First Foundation in Irvine, Calif., has agreed to buy a pair of branches from Pacific Western Bank in Beverly Hills, Calif.
The $3.4 billion-asset First Foundation would acquire two branches in Laguna Hills and Seal Beach from the $21 billion-asset PacWest Bancorp's bank unit. The branches have $200 million in combined deposits consisting primarily of time deposits. Loans were excluded from the acquisition.
The deal is expected to close by the end of the year. First Foundation would subsequently have 11 branches in California, Nevada and Hawaii.
The deal is an opportunity for First Foundation to expand in Orange County "with strong deposits in a couple of locations that fit into our footprint very well," John Michel, chief financial officer at First Foundation, said in an interview.
Pacific Western Bank has 78 branches in California.