First Foundation (FFI), a US-based provider of investment management, wealth planning, consulting, trust, and banking services, has entered into an agreement to merge with Pacific Rim Bank, a full-service community bank located in Hawaii.
Under the agreement, Pacific Rim Bank will merge into First Foundation Bank, a wholly owned subsidiary of FFI.
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The agreement will boost Pacific Rim Bank’s integrated banking, trust, and wealth management services in Hawaiiin addition to expanding its deposit and lending capabilities.
Subject to regulatory approvals, the merger is expected to be closed by mid-year 2015.
As per the terms of the deal, Pacific Rim Bank shareholders will become shareholders of FFI.
Scott Kavanaugh, chairman and CEO of First Foundation, said: "This strategic partnership provides First Foundation with an excellent opportunity to build on our existing client base in Hawaii. We are thrilled at the opportunity to now have a local presence in Honolulu from which to deliver our comprehensive platform of bank, trust, and wealth management solutions."
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By GlobalDataAustin Imamura, CEO of Pacific Rim Bank, said: "The merger will also enhance the legacy of our vision which allows us to accomplish our business objectives for Hawaii, and to preserve our community development projects, church, and other humanitarian involvement that our bank was originally founded on."
