First Foundation Bank, Pacific Rim Bank To Merge - Quick Facts

(RTTNews) - First Foundation Inc. (FFWM), a financial services company that provides investment management, wealth planning, consulting, trust, and banking services primarily to high-net-worth individuals and businesses or FFI, and Pacific Rim Bank, a full-service community bank located in Honolulu, Hawaii, announced the execution of a definitive agreement and plan of merger whereby Pacific Rim Bank will merge with and into First Foundation Bank, a wholly owned subsidiary of FFI.

As per the terms of the merger agreement, Pacific Rim Bank shareholders will become shareholders of FFI and each outstanding share of Pacific Rim Bank common stock will be converted into 0.3950 of a share of FFI common stock.

In total, Pacific Rim Bank shareholders will own approximately 7.8% of the outstanding shares of FFI's common stock immediately following the consummation of the merger. Based on FFI's closing stock price of $18.18 on November 24, the merger consideration is valued at approximately $7.18 per share of Pacific Rim Bank common stock or $11.8 million in aggregate.

The value of the merger consideration will change based on fluctuations in First Foundation's stock price.

The transaction is expected to be completed by mid-year 2015 subject to approval by Pacific Rim Bank's shareholders, the receipt of required regulatory approvals, and other customary closing conditions. The agreement was unanimously approved by the Board of Directors of each company.