First Foundation Cancels Initial Public Offering
IRVINE, Calif.--(BUSINESS WIRE)--First Foundation Inc., a California-based financial services company that provides investment management, wealth planning, consulting, trust, banking and insurance services primarily to high-net-worth individuals and businesses, today announced that it has cancelled its proposed initial public offering of common stock.
“The investment bankers we were working with on our proposed IPO cited market conditions as the reason that prevented the pricing of the IPO at a level we believe is fair to our existing shareholders,” stated Scott Kavanaugh, Chief Executive Officer of First Foundation. “Although we are disappointed, we are committed to continue to execute our business plan and we do not believe the cancellation of this IPO will materially impact our ability to meet our growth goals,” Mr. Kavanaugh added.
About First Foundation
First Foundation, a financial institution founded in 1990, provides integrated investment management, wealth planning, consulting, trust, banking and insurance services. The company is headquartered in Irvine, California with offices in Irvine, Newport Beach, Pasadena, West Los Angeles, San Diego, Palm Desert, Imperial Valley in California, and Las Vegas, Nevada.
This press release contains “forward-looking statements” including statements expressing our expectations and beliefs about our business, our future financial performance and our future plans. Those statements are based on current information and on assumptions that we make about future events and circumstances and are subject to risks and uncertainties that are often difficult to predict and beyond the Company’s control. Moreover, our business and our markets are subject to a number of risks and uncertainties which could cause our actual financial results in the future to differ, possibly materially, from those expressed in the forward looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include the risk of incurring loan losses, which is an inherent risk of the banking business, the risk that the economic recovery in the United States will stall or will be adversely affected by domestic or international economic conditions and the risk that the Federal Reserve Board will continue to keep interest rates low, any of which could adversely affect our interest income and interest rate margins and, therefore, our future operating results, and the risk that the performance of our investment management business or of the equity and bond markets could lead clients to move their funds from or close their investment accounts with us, which would reduce our assets under management and adversely affect our operating results. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our 2013 Annual Report on Form 10-K that we filed with the SEC on March 25, 2014, and readers of this news release are urged to review the additional information contained in that Annual Report.
Any forward-looking information in this press release speaks only as of the date of this press release. We undertake no obligation to update any forward looking statements that are contained in this press release, whether due to future events or other factors, except as may be required by applicable law.