SOURCE: First Foundation Inc.
IRVINE, CA--(Marketwire - Aug 15, 2012) - First Foundation Bank ("FFB") and its parent holding company, First Foundation Inc. ("First Foundation" or "FFI"), and Desert Commercial Bank (DCB) (OTCBB: DCBC), announced that effective today, FFB completed the acquisition of and merger with DCB. Additionally, FFI announced that it has raised approximately $5 million of additional capital at $15.00 per share and that in compliance with a requirement set forth by the Federal Deposit Insurance Corporation as a condition of approval of the merger, $5 million has been contributed to FFB from FFI.
Scott F. Kavanaugh, CEO of FFI and FFB, stated, "We are elated that we have been able to complete our merger with DCB as our combined entity will be well positioned to take advantage of the opportunities that exist in our markets. I want to personally welcome all of DCB's shareholders as FFI shareholders and I look forward to serving their interests. We are also excited that we will be able to retain a strong team from DCB, including Tony Swartz who has been appointed to the position of Chief Operating Officer at FFB."
Tony J. Swartz, President and CEO of Desert Commercial Bank, commented, "The executive team and Board of Directors of DCB want to thank the shareholders of DCB for their confidence and patience, and I look forward to their continued support as shareholders of FFI. I am excited about the prospects presented to the combined entity and I look forward to serving in my position as Chief Operating Office of FFB."
First Foundation now has five full service offices throughout Southern California with another office opening in West Los Angeles in September 2012. On a consolidated basis, on the date of merger, FFI will have $820 million in total assets, $700 million in loans, $600 million in deposits and $67 million in tangible capital. In addition, First Foundation's wealth management group has over $2 billion of assets under management.
Stradling, Yocca, Carlson & Rauth acted as outside legal counsel to FFI and FFB. Professional Banking Services acted as financial advisor to DCB and provided a fairness opinion to the Board of Directors of Desert Commercial Bank in conjunction with this transaction. McKenna Long & Aldridge LLP acted as outside legal counsel to DCB.
About First Foundation
First Foundation is a financial institution with over twenty years of experience that provides integrated investment management, wealth planning, consulting, trust and banking services. The company is headquartered in Irvine with offices in Irvine, Palm Desert, El Centro, Pasadena and San Diego, California. First Foundation Bank is a wholly-owned subsidiary of First Foundation Inc. For more information, please visit our website at www.ff-inc.com.