IRVINE, Calif.--(BUSINESS WIRE)--First Foundation Inc. (NASDAQ: FFWM), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank (collectively “First Foundation”), announced that it has completed its acquisition, effective as of November 10, 2017, of Community 1st Bancorp and its wholly-owned subsidiary, Community 1st Bank, a California state-chartered bank with offices located in Auburn, Sacramento, and Roseville, California and $411 million in total assets as of September 30, 2017.
“We are excited to announce the completion of the acquisition of Community 1st Bank,” said Scott F. Kavanaugh, CEO, First Foundation Inc. “This was a well-aligned partnership between two banks that share a commitment to providing excellent client service as well as giving back to its community, and we look forward to serving our new clients.”
Under the terms of the merger agreement, each share of Community 1st Bancorp common stock was converted into the right to receive 0.453 shares of FFWM common stock.
About First Foundation
First Foundation, a financial institution founded in 1990, provides private wealth management, personal banking, and business banking. The Company has offices in California, Nevada, and Hawaii with headquarters in Irvine, California. For more information, please visit www.firstfoundationinc.com.
This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements relating to our acquisition of Community 1st Bancorp, are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the following factors: the expected cost savings, synergies and other financial benefits from the acquisition might not be realized within the expected time frames or at all; local, regional, national and international economic and market conditions and events and the impact they may have us and our customers, assets, and liabilities; and our success at managing the risks involved in the foregoing items and all other factors set forth in our public reports, including our Annual Report on Form 10-K for the year ended December 31, 2016, and particularly the discussion of risk factors within that document.
First Foundation undertakes no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.