Dallas-based 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 of TGR Financial Inc. and its bank subsidiary, Naples, Florida-based First Florida Integrity Bank, a Florida state-chartered bank with seven branch offices located throughout Southwest Florida, plus a corporate office in Naples.
“This acquisition positions us to serve clients from coast to coast and enhances our profile as a premier regional bank,” says Scott F. Kavanaugh, CEO of First Foundation Inc. “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.”
As part of the transaction, First Foundation Inc. also announced that its board of directors has appointed Gary L. Tice to serve as a director. Tice previously served as chairman of TGR Financial Inc. In addition, Garrett Richter will assume the newly created position of market president, overseeing banking activities in Florida.
This marks the sixth acquisition for First Foundation Inc, which has acquired numerous California-based banks over the past few years, including Los Angeles-based Premier Business Bank, Sacramento-based Community 1st Bank, Palm Desert-based Desert Commercial Bank and two branches from Pacific Western Bank, as well as Honolulu, Hawaii-based Pacific Rim Bank.
Established in 1985 in Irvine, California, First Foundation Inc. and its subsidiaries operate in California, Texas, Florida, Nevada and Hawaii. In April 2021, the company announced its expansion into Texas with the relocation of its headquarters to Dallas.
