BUZZ-New CEO could make First Foundation potential sale candidate sooner, Piper Sandler says

Reuters11-22

BUZZ-New CEO could make <a href="https://laohu8.com/S/FFWM">First Foundation</a> potential sale candidate sooner, Piper Sandler says

Updates

** Regional lender First Foundation FFWM.N announces retirement of CEO Scott Kavanaugh after ~15 years at the helm

** Former Huntington Bancshares HBAN.O executive Thomas Shafer set to succeed Kavanaugh

** Piper Sandler says Shafer is well-known on the Street and highly respected, given his strong leadership at other banks and ability to fix certain distressed situations

** Brokerage says the appointment could accelerate turnaround process and make FFWM potential sale candidate sooner than previously anticipated, given Shafer's track record

** FFWM, which has a huge portfolio of multi-family real estate loans, had disclosed a $228 million "unexpected" capital raise in July

** Meanwhile, Raymond James says, with the recent capital raise and a plan in place for balance sheet optimization, Kavanaugh leaves the bank well-positioned for Shafer to continue with the turnaround

** Brokerage says Kavanaugh is leaving the bank in capable hands, given Shafer's experience running larger banks and executing on deal

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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