California-based financial investment management company First Foundation has signed a definitive agreement to acquire PBB Bancorp in an all-stock transaction valued at nearly $106m.
PBB Bancorp is the parent company of Premier Business Bank and its community bank divisions, Premier Bank of Palos Verdes and First Mountain Bank.
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As of 30 September, the bank had six branch offices along with a SBA loan centre and held $587m in total assets.
The deal, subject to customary closing conditions as well as PBB Bancorp’s shareholder and regulatory approval, is expected to close in the second quarter of next year.
After the completion of the transaction, Premier Business Bank will be merged into First Foundation Bank.
First Foundation CEO Scott Kavanaugh said: “Premier Business Bank has built a reputation as a strong banking partner for business owners and real estate investors, which makes it a great fit for First Foundation.
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By GlobalData“Our combined firm will be well-positioned for growth in Southern California.”
Premier Business Bank president and CEO John Polen said: “In entering into this agreement, Premier Business Bank believes that it has found a strong partner in First Foundation. Its platform of business and personal banking, as well as private wealth management solutions present greater opportunities for our clients going forward.”
This transaction is First Foundation’s fifth acquisition after it acquired Community 1st Bank in the Greater Sacramento area last month.
