First Foundation hires former TCF executive as its new CEO

Scott Kavanaugh is retiring as CEO of First Foundation in Dallas.

The $13.6 billion-asset company said in a press release that Thomas Shafer had become its CEO and had also succeeded Kavanaugh as the CEO of First Foundation Bank.  Shafer also joined the company’s board.

Shafer was CEO of TCF National Bank and vice chairman of TCF Financial when it was sold to Huntington Bancshare in June 2021. He retired from Huntington a year later.

Kavanaugh had led the company since 2009.

“We are excited to welcome Tom to First Foundation and look forward to his leadership in this new chapter,” Max Briggs, First Foundation’s chairman, said in the release. “He is a successful career bank executive bringing four decades of experience, including leadership at regional banks. I am confident that he will be able to guide the company to achieve our strategic objectives.”

First Foundation earlier this year raised $228 million to help it absorb losses from selling $1.9 billion of multifamily loans.