First Foundation TGR Financial has signed an agreement to acquire TGR Financial in an all-stock transaction valued at approximately $295m.
First Foundation is a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank.
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TGR Financial is the holding company of First Florida Integrity Bank, a Florida state-chartered bank holding $2.3bn in total assets as of 31 March and seven branch offices.
Following the acquisition of TGR Financial, First Florida Integrity Bank will merge into First Foundation Bank.
This deal will increase First Foundation’s total bank assets to around $9.4bn on a pro forma basis as of 31 March.
First Foundation CEO Scott F. Kavanaugh said: “This strategic acquisition provides First Foundation an excellent opportunity to expand into a highly desirable market.”
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By GlobalDataTGR Financial chairman and CEO Gary L. Tice added, “We are pleased that we have aligned with an organization that will expand resources to our clients, offering First Foundation’s integrated banking and wealth management services through our local team. Because of its financial strength, profitable history, and with much of its growth still before it, First Foundation makes for an ideal partner for our clients, employees, and shareholders.”
As per the terms of the agreement, following completion of the transaction, each shareholder of TGR Financial will get 0.6068 of a share of First Foundation common stock for every share of TGR Financial common stock or TGR Financial Series A non-voting convertible preferred stock.
TGR Financial shareholders will own around 20.2% of the outstanding shares of First Foundation’s common stock after the completion of the deal, which was approved by the board of directors of each company.
The transaction is expected to complete in the second half of 2021 and is subject to the customary closing conditions, including the receipt of regulatory approvals and approvals from shareholders of the two firms.
