Irvine-based financial services company First Foundation Inc. announced details for its planned initial public offering, in which it will sell about 2.2 million shares of its common stock at a price between $21 and $24 each.
First Foundation said it’s expecting net proceeds of about $46 million.
Underwriters of the deal have an option to buy 333,333 additional shares, which could bring the net proceeds to the bank to more than $53 million.
First Foundation operates through its wealth advisory and banking units. It had about $1.5 million in first-quarter net income, up 38% year-over-year.
Its First Foundation Bank, as of the end of the first quarter, had $1.1 billion in total assets, $949 million worth of loans and about $866 million in deposits.
Its wealth management division had about $2.8 billion in assets under management as of March 31.
First Foundation said it would use the capital to support its growth and expansion of wealth management offices, as well as to repay a $21 million term loan and to fund possible acquisitions.
