First Foundation Bank and Desert Commercial Bank Announce Amendments to Their Merger Agreement

IRVINE, CA--(Marketwire -06/14/12)- First Foundation Bank ("FFB"), and its parent holding company, First Foundation Inc. ("First Foundation" or "FFI"), and Desert Commercial Bank (DCB) (DCBC), announced today that on May 30, 2012, the second and third amendments to the definitive agreement and plan of merger under which FFB will acquire DCB were completed. The second amendment extends the termination date from June 30, 2012 to August 15, 2012. The third amendment, which requires the approval of DCB's shareholders, changes the date in the section regarding the registration and listing of FFI shares from April 30, 2013 to October 31, 2013.

Scott F. Kavanaugh, CEO of FFI and FFB, stated, "Changes in the regulatory environment brought about by the Dodd Frank Act have led to unexpected delays in the regulatory approval process. The second amendment provides additional time for our regulators to finish their review of our merger application."

Tony J. Swartz, President and CEO of Desert Commercial Bank, commented, "We understand the need for the additional time to complete this process and we continue to work with FFB in the regulatory review and approval process. We have also distributed a proxy to our shareholders asking for their approval of the terms of the third amendment with our recommendation that they approve these terms."

About First Foundation

First Foundation is a financial institution with over twenty years of experience that provides integrated investment management, wealth planning, consulting, trust and banking services. The company is headquartered in Irvine with offices in Irvine, La Quinta, Pasadena and San Diego, California. First Foundation Bank is a wholly-owned subsidiary of First Foundation Inc. For more information, please visit our website at http://www.ff-inc.com.

About Desert Commercial Bank

Established in June 2005, Desert Commercial Bank is a community bank supported by hundreds of local investors in the Coachella and Imperial Valleys. The goal of DCB's Founders was to build a locally owned and managed institution that reflected the broad interests and people of the communities it serves. FFB intends to continue and enhance that tradition. Headquartered in Palm Desert, DCB has offices in Palm Desert and El Centro. For more information, please visit our website at http://www.desertbanking.com.

Read the rest here:
First Foundation Bank and Desert Commercial Bank Announce Amendments to Their Merger Agreement