PACIFIC PREMIER BANCORP, INC. (NASDAQ:PPBI) Files An 8-K Regulation FD DisclosureITEM 7.01REGULATION FD DISCLOSURE
On October 26, 2018, Pacific Premier Bancorp, Inc. (the “Company”), the holding company of Pacific Premier Bank, issued a press release announcing the approval of a new stock repurchase program, as described in greater detail in Item 8.01 of this Current Report on Form 8-K. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Information contained in this Item 7.01, including Exhibit 99.1, shall not be deemed filed for the purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such a filing.
ITEM 8.01OTHER EVENTS
On October 26, 2018, the Company’s Board of Directors approved a new stock repurchase program. Under the stock repurchase program, the Company is authorized to repurchase up to $100 million of its common stock. The program may be limited or terminated at any time without prior notice. The stock repurchase program is intended to replace and supersede the Company’s prior stock repurchase program, which was approved in June 2012 and authorized the repurchase of up to 1,000,000 shares of the Company’s common stock. An aggregate of 237,455 shares were repurchased under that program.
Under the stock repurchase program, shares of common stock may be repurchased by the Company from time to time in open market transactions or in privately negotiated transactions as permitted under applicable rules and regulations. Repurchases may be conducted from time to time and may be suspended or terminated at any time without notice. The extent to which the Company repurchases its shares and the timing of such purchases will depend upon market conditions and other considerations as may be considered in the Company’s sole discretion. Repurchases may also be made to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions.
ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS
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Press Release, dated October 26, 2018
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PACIFIC PREMIER BANCORP INC ExhibitEX-99.1 2 ex_991-prstockrepurchasepr.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Pacific Premier Bancorp,…To view the full exhibit click here
About PACIFIC PREMIER BANCORP, INC. (NASDAQ:PPBI)
Pacific Premier Bancorp, Inc. is a bank holding company. The Company’s subsidiary, Pacific Premier Bank (the Bank), is a California state-chartered commercial bank. The Bank’s primary focus market is small and middle market businesses. The Bank offers various deposit products and services, including checking, money market and savings accounts, cash management services, electronic banking services and online bill payment. The Bank also offers a range of loan products, such as commercial business loans, lines of credit, small business administration (SBA) loans, warehouse credit facilities, commercial real estate (CRE) loans, residential home loans, construction loans and consumer loans. The Bank primarily conducts business throughout California through a network of approximately 60 full-service depository branches. Through the United States Small Business Administration (SBA) lending unit, the Bank provides entrepreneurs and small business owners’ access to loans.