Pacific Premier Bancorp, Inc. (Nasdaq: PPBI), the holding company of Pacific Premier Bank (“Pacific Premier”, “the Bank”), announced today that Pacific Premier Trust, a division of Pacific Premier, will convert its wealth business operating system to the SEI Wealth PlatformSM (“SWP”) during the first half of 2021. Pacific Premier Trust’s decision to convert its wealth business operating system is one of several initiatives undertaken to enhance its operational efficiency and fully leverage the scalability of its IRA custodial services.
SWP is a fully-integrated, single-infrastructure technology solution that provides front-, middle-, and back-office services and supports an end-to-end, advanced digital experience for wealth management organizations, their clients and other service providers to those clients, such as IRA custodians. SWP supports trading and transactions on 137 stock exchanges in 42 countries and 43 currencies, through the use of straight-through processing and a single operating infrastructure environment. The conversion will provide Pacific Premier Trust with access to SEI’s comprehensive client integration strategy, which includes an extensive API offering featuring an ecosystem of web services geared toward the wealth and asset management industries.
Rich Immesberger, Senior Executive Vice President of Pacific Premier and President of Pacific Premier Trust, said, “I am pleased to announce the planned conversion of our wealth business system to the SEI Wealth Platform. The SEI platform and SEI’s API integration offering will significantly support our future growth aspirations, enabling us to better serve and expand our current client base, while differentiating our services to attract new clients. In addition to streamlining and simplifying our business and technology infrastructure, we will enhance our clients’ and their advisors’ wealth management experience by more efficiently delivering them fully-integrated custodial services.”
ABOUT PACIFIC PREMIER TRUST
Pacific Premier Trust (formerly PENSCO Trust Company), a division of Pacific Premier Bank, has been helping investors use their retirement account funds to invest in real estate, private equity, and other non-exchange traded assets since 1989. As the trusted custodian of approximately $15 billion in assets and approximately 45,000 client accounts, Pacific Premier Trust works with financial institutions, capital raisers and financial advisors, as well as self-directed investors who typically have a point of view about alternative investments based on their own knowledge or expertise and want to put tax-advantaged retirement dollars to work in these opportunities. For additional information about Pacific Premier Trust, visit their website: www.PacificPremierTrust.com.
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 United States 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 approximately $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 and facilitates 1031 Exchange transactions through its Commerce Escrow division. Pacific Premier Bank offers clients IRA custodial services through its Pacific Premier Trust division, which has approximately $15 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 Home Owners' Associations 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.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and the future performance of Pacific Premier Bancorp, Inc. (the “Company”). Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “could,” “may,” “should,” “will,” or other similar words and expressions are intended to identify these forward-looking statements. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company, including the planned conversion of the Pacific Premier Trust wealth business operating system, will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. The COVID-19 pandemic is adversely affecting the Company, its customers, counterparties, employees and third-party service providers, and the ultimate extent of the impacts on the Company’s business, financial position, results of operations, liquidity and prospects are uncertain. Changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, could affect the Company and the planned conversion of the Pacific Premier Trust wealth business operating system in substantial and unpredictable ways. In addition, the Company may fail to achieve the expected revenue growth and/or expense savings from such conversion, fail to effectively execute the conversion, or fail to effectively realize the anticipated benefit of the new wealth business operating system. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in our 2019 Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2020 filed with the U.S. Securities and Exchange Commission (the “SEC”) and available at the SEC’s Internet site (http://sec.gov).
The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.
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