Companies Leaving California
First Foundation Bank Leaves California for Texas
First Foundation Bank left California for Texas in 2021. The company employs approximately 420 people, though it is unclear how many were directly affected by the relocation.
In Buildremote's database of companies leaving California, First Foundation Bank is one of 109 companies that have moved to Texas — 53% of our total database, and one of 60 that left (29% of all tracked departures) in 2021. First Foundation Bank is also one of 71 companies with between 100 and 999 employees to have left the state, accounting for 34% of all relocations in our database.
See all companies that moved to Texas → · See all companies that left California in 2021 →
Moved To
Texas
When
9/26/2021
Employees
420
Moved From
California
"The Dallas-Fort Worth area today reminds me of what Southern California was like 30 years ago, where First Foundation started, and for me personally, it is nice to return to Texas as my roots are in the South,” Scott F. Kavanaugh, CEO of First Foundation Inc. said recently. “Texas has such a business-friendly environment which gives us confidence in being able to serve the communities of Dallas with our high standard of exceptional client care." — Source
Frequently Asked Questions
When did First Foundation Bank leave California?
First Foundation Bank left California in 9/26/2021.
Where is First Foundation Bank headquartered now?
First Foundation Bank relocated its headquarters to Texas after leaving California.
Why Are Companies Leaving California?
Companies cite a consistent set of reasons for leaving California: taxes, regulation, and the cost of living. Executives have pointed to the ability to reduce state corporate tax rates by more than a third after relocating, and many describe searching for a "more sustainable place to do business." California's regulatory environment is frequently mentioned — in the state, "local rules could dictate how the company chooses board members, for instance."
Talent is another major factor. While California has long been a talent magnet, executives now describe finding "a great talent pool" in their new states — and the ability for employees to actually afford to live there. As one CEO put it, their employees can be homeowners in Texas, "which in the Bay Area is virtually impossible."
Others cite cultural reasons: an "increasing intolerance and monoculture of Silicon Valley," and a desire to find a state with "a strong economic climate with low taxes, reasonable regulations, and a high-caliber workforce." States like Texas, Florida, and Arizona have actively marketed themselves as alternatives — Arizona, for instance, offering "the ideal conditions of being business-friendly, offering a high quality of life at reasonable cost."
For many companies, the decision comes down to practical business needs: "our business needs, opportunities for cost savings, and team members" — and an acknowledgment that there were "some symmetries in the way that the Bay Area works that just didn't really work well for us."
Buildremote Research
Companies Leaving California — The Complete Database
Every company that has left California since 2020. Destinations, dates, employee counts, and sources — all in one spreadsheet.
Related California Research
Want to track the entire trend of companies leaving California since 2020? See the statistics and notable companies who have left. Or, access the entire database of 207+ companies.
Discuss First Foundation Bank's Move
Data compiled by Buildremote. Last updated April 23, 2026. Sources linked above.