First Foundation hires outsider as CEO amid strategy overhaul [Yahoo! Finance]
First Foundation Inc. (FFWM)
Last first foundation inc. earnings: 4/22 05:00 pm
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Source: Yahoo! Finance
Banking industry veteran Thomas Shafer, 66, is coming out of retirement to take the reins from longtime CEO Scott Kavanaugh, the bank announced Friday. Kavanaugh, who helped found the bank and has served in leadership positions there for 17 years, resigned from his C-suite role and board position Thursday. In a prepared statement, Kavanaugh said he's confident First Foundation will "thrive" under Shafer's leadership. The incoming CEO is inheriting the role at a precarious time, as First Foundation works on executing a strategy overhaul. In July, Fortress Investment Group led a $228 million capital infusion to provide some balance-sheet flexibility after an outsized exposure to long-term, fixed-rate multifamily loans put pressure on earnings as interest rates shot up. The bank has since promised a laundry list of operational changes, including slimming down its commercial real estate book, building up its core deposits, increasing its cushion for loans going sour and beefing u
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News
- First Foundation Inc. Announces Retirement of CEO Scott F. Kavanaugh and Appointment of Thomas C. Shafer as Successor [Yahoo! Finance]Yahoo! Finance
- First Foundation Inc. Announces Retirement of CEO Scott F. Kavanaugh and Appointment of Thomas C. Shafer as SuccessorBusiness Wire
- EverBank Expands Commercial Offerings with New Public Finance Business, Led by Trevor Mael [Yahoo! Finance]Yahoo! Finance
- Shareholders in First Foundation (NYSE:FFWM) are in the red if they invested three years ago [Yahoo! Finance]Yahoo! Finance
- First Foundation Inc. (NASDAQ: FFWM) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating.MarketBeat
FFWM
Earnings
- 10/30/24 - Beat
FFWM
Sec Filings
- 11/22/24 - Form 4
- 11/22/24 - Form 3
- 11/22/24 - Form 8-K
- FFWM's page on the SEC website