Benzinga | Dec 6, 2021 07:35AM EST

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

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.