Irvine, Calif.-based First Foundation Bank has closed its equipment finance department to refocus on its core business and operating strategy.
The regional bank, a division of commercial banking firm First Foundation, ended its equipment finance division March 1, Vice President of Sales and Service at First Foundation Bank Lisa Whitehead told Equipment Finance News.
“On March 1, 2024, First Foundation Bank made the decision to exit the Equipment Finance space to focus on their core business of relationship lending,” she said.
The news was first reported by Monitor Daily.
First Foundation ’s operating strategy focuses on building “strong and stable long-term client relationships, one at a time, by delivering high-quality banking and trust products and services and investment advisory and wealth management services,” according to the company’s 10-K filed with the Securities and Exchange Commission and released Feb. 28.
“The primary role of our bankers, relationship managers and loan officers, in addition to attracting new clients, is to develop and maintain a strong relationship with their clients and to coordinate the services we provide to their clients. We take a team approach to delivering our platform of services to our clients,” the release stated.
The bank originated $130.6 million in new business volume in 2022 and held $242.8 million in managed assets, making it the 104th-largest equipment financier at yearend, according to the 2023 Monitor 100+, which ranks the top 141 largest equipment financiers by new business volume.
The First Foundation Bank Equipment Finance Department had 15 employees before its closure, according to the Monitor 100+.
Shares of First Foundation [NYSE: FFWM] were trading at $8.05 at market close today, up 3.60% from market open. First Foundation has a market capitalization of $438.75 million.
When asked for additional comment or a company statement on the equipment finance department, VP and Operations Manager Bree Johnson, told EFN “there is not an immediate response at the moment.”
Registration is now open for Equipment Finance Connect, the nation’s only dealer-centric equipment lending and leasing event, which will take place May 5-7 in Nashville, Tenn. Learn about the event and free dealer registration at EquipmentFinanceConnect.com.
