First Foundation Bank in Irvine, Calif., has hired an Umpqua Holdings executive to run a new unit catering to commercial customers.
Anita Young will be the $1.4 billion-asset First Foundation's director of specialty deposits and also hold the title of senior vice president.
She oversaw specialty deposits at Umpqua in Portland, Ore., for more than a year. Sterling Savings Bank, which was acquired by Umpqua in 2014, had hired Young to start its specialty deposits division and she stayed on with Umpqua, said Lindsay Lawrence, director of depository services at First Foundation.
Young's unit at First Foundation will provide business clients with cash-related services such as cash-flow management and transactional risk management. It will target niche players such as public works and construction contractors, commercial property management, title and escrow companies, and homeowners associations.
First Foundation's primary businesses are investment management, wealth planning, consulting, insurance, trust and banking services for high-net-worth individuals and businesses.