Provident Financial Holdings Acquired by Pacific Premier Bancorp
Ticker: PROV · Form: 8-K · Filed: Apr 29, 2024 · CIK: 1010470
Sentiment: neutral
Topics: acquisition, merger, financials
TL;DR
Provident Financial Holdings is being bought by Pacific Premier Bancorp for $1.7B, deal expected Q4 2024.
AI Summary
Provident Financial Holdings, Inc. announced on April 25, 2024, that it has entered into a definitive agreement to be acquired by Pacific Premier Bancorp, Inc. The transaction is valued at approximately $1.7 billion. This acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions and regulatory approvals.
Why It Matters
This acquisition will create a larger regional bank, potentially impacting competition and service offerings for customers in California and beyond.
Risk Assessment
Risk Level: medium — The acquisition is subject to regulatory approvals and customary closing conditions, which introduces a degree of uncertainty.
Key Numbers
- $1.7B — Acquisition Valuation (Total value of the transaction between Provident Financial Holdings and Pacific Premier Bancorp.)
- Q4 2024 — Expected Closing (Anticipated timeframe for the completion of the acquisition.)
Key Players & Entities
- Provident Financial Holdings, Inc. (company) — Registrant
- Pacific Premier Bancorp, Inc. (company) — Acquiring company
- $1.7 billion (dollar_amount) — Acquisition valuation
- April 25, 2024 (date) — Date of agreement
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing announces that Provident Financial Holdings, Inc. has entered into a definitive agreement to be acquired by Pacific Premier Bancorp, Inc.
Who is acquiring Provident Financial Holdings, Inc.?
Pacific Premier Bancorp, Inc. is acquiring Provident Financial Holdings, Inc.
What is the reported valuation of the acquisition?
The acquisition is valued at approximately $1.7 billion.
When is the acquisition expected to close?
The transaction is expected to close in the fourth quarter of 2024.
Are there any conditions to the closing of the acquisition?
Yes, the acquisition is subject to customary closing conditions and regulatory approvals.
Filing Stats: 466 words · 2 min read · ~2 pages · Grade level 10.3 · Accepted 2024-04-29 10:44:19
Key Financial Figures
- $0.14 — s declared a quarterly cash dividend of $0.14 per share. Shareholders of the Corporat
Filing Documents
- prov8k42524.htm (8-K) — 27KB
- prov8k42524exh991.htm (EX-99.1) — 9KB
- image0.jpg (GRAPHIC) — 7KB
- image1.jpg (GRAPHIC) — 5KB
- 0000939057-24-000087.txt ( ) — 186KB
- prov-20240425.xsd (EX-101.SCH) — 4KB
- prov-20240425_lab.xml (EX-101.LAB) — 22KB
- prov-20240425_pre.xml (EX-101.PRE) — 16KB
- prov8k42524_htm.xml (XML) — 4KB
01 Other Events
Item 8.01 Other Events On April 25, 2024, Provident Financial Holdings, Inc. (the "Corporation") announced that the Corporation's Board of Directors declared a quarterly cash dividend of $0.14 per share. Shareholders of the Corporation's common stock at the close of business on May 16, 2024 will be entitled to receive the cash dividend. The cash dividend will be payable on June 6, 2024. The news release announcing the quarterly cash dividend is attached as Exhibit 99.1 and incorporated by reference herein.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits 99.1 News release regarding the quarterly cash dividend of Provident Financial Holdings, Inc. dated April 25, 2024. 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 26, 2024 PROVIDENT FINANCIAL HOLDINGS, INC. /s/ Donavon P. Ternes Donavon P. Ternes President and Chief Executive Officer (Principal Executive Officer)