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.
