First Foundation and PBB Bancorp announced the signing of a definitive merger agreement under which First Foundation will acquire PBB Bancorp. The transaction, which has been unanimously approved by each company's board of directors, is expected to close in the second quarter of 2018 and is subject to customary closing conditions, including obtaining approval by PBB Bancorp's shareholders and bank regulatory authorities. Pursuant to the merger agreement, PBB Bancorp shareholders will receive 1.05 shares of First Foundation common stock in exchange for each share of PBB Bancorp. The 100% stock transaction is valued at approximately $106 million in aggregate, based on a closing price for First Foundation's common stock of $19.04 as of December 18, 2017, and the value per share for a PBB Bancorp shareholder is $19.99. The value of the merger consideration will fluctuate based on First Foundation's common stock price.
