First Foundation to sell 10-year fixed-to-floating subordinated notes

By William Gullotti

Buffalo, N.Y., Jan. 20 – First Foundation Inc. intends to issue fixed-to-floating rate subordinated notes due 2032 at par, according to a 424B5 filing with the Securities and Exchange Commission.

The floating rate will be based on SOFR plus a margin.

The notes will qualify as tier 2 capital and will be callable after five years on any interest payment date at par plus interest.

Piper Sandler & Co. is the lead bookrunning manager for the intended offering with D.A. Davidson & Co. and Stephens Inc. acting as co-managers.

Proceeds from the offering will be used for general corporate purposes.

First Foundation is an Irvine, Calif.-based financial institution.

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