Scott Kavanaugh says he started First Foundation right before the 2008 financial crisis. ’I was very scared,’ he said.
“I had a lot of people say that I hadn’t created my own business,” said Kavanaugh, 61. “I really wanted to prove to myself and others that I could build a bank. It wasn’t so much for the money as to show myself I could run a franchise and business.”
That job was at White Stores in Knoxville, Tenn., where he grew up. His interest in numbers started in grade school because he had encouraging math teachers, he said. Kavanaugh found his stride trading stocks and bonds at Great Pacific Securities in Irvine, Calif. He was trading hundreds of millions of dollars a day and loved the fast-paced work.
In 2006, he started mapping out plans for his own bank, which ultimately took a year to get regulatory approval. He had to create a three-year business plan, as well as policies and procedures, to show regulators, he said.Related:Difficult times “I spent eight or nine days on the road trying to raise capital, and we failed,” he said. “And that was pretty brutal.”“When I came back, everyone was looking at me like, ‘What do we do?’ And I said, ‘Well, we’re going to tuck our hands and work hard.’”
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