First Foundation in Irvine, Calif., has agreed to buy Community 1st Bank in Auburn, Calif.

The $3.7 billion-asset First Foundation said in a press release Thursday that it will pay $50.4 million in stock for the $373 million-asset Community 1st. The deal, which is expected to close in the fourth quarter, prices Community 1st at 204% of its tangible book value.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.