California financial services firm First Foundation sets terms for $50 million IPO

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First Foundation, a California-based wealth manager and commercial bank, announced terms for its IPO on Friday. The Irvine, CA-based company plans to raise $50 million by offering 2.2 million shares at a price range of $21 to $24. At the midpoint of the proposed range, it would command a fully diluted market value of $239 million.

First Foundation, which was founded in 2006 and booked $58 million in net interest and noninterest income for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol FFWM. It initially filed confidentially on March 19, 2014. Sandler O'Neill and Keefe Bruyette Woods are the joint bookrunners on the deal.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: News Headlines , IPOs

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