TOM C. SHAFER
CEOFIRST FOUNDATION
WHY: Long time banker, having been CEO of Chemical Bank and Talmer Bank. Also held various executive positions during 16 years at Citizens Republic Bancorp. Began banking career at Michigan National Bank of Detroit.
IN THE NEWS: Took over as CEO of First Foundation in 2024 after long-time CEO Scott Kavanaugh retired. While company moved HQ to Dallas in 2021, Shafer wants to emphasize Southern California. In late October, announced sale to First Sun for $785M.
NOTABLE: Bachelor’s degree from Hillsdale College, where he is a board member. Also graduate of the University of Wisconsin Graduate School of Banking. Former director of the Detroit Regional Chamber, past chair of Detroit Public Television, trustee of the Detroit Symphony Orchestra.
QUOTABLE: “Orange County continues to be great place for banks. With a forecast for interest rates to be declining, it’s typically a good sign for real estate where our market continues to be balanced on the consumer side and looks to be stabilizing in the office market. Unemployment is under 5% with really strong categories of high value jobs. Combined with the healthcare and biomedical industry segments, this should continue to be a strong region for the foreseeable future.”
