Form 4: First Foundation Exec Disposes Shares Post-Merger

John Hakopian, President of FFA, disposed of all First Foundation Inc. common stock and restricted stock units following the merger with FirstSun Capital Bancorp.

Summary

• John Hakopian, President of FFA, reported changes in beneficial ownership of First Foundation Inc. securities.
• On April 1, 2026, Hakopian disposed of 82,554 shares of First Foundation common stock held directly.
• Additionally, 620,842 shares of First Foundation common stock held indirectly through a Family Trust were disposed of.
• 5,287 performance-vested Restricted Stock Units (RSUs) were also disposed of.
• These dispositions occurred pursuant to the Agreement and Plan of Merger, dated October 27, 2025, between First Foundation Inc. and FirstSun Capital Bancorp.
• Under the merger terms, each First Foundation common stock share converted into the right to receive 0.16083 shares of FirstSun common stock.
• The RSUs were assumed by FirstSun and converted into FirstSun restricted stock units based on the same exchange ratio.
• Following these transactions, John Hakopian no longer beneficially owns any shares of First Foundation Inc. common stock.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral to slightly positive event for the reporting person, as their equity is converted into the acquiring entity, maintaining an investment in the combined, presumably stronger, entity post-merger.

Positives

• The merger with FirstSun Capital Bancorp has been completed, indicating a strategic transition for First Foundation Inc.
• The reporting person's equity holdings have been converted into shares of the acquiring entity, FirstSun Capital Bancorp, maintaining an equity interest in the combined entity.

Negatives

• The reporting person no longer holds direct or indirect beneficial ownership in First Foundation Inc. common stock, reflecting the cessation of First Foundation as an independent entity.

Future Outlook

The filing indicates the completion of the merger, meaning First Foundation Inc. as a standalone entity no longer exists. The future outlook for the reporting person's equity is tied to FirstSun Capital Bancorp.

Industry Context

StockSavvy.ai notes that this Form 4 filing confirms the finalization of the merger between First Foundation Inc. and FirstSun Capital Bancorp, a common occurrence in the financial services sector as companies seek scale, market share, or operational efficiencies through consolidation. This transaction reflects ongoing M&A activity within the banking and financial services industry, where smaller or regional players are often acquired by larger institutions.

Comparison to Industry Standards

• The exchange ratio of 0.16083 shares of FirstSun common stock for each First Foundation share is a specific merger term. Without details on the pre-merger valuations or the strategic rationale, a direct comparison to industry benchmarks like the Truist-SunTrust merger (which had a 1.275 exchange ratio) or the PNC-BBVA USA acquisition (an all-cash deal) is not directly provided by the filing.
• The conversion of restricted stock units (RSUs) into equivalent units of the acquiring company is a standard practice in M&A to retain executive talent and align incentives post-merger, similar to how RSUs were handled in the TD Bank acquisition of First Horizon or the U.S. Bancorp acquisition of Union Bank.

Stakeholder Impact

• Shareholders (of FFWM): Their shares have been converted into FirstSun Capital Bancorp shares, impacting their future investment performance based on FirstSun's trajectory.
• Employees (of FFWM): The reporting person, as an executive, has had their equity converted, indicating continuity of employment or a structured exit, which can set a precedent for other employees' equity.

Next Steps

• The reporting person's future equity holdings and compensation will be tied to FirstSun Capital Bancorp.
• Ongoing integration activities between First Foundation Inc. and FirstSun Capital Bancorp.

Key Dates

Recommendation

This Form 4 filing reports a mandatory transaction resulting from a completed merger, not a discretionary trade based on new company performance or outlook. For investors holding FFWM, the recommendation would have been to hold until the merger conversion, and now their investment is in FSFN. For those considering FFWM, it's no longer an independent entity. Therefore, a 'hold' on the *previous* FFWM position, now converted to FSFN, is appropriate, as the filing itself doesn't provide new information to change an investment thesis on the *combined* entity.

Keywords

First Foundation Inc., FFWM, FirstSun Capital Bancorp, Merger, Form 4, Beneficial Ownership, Stock Disposition, Restricted Stock Units, Executive Compensation, John Hakopian