Pacific Premier Bancorp Announces Layoffs Amid $2 Billion Columbia Merger
Deal News | Jun 27, 2025 | EIN
Pacific Premier Bancorp Inc. is set to lay off around 6% of its workforce at its Irvine headquarters as the company prepares for a significant merger with Columbia Banking System valued at $2 billion. This strategic merger, anticipated to finalize in 2025, aims to create a combined bank with approximately $70 billion in assets. The layoffs, considered permanent, are expected to begin on August 1. The merger, which will see various senior positions eliminated as part of a cost-savings strategy, is also predicted to result in $127 million in operational cost savings. These will primarily target redundancies in back-office operations while maintaining customer-facing roles. This transformative acquisition reflects Pacific Premier's history of strategic growth, including a recent major acquisition of Opus Bank for about $1 billion.
Sectors
- Banking
- Financial Services
Geography
- United States – The merger involves Pacific Premier Bancorp headquartered in Irvine, California, and Columbia Banking System based in Tacoma, Washington, highlighting key activities in different regions of the U.S.
- Pacific Northwest – Columbia Banking System is a major institution in the Pacific Northwest, which plays a significant role in the merger discussions.
Industry
- Banking – This article centers around a merger between two banking entities, Pacific Premier Bancorp and Columbia Banking System, emphasizing strategic operations and asset consolidation.
- Financial Services – The financial implications of the merger, including cost savings and asset management, underscore its significance in the financial services sector.
Financials
- $2 billion – The total value of the all-stock merger between Pacific Premier Bancorp and Columbia Banking System.
- $127 million – Expected operational cost savings from the merger targeting back-office redundancies and other noninterest expenses.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Pacific Premier Bancorp Inc. | Target Company | Company | A banking institution based in Irvine, California, engaging in a strategic merger. |
| Columbia Banking System | Bidding Company | Company | The banking parent of Umpqua, engaged in a merger with Pacific Premier. |
| Tim Coffey | Banking Analyst | Person | Managing director with Janney Montgomery Scott in Walnut Creek, provides expert commentary on the merger. |
| Steven Gardner | Chief Executive Officer | Person | CEO and chairman of Pacific Premier, crucial in the bank's growth and merger activities. |
| Ramina Swanson | First Vice President in charge of Human Resources | Person | Authored the letter regarding workforce layoffs at Pacific Premier. |
| Edward Wilcox | President and Chief Operating Officer | Person | Executive leaving Pacific Premier as of August 1. |