Reported about 19 hours ago
First Foundation has announced the appointment of Thomas Shafer as its new CEO, taking over from Scott Kavanaugh, who resigned after 17 years. Shafer, a seasoned banking executive known for leading banks through acquisitions, is stepping back into the industry following a retirement in 2022. The bank is undergoing a strategic overhaul, including reducing its real estate portfolio and boosting core deposits, having recently received a $228 million capital infusion to alleviate financial pressures. Analysts believe Shafer's extensive experience may facilitate a quicker turnaround and potentially make First Foundation a sale candidate in the near future.
Source: YAHOO