IRVINE, Calif.--(BUSINESS WIRE)--First Foundation Inc. (NASDAQ: FFWM), a financial services company that provides investment management, wealth planning, consulting, trust and banking services primarily to high net-worth individuals and businesses, today reported, as required by NASDAQ rules, that it has sold a total of 272,035 shares of its common stock, at a price of $18.38 per share in cash, to David S. DePillo as an inducement to him to join the Company as President of First Foundation Bank, the Company’s wholly-owned banking subsidiary. This sale of shares to Mr. DePillo was approved by the unanimous vote of the Company's independent directors (as defined in NASDAQ rules).
“We are pleased that Mr. DePillo has made this sizable purchase of Company shares, as his ownership of these shares aligns his interests more closely with those of our shareholders,” said CEO Scott F. Kavanaugh.
Mr. DePillo’s appointment as President of First Foundation Bank was reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission on May 8, 2015.
About First Foundation
First Foundation, a financial institution founded in 1990, provides integrated investment management, wealth planning, consulting, trust and banking services. The Company is headquartered in Irvine with offices in Newport Beach, Pasadena, West Los Angeles, San Diego, Palm Desert and the Imperial Valley in California, and Las Vegas, Nevada. For more information, please visit our website at www.ff-inc.com.