First Foundation Files Definitive Proxy Statement and Issues Letter to Stockholders

First Foundation Inc. (NASDAQ: FFWM) (“First Foundation” or the “Company”), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, today filed definitive proxy materials with the U.S. Securities and Exchange Commission in connection with its 2023 Annual Meeting of Stockholders, which is scheduled to be held on June 27, 2023.

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In conjunction with the definitive proxy filing, First Foundation is mailing the following letter from the First Foundation Board of Directors to First Foundation’s Stockholders.

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Dear Fellow Stockholders,

Thank you for your investment in First Foundation Inc. (“First Foundation,” “we,” “our,” or “us”). Over the past year, First Foundation has navigated a volatile regional banking environment by taking decisive actions to protect the bank’s strengths and preserve the ability to continue to create long term stockholder value. As a publicly traded financial services company, First Foundation has maintained a resilient core business, remains well-capitalized and continues to generate solid, sustainable results with a strong liquidity position. We are committed to the hard work required to navigate the challenging interest rate environment and continue to evaluate ways we can increase deposits, improve our loan-to-deposit ratio, reduce expenses, and enhance operational efficiency.

At First Foundation’s Annual Meeting of Stockholders on June 27, 2023, there is an important decision to be made. Abbott Cooper’s Driver Management (“Driver” or “Mr. Cooper”), an activist hedge fund who has claimed to own approximately 0.6% of First Foundation stock¹, has launched a proxy contest in an effort to add a member to the First Foundation Board of Directors (the “Board”). Similar to prior campaigns launched by Mr. Cooper against other small and mid-size banks, his engagement to date has been plagued by short-sighted initiatives that exhibit both a blatant disregard for stockholders’ time and resources and a total lack of understanding of our business. Further, he has made no effort to work constructively with the Board to learn about our strategy, educate himself on our plans to navigate the volatile market, or propose a coherent plan that would benefit First Foundation stockholders.