First Foundation Inc. Announces Receipt of Regulatory Approvals for Acquisition of TGR Financial, Inc.

Rhea-AI Summary

First Foundation Inc. (NASDAQ: FFWM) announced that it has received all necessary regulatory approvals for the merger with TGR Financial, Inc. and its subsidiary, First Florida Integrity Bank. These mergers are anticipated to close around December 17, 2021. Following the mergers, First Foundation's total bank assets would reach approximately $9.9 billion, with total loans outstanding around $7.0 billion and total deposits of about $8.7 billion as of October 31, 2021. Additionally, the mergers will expand First Foundation's footprint in Florida, adding seven retail branches.

Positive

• Expected increase in total bank assets to approximately $9.9 billion post-merger.
• Increased loan portfolio, with total loans outstanding projected at $7.0 billion.
• Expansion into Florida with seven new retail branches, enhancing market presence.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- First Foundation Inc. (NASDAQ: FFWM) (“First Foundation”), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, announced today that all required regulatory approvals or waivers for the merger of TGR Financial, Inc. with and into First Foundation and the merger of First Florida Integrity Bank with and into First Foundation Bank have been received. Subject to the satisfaction of the remaining closing conditions, the mergers are expected to close on or about December 17, 2021.

With the addition of TGR Financial, Inc., on a pro forma consolidated basis, First Foundation would have total bank assets of approximately $9.9 billion, total loans outstanding of approximately $7.0 billion, and total deposits of approximately $8.7 billion as of October 31, 2021 (unaudited). First Foundation would also expand its presence into the state of Florida with an additional seven retail branch locations and one operations office.

About First Foundation

First Foundation, Inc. (NASDAQ: FFWM) and its subsidiaries offer personal banking, business banking, and private wealth management services, including investment, trust, insurance, and philanthropy services. This comprehensive platform of financial services is designed to help clients at any stage in their financial journey. The broad range of financial products and services offered by First Foundation are more consistent with those offered by larger financial institutions, while its high level of personalized service, accessibility, and responsiveness to clients is more aligned with community banks and boutique wealth management firms. This combination of an integrated platform of comprehensive financial products and personalized service differentiates First Foundation from many of its competitors and has contributed to the growth of its client base and business. Services are offered through bank and/or wealth management branch offices in California, Nevada, and Hawaii. First Foundation is also currently lending in Texas, with a branch office expected to open there in early 2022. Learn more at firstfoundationinc.com, or connect with us on LinkedIn and Twitter.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are necessarily subject to risk and uncertainty and although they reflect First Foundation’s current expectations with respect to the timing of the closing of the mergers, no assurances can be given that the mergers will be completed on the date indicated above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211206005152/en/

Investor Inquiries

Kevin Thompson

Chief Financial Officer

(949) 202-4164

kthompson@ff-inc.com

Media Inquiries

Tyler J. Resh

Director of Marketing & Strategy

949-202-4131

tresh@ff-inc.com

Source: First Foundation Inc.

FAQ

What are the details of the merger involving First Foundation Inc. and TGR Financial?

First Foundation Inc. has received all necessary regulatory approvals for its merger with TGR Financial, which is expected to close on December 17, 2021.

What will be the impact of the merger on First Foundation's financials?

Post-merger, First Foundation's total assets are projected to be around $9.9 billion, total loans at $7.0 billion, and total deposits at $8.7 billion.

How will the merger affect First Foundation's market presence?

The merger will enable First Foundation to expand its operations into Florida, adding seven retail branches to its network.

When is the expected closing date for the First Foundation and TGR Financial merger?

The merger is expected to close on or about December 17, 2021.