Heritage Oaks Bancorp Announces Results of Special Meeting of Shareholders
29 Mars 2017 - 7:40PM
Heritage Oaks Bancorp (the "Company") (Nasdaq:HEOP), a bank holding
company and the parent of Heritage Oaks Bank (“Bank”), announced
today that at the Company's special meeting of shareholders, the
shareholders of the Company approved the Company's merger with and
into Pacific Premier Bancorp, Inc. (“PPBI”), with PPBI surviving
the merger.
Shareholders owning a total of 29,624,658 shares
of the 34,223,288 shares issued and outstanding on the record date
voted at the meeting. A total of 29,478,182 shares representing
86.13% of the total outstanding shares (99.5% of the votes cast)
voted in favor of the merger, 118,787 shares voted against the
merger and shareholders holding 27,689 shares abstained.
“We are pleased that our shareholders
overwhelmingly support the merger with PPBI and what it means for
the markets we serve,” said Simone Lagomarsino, President and CEO
of the Company. “I look forward to working with PPBI as our two
companies combine to create a stronger, market-leading community
bank for our customers and employees.”
Subject to customary closing conditions, the
merger of the Company with and into PPBI currently is expected to
be consummated effective as of April 1, 2017.
About Heritage Oaks
Bancorp
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.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press
release which are not statements of historical fact constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act (the "Act"). Statements concerning
future performance, developments or events, management's
expectations for growth, income forecasts, sales activity for
collateral, and any other guidance on future periods, constitute
forward-looking statements within the meaning of the Act and are
subject to a number of risks and uncertainties. Actual results may
differ materially from expectations expressed in any
forward-looking statements as a result of such risks and
uncertainties. Specific risks and uncertainties include, but are
not limited to: our ability to complete the proposed merger with
Pacific Premier Bancorp, Inc. (“PPBI”) in a timely manner, if at
all, and the possibility that the anticipated benefits of the
merger with PPBI are not realized when expected or at all; renewed
softness in the overall economy, including the California real
estate market; the effect of the current low interest rate
environment or changes in interest rates on our net interest
margin; changes in the Company's business strategy or development
plans; our ability to attract and retain qualified employees; a
failure or breach of our operational security systems or
infrastructure or those of our customers, our third party vendors
or other service providers, including as a result of a
cyber-attack; any compromise in the secured transmission of
confidential information over public networks; environmental
conditions, including the prolonged drought in California, natural
disasters such as earthquakes, landslides, and wildfires that may
disrupt business, impede operations, or negatively impact the
ability of certain borrowers to repay their loans and/or the values
of collateral securing loans; the possibility of an unfavorable
ruling in a legal matter, and the potential impact that it may have
on earnings, reputation, or the Bank's operations; and the other
risks set forth in the Company's reports filed with the SEC.
Additional information on these and other risks and uncertainties
that could affect our business, operations and financial results
are included in the Company's SEC filings. If any of these risks or
uncertainties materializes or if any of the assumptions underlying
such forward-looking statements prove to be incorrect, the
Company's results could differ materially and adversely from those
expressed in, implied or projected by such forward-looking
statements. The Company and the Bank assume no obligation to update
such forward-looking statements and expressly disclaim any intent
to do the same.
CONTACT
Simone Lagomarsino, President & Chief Executive Officer
1222 Vine Street
Paso Robles, California 93446
805.369.5260
slagomarsino@heritageoaksbank.com
Jason Castle, Executive Vice President &Chief Financial Officer
1222 Vine Street
Paso Robles, California 93446
805.369.5294
Heritage Oaks Bancorp (NASDAQ:HEOP)
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