First Foundation's next CFO, TIFIN adds new executives and more

August 4, 2023 3:35 PM

First Foundation lines up James Britton as its next CFO, AI wealth platform TIFIN announces additions to its executive leadership team and more in the weekly banking news roundup.

First Foundation Inc building in Irvine, California

First Foundation lines up its next CFO

First Foundation's new finance chief is set to join the company this month, nine months after its former chief financial officer resigned. James Britton will begin at Dallas-based First Foundation on Aug. 14 and report to President and CEO Scott Kavanaugh, the company said in a press release. Britton succeeds Amy Djou, who took over finance duties on a temporary basis when the company's ex-CFO, Kevin Thompson, left First Foundation in November 2022. Since March 2022, Britton has served as CFO and chief operating officer of Texas Security Bank and, prior to that role, he was the director of corporate finance and director of investor relations at Texas Capital Bank, according to the press release. Djou will continue in her role as chief accounting officer and deputy CFO, the company said. First Foundation, the parent company of First Foundation Bank, made several management changes late last year following the exit of former President David DePillo and Thompson, who went on to become the CFO at PacWest Bancorp in Los Angeles. —Allissa Kline

AI platform TIFIN announces additions to its executive leadership team

On Wednesday, AI wealth-platform TIFIN announced the additions of Stacy Carter and Bhavna Thakur to its executive leadership team. As COO of TIFIN, Carter, who most recently was chief legal officer and SVP of business affairs at Techstars, will oversee financial, legal and people operations. Thakur will leverage her 23-plus years of investing, investment banking, capital markets, M&A, corporate finance and legal experience as COO of subsidiary TIFIN.AI. TIFIN was founded by Dr. Vinay Nair, a former Wharton professor and successful entrepreneur, to build engaging and intelligent wealth experiences for its growing client base. –Traci Parks

Coastal Financial beefs up executive ranks, with compliance emphasis

Coastal Financial Corp. in Everett, Washington, named Brian Ferrell head of financial crimes compliance and Bill Rhodes as chief audit executive. The $3.5 billion-asset parent of Coastal Community Bank said in a press release Tuesday the hires were part of the company's efforts to bolster its leadership as it grows and manages more complex compliance matters. Ferrell previously held leadership roles in the U.S. Department of the Treasury, The Hartford Financial Services Group and, most recently, EY. Rhodes has held leadership positions at Silicon Valley Bank. PricewaterhouseCoopers, TD Bank Financial Group and Arthur Andersen. "The invaluable skills and expertise that Brian and Bill bring to our organization will further enhance Coastal's transition to a larger, more complex, and dynamic entity," CEO Eric Sprink said in the release. – Jim Dobbs

Mid-Southern in Indiana to discontinue trading on Nasdaq

Mid-Southern Bancorp in Salem, Indiana, said Wednesday it intends to delist its common stock from the Nasdaq and withdraw its registration with the Securities and Exchange Commission. The $266 million-asset parent of Mid-Southern Savings Bank said in a press release that it concluded "the significant costs and regulatory compliance burden outweigh the benefits of remaining an SEC-reporting, Nasdaq-listed company." The company said the changes would take effect Aug. 14. Mid-Southern said it expects its common stock will be quoted on the OTCQX Market beginning on Aug. 15. It will retain the trading symbol MSVB. — Jim Dobbs

Union Savings Bank announces executive management changes

Connecticut-based Union Savings Bank announced Tuesday that CEO Cynthia C. Merkle will retire. The community bank's board of trustees elected Chelen Reyes, USB's current president, to serve as president and CEO. Merkle joined USB in 2013, and became the bank's first woman president and CEO in 2015. Under her leadership, USB grew to $3 billion in assets. Among her many contributions, Merkle expanded the bank's charitable foundation, helped establish the Teacher's Closet program to provide free school supplies to teachers in communities where students and their families experience financial challenges and created the USB Innovation Center through significant investments in technology and cybersecurity. — Traci Parks

Former First Republic Bank professionals join 1st Century Bank in Los Angeles

Lyndsey Hudgins and Josh Rogge join $385 million-asset 1st Century Bank from First Republic Bank as senior managing directors. 1st Century is a division of MidFirst Bank, the nation's largest privately owned bank. Hudgins served as First Republic's managing director and senior relationship manager for eight years, with ties to high-net-worth individuals and private firms. Rogge previously supported First Republic's Los Angeles South Bay presence as managing director for 11 years and will lead 1st Century's South Bay expansion. "Their philosophies of banking will fit well into our corporate culture, which is built on the extraordinary importance of personal attention, experienced guidance and commitment to the communities we serve," said Jason DiNapoli, CEO and president of 1st Century. — Sabrina Lee

Worldwide Foundation for Credit Unions launches new fundraising drive

The Worldwide Foundation for Credit Unions, which operates as the official engagement and fundraising arm of the World Council for Credit Unions in Madison, Wisconsin, announced Friday that the group is launching a $750,000 round of funding as part of its Members Helping Members campaign. The campaign, which is set to end on October 19, will provide WFCU with supporting capital for programs dedicated to global disaster aid, promoting diversity in the credit union movement and helping reach underserved consumers. "Together, we can move the needle on some of the significant challenges the global credit union system and its members face," Mike Reuter, WFCU executive director, said in a press release. — Frank Gargano