Expands operations from coast to coast and solidifies position as a premier regional bank
First Foundation Inc, a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, announced that it has completed its acquisition, effective as of December 17, 2021, of TGR Financial, Inc. and its bank subsidiary, First Florida Integrity Bank, a Florida state-chartered bank with seven branch offices located throughout Southwest Florida plus a corporate office in Naples.
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“I am pleased to announce the completion of the acquisition of TGR Financial, Inc. and its bank subsidiary First Florida Integrity Bank”
“I am pleased to announce the completion of the acquisition of TGR Financial, Inc. and its bank subsidiary First Florida Integrity Bank,” said Scott F. Kavanaugh, CEO of First Foundation Inc. “This acquisition positions us to serve clients from coast to coast and enhances our profile as a premier regional bank. With the addition of approximately $1.1 billion in loans and $2.2 billion in deposits along with a team of experienced bankers, this is the largest acquisition in our bank’s history. We are excited for all of the great growth potential in the state of Florida. We have already started working with our talented new team members, and we expect a smooth integration as we begin serving our new clients. I want to thank everyone who has worked tremendously hard to get us to where we are today and set us up for success as we plan to complete the full system conversion in the second quarter of 2022.”
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As part of the transaction, First Foundation Inc. also announced that its Board of Directors appointed Gary L. Tice to serve as a director. Mr. Tice had previously served as the Chairman of the Board of Directors of TGR Financial, Inc. In addition, Garrett Richter will assume the newly created position of Market President, overseeing banking activities in Florida.
Under the terms of the merger agreement, each share of TGR Financial, Inc. common stock and each share of TGR Financial, Inc. preferred stock was converted into the right to receive 0.6068 of a share of First Foundation common stock.
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