Irvine, Calif.-based First Foundation Bank completed the acquisition of two branches from Beverly Hills, Calif.-based Pacific Western Bank, a unit of PacWest Bancorp, purchasing around $180 million in deposits as part of the deal. Loans were not part of the transaction, according to a Form 8-K filed Dec. 12.
The branches, in California's Laguna Hills and Seal Beach, are now slated to function as branches of the First Foundation Inc. unit.
The deal increases First Foundation Bank's California branch count to nine; it also has two branches in Las Vegas and Honolulu.
As of Sept. 30, First Foundation Inc. had assets of $3.59 billion, while PacWest Bancorp held $21.32 billion in assets.