First Foundation, a US-based financial services company, has concluded its acquisition of PBB Bancorp and its wholly-owned subsidiary Premier Business Bank.

PBB Bancorp operates as the parent company of Premier Business Bank, Premier Bank of Palos Verdes, First Mountain Bank and a Small Business Administration loan centre in Torrance.

The entities have $640m in total assets as of 31 March 2018.

First Foundation CEO Scott Kavanaugh said: “I am pleased to announce the completion of the acquisition of Premier Business Bank along with its divisions Premier Bank of Palos Verdes and First Mountain Bank.

“This acquisition allows us to expand our presence in Southern California in a meaningful way with a team of dedicated and talented bankers who have strong ties to the community. We look forward to welcoming our new employees and serving all of our new clients.”

Under the terms of the merger agreement, which was originally announced in December last year, each share of PBB Bancorp common stock was converted into the right to receive 1.05 shares of First Foundation common stock.

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First Foundation also announced that its board of directors has named David Lake as a director effective on 1 June 2018.

Earlier, Lake served as the chairman of the board of directors of PBB Bancorp.