SOURCE: First Foundation Inc.

First Foundation Inc.

February 03, 2012 18:11 ET

First Foundation Inc. and Desert Commercial Bank Announce Shareholder Approval of Planned Merger

IRVINE, CA--(Marketwire - Feb 3, 2012) - First Foundation Inc. ("First Foundation" or "FFI"), the parent holding company of First Foundation Bank ("FFB"), and Desert Commercial Bank (DCB) (OTCBB: DCBC) announced today that on January 30, 2012, at their separate special shareholder meetings, both FFI and DCB received shareholder approval for the previously announced definitive agreement and plan of merger under which FFB will acquire DCB.

Completion of the merger is still subject to satisfaction of customary conditions, including the receipt of regulatory approvals.

Scott F. Kavanaugh, CEO of First Foundation, and Tony J. Swartz, President and CEO of Desert Commercial Bank, both stated, "We are extremely pleased that the shareholders of First Foundation and Desert Commercial Bank understand the value of this transaction and gave their approval for us to move forward with the merger."

About First Foundation

First Foundation is a financial institution with over twenty years of experience that provides integrated investment management, wealth planning, consulting, trust and banking services. The company is headquartered in Irvine with offices in Irvine, La Quinta, Pasadena and San Diego, California. First Foundation Bank is a wholly-owned subsidiary of First Foundation Inc. For more information, please visit our website at www.ff-inc.com.

About Desert Commercial Bank

Established in June 2005, Desert Commercial Bank is a community bank supported by hundreds of local investors in the Coachella and Imperial Valleys. The goal of DCB's Founders was to build a locally owned and managed institution that reflected the broad interests and people of the communities it serves. FFB intends to continue and enhance that tradition. Headquartered in Palm Desert, DCB has offices in Palm Desert and El Centro. For more information, please visit our website at www.desertbanking.com.

Contact Information

  • Contact:
    Ms. Nika Jones
    Marketing Coordinator
    First Foundation Inc.
    Telephone: (949) 476-0300
    Facsimile: (949) 622-3771
    Email Contact