First Foundation in Irvine, Calif., has begun an initial public offering to raise up to $100 million.

The $1.4 billion-asset company plans to use the proceeds to pay down a portion or potentially all of its $29 million in outstanding term debt, to support organic growth or potential acquisitions and for general corporate purposes.

The offering will be made pursuant to a shelf registration that First Foundation filed on July 1 and declared effective on July 20. First Foundation had planned to hold an IPO last year, but withdrew its plans in May 2014, citing market conditions.

First Foundation in May this year formed a division to offer property and casualty insurance brokerage services. In November, it acquired Pacific Rim Bank in Honolulu. First Foundation is the holding company for First Foundation Bank and First Foundation Advisors.

D.A. Davidson, Raymond James & Associates and Sandler O'Neill are joint book-running managers on the IPO. Sheppard, Mullin, Richter & Hampton is legal counsel.

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