IRVINE, Calif.--(BUSINESS WIRE)--Pacific Premier Bancorp, Inc. (NASDAQ: PPBI), the holding company of Pacific Premier Bank, announced that the Bank has been awarded three grants totaling $1.16 million through the Federal Home Loan Bank of San Francisco’s (“FHLBSF”) Affordable Housing Program (“AHP”). Pacific Premier Bank will use the grants to help develop three separate low- to moderate-income housing projects within the communities it serves.
The grants were awarded to Pacific Premier Bank as part of an initiative to create rental and/or homeownership opportunities for lower-income households. These awards will help Pacific Premier Bank facilitate the development of 85 new housing units, including:
- a 12-unit rehabilitated housing development serving senior and chronically homeless U.S. military veterans in Newport Beach, California
- a 39-unit housing development serving U.S. military veterans in Vacaville, California; and
- a 34-unit revitalization project which will assist residence of San Luis Obispo, California dealing with chronic mental illness.
“We are honored that the Federal Home Loan Bank of San Francisco has awarded us these funds to allow us to help create affordable housing for low- and moderate-income individuals in the communities Pacific Premier Bank serves,” said Steven R. Gardner, Chairman, President and CEO of Pacific Premier Bancorp, Inc. “We have a strong commitment to these communities, as evidenced by the time and effort we dedicated to pursuing these competitive grants. We look forward to deploying funds to support these important projects in Newport Beach, Vacaville and San Luis Obispo.”
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp, Inc. is the holding company for Pacific Premier Bank, one of the largest banks headquartered in Southern California with approximately $6 billion in assets. Pacific Premier Bank is a business bank primarily focused on serving small and middle market businesses in the counties of Orange, Los Angeles, Riverside, San Bernardino, San Diego, San Luis Obispo, and Santa Barbara, California. Through its more than 25 depository branches, Pacific Premier Bank offers a diverse range of lending products including commercial, commercial real estate, construction and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide.