The Exodus from California Continues
In yet another sign of the ongoing business migration from California to Texas, First Foundation Bank has officially moved its holding company’s headquarters to the Lone Star State. The bank has also secured a lease for its first retail branch in Plano, further solidifying its presence in the region.
First Foundation joins a growing list of major companies that have relocated their headquarters from California to Texas, including CBRE, Hewlett-Packard Enterprise, Oracle, Charles Schwab, and AECOM. The state’s business-friendly climate continues to attract firms seeking lower costs and a more supportive regulatory environment.
Expanding Footprint in North Texas
The bank’s expansion into North Texas has been rapid, with three key lease agreements signed in recent months:
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- Executive Offices Relocation: First Foundation secured 6,931 square feet at The Crescent in Dallas, marking the shift of its principal executive offices from California.
- Loan Production Office: In July 2021, the bank signed a 4,328-square-foot lease at Williams Square.
- First Texas Retail Branch: The latest addition is a 3,800-square-foot retail branch at Preston Shepard Place, 1709 Preston Road, Plano.
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“As the economy and commercial real estate industry continue to evolve following the COVID-19 pandemic, financial institutions and banks like First Foundation Bank have remained a bright spot for growth,” said Vishmid. “First Foundation will continue to focus on growth within the Dallas Metroplex and other key markets throughout the United States.” —Serge Vishmid
A Strategic Move to Texas
Scott F. Kavanaugh, CEO of First Foundation Inc., sees the move as both a professional and personal milestone. Kavanaugh compares the Dallas-Fort Worth area to what the business climate was 30 years ago in California. Having his roots in the south, it’s a kind of homecoming to a business-friendly area where First Foundation can serve the community with their excellent client services.
In an earlier interview with The Dallas Morning News, Kavanaugh shed light on the motivations behind the relocation:
“A lot of the move had to do with politically, some of the things that are affecting many companies in California. It led to us thinking about where would we geographically want to be, and when you look at the landscape, in my mind, the clear winners are Florida and Texas.”
With its new headquarters and retail presence in Texas, First Foundation Bank is well-positioned to tap into the state’s thriving economy and expanding financial sector. As more businesses seek refuge from California’s high costs and regulatory burdens, Texas continues to stand out as a premier destination for corporate growth and investment.
Read the full article on RNR, Realty News Report:
Texas Attracts California Bank as Exodus Continues
September 25th, 2021, Realty News Report