First Foundation Buys BranchesMonday, October 3, 2016
Irvine-based First Foundation Inc. has agreed to acquire two Pacific Western Bank branches, located in Laguna Hills and Seal Beach.
No loans will transfer to First Foundation in the transaction. The bank gets only the branches’ combined deposits of $200 million by year-end.
Terms of the transaction were not disclosed.
Pacific Western Bank in Los Angeles had about $21 billion in assets and 84 locations prior to the sale, and employs 1,674 companywide.
“This expansion was a natural fit, given our shared community-driven and people-focused approach to banking,” said David DePillo, president of First Foundation Bank. “We are excited by the growth opportunities that result from the acquisition and teams from both firms are collaborating to ensure a seamless transition for the customers, employees, and the community.”
First Foundation Bank will have about $3.4 billion in assets and 11 branches after the deal closes. It employs 215 locally and 330 companywide.