Pacific Premier Bank Receives $2.94 Million from the Federal Home Loan Bank of San Francisco to Support Affordable Housing Projects in California and Nevada

Company Release - 7/16/2020 6:00 AM ET

IRVINE, Calif.--(BUSINESS WIRE)-- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI), the holding company of Pacific Premier Bank, announced today that Pacific Premier Bank has been awarded four grants totaling $2.94 million through the Federal Home Loan Bank of San Francisco’s (“FHLBank San Francisco”) Affordable Housing Program (“AHP”). FHLBank San Francisco AHP grants support the development of low- and moderate-income housing across California, Nevada, and Arizona.

“We congratulate our member Pacific Premier Bank on winning four AHP awards this year,” said Marietta Núñez, Senior Vice President and Community Investment Officer at FHLBank San Francisco. “Each of these grants will help build an innovative housing solution in the community where it is located, and all four will transform the lives of vulnerable people who will have an affordable and supportive place to call home.”

Pacific Premier Bank will direct the grants to four nonprofit organizations to develop four distinct affordable housing projects in California and Nevada, including:

  • American Family Housing (Casa Paloma) – 48-unit modular development to support homeless and low-income families and adults in Midway City, California
  • Mercy House (Aqua) – 57-unit renovation of a former hotel into a permanent supportive housing complex for homeless individuals and small families in Santa Ana, California
  • Tenderloin Neighborhood Development Corporation (681 Florida Street) – 130-unit mixed-use development with a dedicated community arts space for low-income families in San Francisco’s Mission District
  • The Empowerment Center (Marvel Way Apartments) – 42-unit multi-family affordable housing complex to support low-income individuals recovering from drug and alcohol addiction in Reno, Nevada

Pacific Premier Bank’s Chairman & Chief Executive Officer Steve Gardner said, “We are grateful for the opportunity to support the communities in which we work, live, and do business. Thank you to FHLBank San Francisco for awarding these grants to Pacific Premier, and to our nonprofit partners dedicated to creating and maintaining affordable housing for our most vulnerable communities. Partnerships such as these are integral to our Bank’s commitment to addressing daily challenges within our communities, including those related to poverty, health, economic disparities, housing, environmental concerns, and more.”

About Pacific Premier Bancorp, Inc.

Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) is the parent company of Pacific Premier Bank, a California-based commercial bank focused on serving small, middle-market, and corporate businesses throughout the Western US in major metropolitan markets in California, Washington, Oregon, Arizona, and Nevada. Founded in 1983, Pacific Premier Bank has grown to become one of the largest banks in the Western region of the United States, with over $20 billion in total assets. Pacific Premier Bank provides banking products and services, including deposit accounts, digital banking, and treasury management services to businesses, professionals, entrepreneurs, real estate investors, and nonprofit organizations. Pacific Premier Bank also offers a wide array of loan products, such as commercial business loans, lines of credit, SBA loans, commercial real estate loans, agribusiness loans, franchise lending, home equity lines of credit, and construction loans. Pacific Premier Bank offers commercial escrow services through its Commerce Escrow division and facilitates 1031 Exchange transactions through its RPM Exchange division. Pacific Premier Bank offers clients IRA custodial services through its Pacific Premier Trust division, which has approximately $14 billion of assets under custody and approximately 45,000 client accounts comprised of self-directed investors, financial institutions, capital syndicators, and financial advisors. Additionally, Pacific Premier Bank provides nationwide customized banking solutions to HOA and Property Management companies. Pacific Premier Bank is an Equal Housing Lender and Member FDIC. For additional information about Pacific Premier Bancorp, Inc., and Pacific Premier Bank, visit our website: www.ppbi.com.

About Federal Home Loan Bank of San Francisco

The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions—commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions—foster homeownership, expand access to quality housing, seed or sustain small businesses, and revitalize whole neighborhoods. Each year, the Federal Home Loan Bank of San Francisco contributes 10% of net income to the Affordable Housing Program, which provides grants to support the acquisition, construction, or preservation of housing affordable to low- to moderate-income families and individuals.

Pacific Premier Bancorp, Inc.
Steven R. Gardner
President/CEO
949-864-8000
or
Brett Villaume
SVP, Director of Investor Relations
949-224-8866

Source: Pacific Premier Bancorp, Inc.