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In California, First Foundation closes PBB Bancorp buy

Irvine, Calif.-based First Foundation Inc. completed its acquisition of Los Angeles-based PBB Bancorp, effective June 1.

Under the deal, PBB Bancorp unit Premier Business Bank will merge with and into First Foundation unit First Foundation Bank.

Upon completion, PBB Bancorp Chairman David Lake was appointed to the board of First Foundation.

As of March 31, First Foundation Bank had $4.84 billion in assets, while Premier Business Bank had $639.4 million in assets.