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First Foundation acquiring Napes-based First Florida Integrity Bank

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First Florida Integrity Bank

The acquisition of Napes-based First Florida Integrity Bank and TGR Financial Inc. will allow Dallas-based First Foundation Bank to expand into Southwest Florida. First Florida Integrity Bank, a subsidiary of TGR Financial founded in 2009, is the largest independent bank headquartered in Naples with $2.3 billion in total assets and seven branch locations. TGR will merge into First Foundation in an all-stock transaction valued at about $295 million, or $15.23 per TGR Financial share, according to a definitive merger agreement announced June 3. Unanimously approved by the board of directors of each company, the transaction is expected to close in the second half of 2021. First Foundation’s strategic expansion into Florida supports its initiative to grow in attractive markets with positive demographic trends and business-friendly environments. 

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