The transaction is now subject to the approval of both the bank’s shareholders and other closing conditions.
The acquisition is expected to be completed early in the first quarter of 2015.
Headquartered in Newport Beach, California, Independence Bank provides personal banking, business banking, and commercial real estate lending solutions.
The bank had $426.2m in total assets, $341.1m in gross loans and $358.3m in total deposits as on 30 September 2014.
Independence Bank currently has six regional offices serving Orange and Riverside Counties in Southern California.
Pacific Premier Bancorp president and chief executive officer Steven Gardner said: "We are pleased to have quickly received the regulatory approvals for our acquisition of Independence Bank.
"With this acquisition, we will have a seamless footprint from Orange County to the broader Coachella Valley and San Bernardino, which will strengthen our competitive positioning as one of the premier commercial banks in Southern California."
Pacific Premier Bancorp is the holding company for Pacific Premier Bank, which is primarily focused on serving small and middle market business in the counties of Los Angeles, Orange, Riverside, San Bernardino and San Diego, California.
