Oaks, operates branches within San Luis Obispo and Santa Barbara Counties and a loan production office in Ventura County. Under the terms of the merger agreement, each share of Security common stock was converted into the right to receive 0.3471 shares of Company common stock.

The Proposed Transaction is expected to close late in the first quarter of 2017, subject to satisfaction of customary closing conditions, including regulatory approvals and approval of HEOP’s and the Corporation’s shareholders. Directors and executive officers of HEOP have entered into agreements with the Corporation and HEOP whereby they committed to vote their shares of HEOP common stock in favor of the acquisition. For additional information about the proposed acquisition of HEOP, see the Corporation’s Current Report on Form 8-K filed with the SEC on December 13, 2016 and the Merger Agreement which is filed as an exhibit to the Current Report on Form 8-K.

The Company filed Amendment No. 2 to Form S-4 Registration Statement on February 23, 2017, to solicit shareholders to vote for the approval of the issuance of shares of Pacific Premier common stock in connection with the merger. A record date of February 23, 2017 was established for the determination of shareholders entitled to notice of and to vote at a special meeting of shareholders to be held on March 27, 2017. The SEC declared the Registration Statement effective on February 27, 2017.

Corporation Line of Credit Matured

The Corporation acquired a line of credit with U.S. Bank in January of 2016, with availability of $15 million. The line was added to provide an additional source of liquidity at the Corporation level and was drawn upon to cover expenses related to the acquisition of SCAF. The line has no outstanding balance at December 31, 2016 and matured in January 2017.