FirstFoundation Bank, a unit of Irvine, Calif.-based ($3.49 billion),agreed to acquire two branches from Pacific Western Bank, a unit of ($21.15 billion).
The branches, which are in Laguna Hills and Seal Beach,Calif., hold total deposits of approximately $200 million collectively. FirstFoundation Bank will not acquire any loans in the deal.
The transaction, which is subject to regulatory approval, isexpected to close before the end of 2016.
Following deal completion, First Foundation Bank willoperate a total of 11 branches, nine of which are in California.