Irvine-based First Foundation Inc. agreed to acquire a Pacific Western Bank branch in Laguna Hills and one in 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 undisclosed.
Pacific Western 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, First Foundation president. “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 will have about $3.4 billion in assets and 11 branches after the deal closes. It employs 215 locally and 330 companywide.
—Michael de los Reyes
