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First Foundation buying PBB Bancorp for $106M

Irvine, Calif.-based First Foundation Inc. is buying Los Angeles-based PBB Bancorp in an all-stock deal valued at approximately $106 million, based on First Foundation's Dec. 18 closing price of $19.04.

Under the deal, PBB Bancorp shareholders will receive 1.05 shares of First Foundation's common stock for each PBB Bancorp common share held.

Details to follow.