Business News • MarketWire • First Foundation Bank Announces Agreement to Acquire Desert Commercial Bank |
First Foundation Bank Announces Agreement to Acquire Desert Commercial Bank |
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First Foundation Bank Announces Agreement to Acquire Desert Commercial Bank
IRVINE, CA--(Marketwire - Jun 29, 2011) - First Foundation Bank ("FFB"), announced today that it, and its parent holding company, First Foundation Inc. ("First Foundation" or "FFI") have entered into a definitive agreement and plan of merger to acquire Desert Commercial Bank (DCB) (OTCBB: DCBC), for an acquisition price of approximately $16 million consisting of FFI common stock for DCB's outstanding stock and cash for DCB stock options. Desert Commercial Bank has offices in Palm Desert and El Centro, California and at March 31, 2011 had total assets of approximately $153 million.
View More : http://www.marketwire.com/mw/release.do?id=1533256&sourceType=3
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