Irvine-based financial services firm First Foundation Inc. canceled its proposed initial public offering.
The company, which operates through its banking, advisory and investment management services, filed for an IPO last month.
First Foundation Chief Executive Scott Kavanaugh said the decision to cancel the offering came on unfavorable market conditions.
“Although we are disappointed, we are committed to continue to execute our business plan, and we do not believe the cancellation of this IPO will materially impact our ability to meet our growth goals,” he said.
The company’s First Foundation Bank had $1.1 billion in assets at the end of the first quarter and about $949 million in loans and $866 million in deposits.
―Jane Yu
