First Foundation Completes Acquisition of Community 1st Bancorp


 
 
01:59 11/13/2017

First Foundation Inc. FFWM , a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, announced that it has completed its acquisition of Community 1st Bancorp and its wholly-owned subsidiary, Community 1st Bank, effective as of November 10th, 2017.

First Foundation FFWM  is a financial institution that provides private wealth management, personal banking, and business banking under its two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank.

Community 1st Bancorp, and its fully owned subsidiary Community 1st Bank, is a California state-chartered bank with offices located in Auburn, Sacramento, and Roseville, California and $411 million in total assets as of September 30, 2017.

“We are excited to announce the completion of the acquisition of Community 1st Bank,” said Scott F. Kavanaugh, CEO, First Foundation Inc.

Kavanaugh continued, “this was a well-aligned partnership between two banks that share a commitment to providing excellent client service as well as giving back to its community, and we look forward to serving our new clients.”

Under the terms of the merger agreement, each share of Community 1st Bancorp common stock was converted into the right to receive 0.453 shares of FFWM common stock.


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