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NAPLES — One of the largest community banks in the region, First Florida Integrity Bank, has been sold. On May 28, TGR Financial Inc., was acquired by First Foundation Inc., and their two operating subsidiaries in an all-stock transaction valued at approximately $295 million.
“Because of its financial strength, profitable history and with much of its growth still before it, First Foundation makes for an ideal partner for our clients, employees, and shareholders.” said TGR Financial Chairman and CEO Gary Tice.
“First Florida Integrity Bank has built a valuable banking franchise and we are committed to continuing its legacy. This acquisition highlights our desire to continue growing our business in markets with attractive demographic and economic trends and we are excited to have a regional presence spanning from coast to coast.” said First Foundation CEO Scott Kavanaugh.
The acquisition, pending regulatory approvals is expected to close in the second half of 2021.
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