Irvine firm completes acquisition of Auburn’s Community 1st Bancorp

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An Irvine-based financial services company said Monday that it has completed its acquisition of Community 1st Bancorp in Auburn.

Besides its Auburn branch, Community 1st also operated branch offices in Sacramento and Roseville.

The banking firm was founded in February 2006 and operated as the parent company of Community 1st Bank, a California state-chartered bank with more than $400 million in total assets.

The buyer, First Foundation Inc., oversees two wholly owned subsidiaries – First Foundation Advisors and First Foundation Bank. Founded in 1990, First Foundation has offices in California, Nevada and Hawaii.

Officials said the local banks will now operate under the First Foundation Bank name.

Under the terms of the merger agreement, each share of Community 1st Bancorp common stock was converted into the right to receive 0.453 shares of First Foundation common stock.

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