Irvine-based First Foundation Bank has become a state-chartered bank after operating as a national thrift for more than two decades.
First Foundation is now regulated by California’s Department of Financial Institutions and the Federal Deposit Insurance Corp.
“We believe that they have a strong understanding of our local markets and have extensive experience in regulating community banks of our size,” Chief Executive Scott Kavanaugh said.
The two agencies are expected to give approval to the completion of First Foundation’s acquisition of Palm Desert-based Desert Commercial Bank in coming months.
First Foundation had previously been under the watch of the Office of the Comptroller of the Currency.
It is among the largest financial institutions in Orange County, with $678.1 million in assets at the end of the first quarter. The bank saw $1.5 million in profit during the quarter.
