On November 22, Dallas-based First Foundation Inc., the parent company of Irvine, California-based First Foundation Bank, announced the appointment of Thomas C. Shafer as chief executive officer. His appointment follows the retirement of Scott F. Kavanaugh, who has served as CEO since 2009 and as a member of the board of directors since 2007. Shafer will also serve as First Foundation Bank’s CEO and has joined the boards of First Foundation Inc. and First Foundation Bank.
“Tom 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,” says Max Briggs, chair. “On behalf of the board of directors and our stockholders, I would like to thank Scott 
for his loyal service and leadership to First Foundation. As one of our founders, Scott’s leadership and vision built the multi-state, financial services company that First Foundation is today. We wish him and his family all the best in his retirement.”
“It has been a privilege to serve First Foundation for the past 17 years, and I am proud of how far it has come and the impact it has had on our community,” Kavanaugh says. “I am thrilled that Tom has been named my successor and am confident First Foundation will thrive under his leadership.”
Shafer previously served as senior executive vice president/co-president of commercial banking at Huntington Bancshares Inc. following its merger with TCF Financial Corp. in 2021. He retired from that post in 2022. Prior to the merger, Shafer served as CEO of TCF National Bank and vice chair of TCF Financial Corp. from October 2020 until the merger. Before that, he was chief operating officer of TCF Financial Corp. and president and chief operating officer of TCF National Bank. Earlier in his career, he served in multiple executive positions at TCF Financial Corp.’s and TCF National Bank’s predecessor organizations, including as the CEO of Chemical Bank from 2016 to 2019.
Shafer is a graduate of Hillsdale College and the University of Wisconsin’s Graduate School of Banking.
Established in 2007, First Foundation Bank operates 30 banking offices in Texas, California, Florida, Nevada and Hawaii. Its parent company, First Foundation Inc., also operates First Foundation Advisors.
