Irvine-based financial services company First Foundation Inc. has agreed to acquire Pacific Rim Bank in Hawaii in a deal valued at about $11.8 million.
Pacific Rim Bank shareholders will own about 7.8% of the combined company’s stock after the transaction, which is expected to close in the middle of 2015.
Honolulu-based Pacific Rim Bank was founded in 2006 and has about $121 million in assets and one branch.
First Foundation’s shares, which began publicly trading in November, had a recent market capitalization of $139 million.
First Foundation, headed by Chief Executive Scott Kavanaugh, provides banking, investment management and other services. Its First Foundation Bank unit had $1.3 billion in assets as of Sept. 30, and it is among the largest commercial banks with headquarters in Orange County.
Kavanaugh said Hawaii “has been an important region for us” and that he expects the deal to help the company “build on our existing client base” there.
