The president of First Foundation in Dallas has resigned.
The $12.3 billion-asset company said in a press release Tuesday that David DePillo, who had been president since 2015, had stepped down.
Kevin Thompson, the company’s chief financial officer, succeeded DePillo on an interim basis. The company said it plans to conduct a search process for a permanent president.
“The entire executive management team appreciates the service David has given to First Foundation over the last seven years,” Scott Kavanaugh, First Foundation’s CEO, said in the release. “His contributions to the bank and his commitment to the execution of strategic initiatives have been meaningful.”
Thompson, who joined the company from Opus Bank, has been First Foundation’s CFO since 2020.
First Foundation did not provide a reason for DePillo’s departure.
The move could be tied to the company’s decision to slow down loan growth “to help alleviate pressure on the right side of the balance sheet,” Matthew Clark, an analyst at Piper Sandler, wrote in a note to clients.
Clark said the resignation “could potentially dampen” First Foundation’s growth prospects with multifamily lending, given DePillo’s experience and reputation in that space.