First Foundation, a financial services company with two wholly owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, appointed Thomas C. Shafer as its CEO. Shafer’s appointment follows the retirement of Scott F. Kavanaugh, who has served the company 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 directors of First Foundation and First Foundation Bank.
“I am honored to be First Foundation’s next chief executive officer, and I thank the board of directors and Scott for the confidence they have shown in me to lead this great organization,” Shafer said.
“We are excited to welcome Tom to First Foundation and look forward to his leadership in this new chapter,” Max Briggs, chairman of First Foundation, said. “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. And 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 last 17 years, and I am proud of how far it has come and the impact it has had on our community,” Kavanaugh said. “I am thrilled that Tom has been named my successor and am confident First Foundation will thrive under his leadership.”
Shafer previously served as co-president of commercial banking and senior executive vice president of Huntington Bancshares following its merger with TCF Financial in June 2021, until his retirement in December 2022. Prior to the merger, he served as chief executive officer of TCF National Bank and vice chairman of the board of TCF Financial from October 2020 until the merger. At March 31, 2021, TCF Financial had total assets of approximately $49.5 billion. Prior to this, Shafer served as chief operating officer of TCF Financial and president and chief operating officer of TCF National Bank beginning in August 2019. Before those roles, he served in multiple executive positions at TCF Financial’s and TCF National Bank’s predecessor organizations since 2011, including serving 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.
