Pacific Premier Bank Partners with ForgiveCo to Help Relieve $1 Million in Medical Debt for Veterans

Rhea-AI Summary

Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) has partnered with ForgiveCo to relieve $1 million in medical debt for over 300 veterans. This initiative will eliminate the debt of 322 veterans, who on average hold $3,105 in medical debt. ForgiveCo, a public benefit , purchases large debt portfolios at a fraction of the original cost, creating up to a 50x impact.

The service is free to recipients and includes the removal of derogatory marks from their credit reports. Pacific Premier Bank will also provide veteran beneficiaries with complimentary financial well-being resources and counseling through its partnership with GreenPath Financial Wellness.

Positive

• Partnership with ForgiveCo to relieve $1 million in medical debt for veterans
• Potential positive impact on brand image and community relations
• Provision of complimentary financial well-being resources and counseling to veteran beneficiaries

Negative

• None.

Insights

Financial Analyst

Pacific Premier Bancorp's partnership with ForgiveCo to relieve $1 million in medical debt for veterans is a strategic move that enhances the bank's corporate social responsibility profile. While the immediate financial impact on PPBI's bottom line is likely minimal given its $2.49 billion market cap, this initiative could yield long-term benefits:

• Improved brand perception and customer loyalty, potentially leading to increased deposits and loan activity
• Enhanced community relations, which may facilitate future business expansion and local partnerships
• Potential tax benefits from charitable contributions
• Attraction of socially conscious investors, possibly supporting stock valuation

The partnership with GreenPath Financial Wellness to provide financial counseling adds value, potentially creating a pipeline for future banking customers. However, investors should note that this is a one-time initiative and not a recurring program, limiting its ongoing financial impact.

Veterans Affairs Specialist

This debt relief initiative addresses a critical issue for veterans, who often face significant financial challenges post-service. The average debt relief of $3,105 per veteran can have a substantial impact on individual financial health. Key points to consider:

• Improved credit scores for 322 veterans, enhancing their access to financial services and employment opportunities
• Potential reduction in stress and improved mental health for beneficiaries
• The initiative may inspire other financial institutions to launch similar programs, creating a broader positive impact for veterans

The addition of financial counseling services is particularly valuable, as it provides tools for long-term financial stability. This holistic approach to veteran support could serve as a model for future corporate-nonprofit partnerships in addressing veteran issues.

IRVINE, Calif.--(BUSINESS WIRE)-- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”) announced it has helped to relieve $1 million in medical debt for more than 300 veterans, through a partnership with ForgiveCo, a public benefit corporation that purchases large debt portfolios at a fraction of the original cost.

Pacific Premier’s partnership with ForgiveCo represents a one-time initiative to eliminate the debt of 322 veterans who, on average, hold $3,105 in medical debt. Through ForgiveCo’s vast industry knowledge, the organization purchases large debt portfolios for pennies on the dollar, creating up to a 50x impact. The service is completely free to the debt relief recipient. In addition to debt relief, ForgiveCo ensures derogatory marks are removed from the beneficiary’s credit report.

Founded in 1983 and headquartered in Irvine, California, Pacific Premier Bank has been dedicated to serving and uplifting its communities from the very beginning.

“Pacific Premier is excited to partner with ForgiveCo to support men and women who have served our country,” says Sherri Scott of Pacific Premier Bank. “Through ForgiveCo’s debt forgiveness program, we are able to help veterans pay off substantial portions of medical debt to help improve their financial health.”

"ForgiveCo is honored to work alongside Pacific Premier Bank to deliver meaningful relief to veterans who have sacrificed so much for our country," said Craig Antico, CEO of ForgiveCo. "By eliminating $1 million in medical debt, we’re not just alleviating a financial burden—we’re restoring peace of mind and opening new doors of opportunity for these heroes and their families."

In addition to Pacific Premier’s grant, the Bank will provide veteran beneficiaries complimentary financial well-being resources and counseling through its partnership with GreenPath Financial Wellness.

About ForgiveCo

ForgiveCo provides business advisory services to corporations for acquisition, administration and cancellation of consumer debt, and advisory services in the fields of branding, goodwill creation and bulk debt management – Transforming debt into goodwill™. To learn more about ForgiveCo, please visit forgiveco.com and follow ForgiveCo on all major social media channels.

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 headquartered in the western region of the United States, with approximately $18 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 $17 billion of assets under custody and over 32,000 client accounts comprised of self-directed investors, financial institutions, capital syndicators, and financial advisors. Additionally, Pacific Premier Bank provides nationwide customized banking solutions to Homeowners’ 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241022382448/en/

Pacific Premier Bancorp, Inc.

Steven R. Gardner

Chairman, Chief Executive Officer, and President

949-864-8000

Ronald J. Nicolas, Jr.

Senior Executive Vice President and Chief Financial Officer

949-864-8000

Matthew J. Lazzaro

Senior Vice President and Director of Investor Relations

949-243-1082

Source: Pacific Premier Bancorp, Inc.

FAQ

How much medical debt is Pacific Premier Bancorp (PPBI) helping to relieve for veterans?

Pacific Premier Bancorp (PPBI) is helping to relieve $1 million in medical debt for more than 300 veterans through its partnership with ForgiveCo.

How many veterans will benefit from PPBI's medical debt relief initiative?

The initiative will eliminate the medical debt of 322 veterans, who on average hold $3,105 in medical debt.

What additional services is Pacific Premier Bank (PPBI) offering to veteran beneficiaries?

Pacific Premier Bank (PPBI) is offering complimentary financial well-being resources and counseling to veteran beneficiaries through its partnership with GreenPath Financial Wellness.

How does ForgiveCo's debt forgiveness program work with PPBI's initiative?

ForgiveCo purchases large debt portfolios at a fraction of the original cost, creating up to a 50x impact. The service is free to recipients and includes the removal of derogatory marks from their credit reports.