First Foundation, a Southern California-based wealth manager and commercial bank, withdrew its plans for an initial public offering on Thursday citing poor market conditions.
The company attempted to go public in May 2014, before postponing its offering. It was seeking to raise $50 million by offering 2.2. million shares at a range of $21-$24.
The Irvine, CA-based company was founded in 1990 and booked $58 million in sales for the 12 months ended March 31, 2014. It had planned to list on the NASDAQ under the symbol FFWM. Sandler O'Neill and Keefe Bruyette Woods were set to be the joint bookrunners on the deal.
