The board of governors of the Federal Reserve System and the California Department of Business Oversight approved Irvine-based Pacific Premier Bancorp’s acquisition of Heritage Oaks Bancorp in Paso Robles, the company announced in a news release March 21.

The all-stock deal, announced Dec. 13, is valued at  $405.6 million or $11.68 per share. It combines the region’s largest bank, with $2 billion in assets, and Pacific Premier, which has $3.8 billion in assets, for a total of 28 branches in Southern California.

Pacific Premier said in the statement that it expects the acquisition to close late in the first quarter or early in the second quarter of 2017, but the deal is still subject to shareholder approval. Shareholders at both companies will conduct a vote March 27.

“We believe that the combination of Pacific Premier and Heritage Oaks will create one of the most attractive commercial banks in California with significant opportunities to enhance the banking experience for our customers and drive increased value for our shareholders,” said Steve Gardner, Pacific Premier Bancorp chairman, president and CEO.

• Contact Marissa Nall at mnall@pacbiztimes.com.