about us
Mission Statement | History | Directors | Officers | Statement of Condition | Press Releases
Our Vision for First Federal
First Federal is committed to being a customer owned and locally managed financial institution, pledging our resources to the customers and communities we serve.
Mission Statement (top)
We support our customers, encourage economic development and improvement of the quality of life in the communities we serve by providing superior customer service, innovative financial products, and outstanding financial performance.
Our History (top)
First Federal is the only locally owned and managed savings & loan on the North Olympic Peninsula. We opened our doors in 1923 under the name of Lincoln Savings and Loan. As time went on many things changed: Our name, our size, and the ever-growing list of products and services that we offer. We know you will find that our commitment to our communities, to our customers, and to our staff has remained strong.
We made our first home loan on April 18, 1923, for $500.00. The proud new owners had a payment of $10.82 per month, wood heat, no electricity and no indoor plumbing!
During the lean times of the 1930's we continued to pay dividends to our savings accounts and to make the loans which contributed to the stability and growth of our communities.
In the 1940's, First Federal sold war bonds and made money available to returning veterans through the Soldier's and Sailor's Civil Relief Act.
In 1961, the Hood Canal Bridge opened, as did First Federal's downtown office. We have remodeled that branch as part of the Downtown Port Angeles Revitalization Project.
The Port Angeles pier and waterfront were dedicated in 1980 and the Sequim Branch Library opened in 1983. During those years, First Federal was busy growing along with the financial needs of the area. We are one of the few mutually owned financial institutions in the State of Washington. Our reason for existence is to supply the community with a sound Savings and Loan Center where we encourage savings and invest those savings by making loans to you and your neighbors. This philosophy, and business style has helped people prosper in our community for over 75 years.
Today we are eight branches strong, serving Clallam and Jefferson Counties from Forks to Port Townsend. First Federal is rooted in the values and traditions that have strengthened our communities, and to this day continues its commitment to provide the best in financial services and community support, because we are community people!
Directors (top)
First Federal
Board of Directors 2007
- Jimmy D Ray, Chairman
- David T. Flodstrom, Vice-Chairman
- David A. Blake
- Lloyd J. Eisenman
- Richard G. Kott
- Karen L. McCormick
- Stephen E. Oliver
- Brent S. Shirley, Vice Chair
Directors Emeritus
- George J. Bell
- James M. Harvey
- Louella Lawrence
- Frank B. Platt
Back: David Flodstrom, Richard Kott, David Blake, Frank Platt, Lloyd Eisenman, George Bell
Middle: Lowella Lawrence, James Harvey, Karen McCormick, Brent Shirley, Stephen Oliver
Front: Jimmy Ray
officers (top)
| Chairman, Board of Directors | Jimmy D. Ray |
| Vice Chairman, Board of Directors | Brent S. Shirley |
| President & Chief Executive Officer | Karen L. McCormick |
| Corporate Secretary | Joyce L. Ruiz |
| Senior Vice President/Chief Financial Officer | Neal V. Brauner |
| Senior Vice President/Credit Administration | Roger D. Kelso |
| Senior Vice President/Human Resources | Elaine T. Gentilo |
| Senior Vice President/Retail Services | Connie D. Kemp |
| Senior Vice President/Sales & Marketing | Gina E. Lowman |
| Vice President/Commercial Loan Manager | Scott P. Bishop |
| Vice President/Internal Audit Manager | Daniel M. Castagna |
| Vice President/Asset Protection | Patricia A. Reidel-Gormley |
| Vice President/Business Development Officer | Shelli Robb-Kahler |
| Vice President/Director of Operations | Kim M. Romberg |
| Vice President/HR Generalist Senior | Tessa L. Rynd |
| Vice President/Sales Manager | Dawnya A. Textor |
| Vice President/Community Development Officer | Kendra C. Waggoner |
| Vice President/Residential Credit Administration Manager | Teresa K. Ward |
| Vice President/Controller | Regina M. Wood |
| Assistant Vice President/Assistant Controller | Christi-Anne M. Anton |
| Assistant Vice President/Security Officer | Patrick Edward Brady |
| Assistant Vice President/Systems and Services Manager | Michelle A. Catton |
| Assistant Vice President/Consumer Credit Admin. Manager | Anna M. Coburn |
| Assistant Vice President/Senior Auditor | Gloria S. Hacko |
| Assistant Vice President/Employee Training and Development | Diane M. Harrison |
| Assistant Vice President/Manager Eastside Branch | Pam K. Helpenstell |
| Assistant Vice President/I.T. Manager | Paula S. Johnson |
| Assistant Vice President/Commercial Credit Analytics Manager | TaraLee Kedish |
| Assistant Vice President/Product Development | Brian W. Kuh |
| Assistant Vice President/Senior Underwriter | Roberta A. Lang |
| Assistant Vice President/Manager Port Townsend Branch | Kelly A. Liske |
| Assistant Vice President/Senior Auditor | Charlotte L. Mills |
| Assistant Vice President/Manager Forks Branch | Traci D. Pederson |
| Assistant Vice President/Manager Sixth Street Branch | JoAnne K. Pinnell |
| Assistant Vice President/Appraisal Manager | Lisa J. Pluard |
| Assistant Vice President/Senior Underwriter | Kelly K. Raymond |
| Assistant Vice President/Manager Sequim Avenue Branch | Christine M. Rookard |
| Assistant Vice President/Loan Operations | Laura J. Rushton |
| Assistant Vice President/Facilities Manager | Kent A. Sommerfeld |
| Assistant Vice President/Manager Downtown Branch | Laurie M. Szczepczynski |
| Assistant Vice President/Marketing Manager | Mary Beth Wegener |
| Assistant Vice President/Loan Officer | Heather S. Wells |
| Assistant Vice President/Secondary Marketing/Systems | Barbara I. Wilson |
statement of condition 2007 (top)
ASSETS |
|
| Cash and Cash Equivalents | 9,967,720 |
| Investment Securities | 15,544,884 |
| Mortgage Backed Securities | 85,190,146 |
| Loans Receivable, Net | 568,610,201 |
| Federal Home Loan Bank Stock | 10,818,700 |
| Premises and Equipment, Net | 12,857,848 |
| Accrued Interest Receivable | 3,358,924 |
| Mortgage Servicing Rights | 2,500,658 |
| Bank Owned Life Insurance | 15,891,064 |
| Prepaid Expenses and Other Assets | 2,018,762 |
Total Assets |
$726,758,907 |
LIABILITIES |
|
| Customer Deposits | 495,327,350 |
| Advances From Federal Home Loan Ban | 151,038,730 |
| Other Liabilities | 9,109,991 |
| Total Liabilities | $655,476,071 |
CAPITAL |
|
| Retained Earnings | 71,282,836 |
| Total Liabilities & Capital | 726,758,907 |
Notes to Financial Statement:
1.) This statement has been prepared in accordance with the regulatory reporting requirements of the Office of Thrift Supervision (OTS). Core Capital and Total Capital are the elements of the regulatory capital determined under such reporting requirements. Regulatory Capital is a basis by which the OTS determines whether a savings association is operating in a safe and sound manner. The following table shows Minimum Regulatory Capital Requirements as of 12/31/07, as well as the amount of Regulatory Capital First Federal has available to meet or exceed the requirements.
| Regulatory Requirement | First Federal Position | |
| *Core Capital | $28,893,794 | $68,663,006 |
| **Total Capital | $35,490,999 | $70,315,525 |
2.) These are UNAUDITED Financial Statements prepared by First Federal S & L Association of P.A. personnel as of December 31, 2007. Copies of the Fiscal Year-Ended June 30, 2007 AUDITED Financial Statements are available to the public for a fee of $10.00, at our Main Office at 105 W. 8th Street, Port Angeles, Washington 98362
3.) I, Karen L. McCormick, President and Chief Executive Officer of First Federal, do hereby declare that this Statement of Condition has been prepared in conformance with the instructions issued by the Office of Thrift Supervision and is true to the best of my knowledge and belief.
Definitions:
* Core Capital = Equity less (servicing assets) plus (unrealized gains and losses)
** Total Capital = Core Capital plus (Loan Loss Reserves)
Karen L. McCormick
President/CEO
press releases (top)
| 08/07/2008 | First Federal Collects School Supplies for Children in Need |
| 07/17/2008 | First Federal announces Kathy Roblan promoted to Central Operations Manager |
| 07/11/2008 | First Federal receives 5-Star Rating |
| 07/08/2008 | First Federal Hosts Community Shred Event in Port Townsend |
| 06/27/2008 | First Federal Announces Promotion of Kim Romberg to Director of Operations |
| 06/20/2008 | First Federal Announces Loan Officer Placements |
| 06/12/2008 | First Federal Hosts Community Shred Event | 06/12/2008 | June Business Seminar Focuses on Marketing and Branding |
| 03/06/2008 | First Federal Opens Branch and Coffee Shop in Aldrich's Market |
| 02/04/2008 | Customer Appreciation Day at First Federal is February 8th |
| 01/04/2008 | First Federal announces 5-star Superior rating from Bauer Financial Inc. |
| 12/31/2007 | First Federal to Host Business Seminars |
| 12/10/2007 | First Federal Announces Twentieth Anniversary Celebration |
| 12/07/2007 | First Federal Savings and Loan's annual Banker's Bake Off is December 14th. |
| 11/19/2007 | First Federal Announces Promotions |
| 11/08/2007 | First Federal Announces New Branch Managers |
| 11/06/2007 | First Federal collecting new and gently used coats for Salvation Army Warm Coat Drive |
| 10/26/2007 | First Federal to Host Business Seminars |
| 10/26/2007 | First Federal Enhances Marketing & Sales Division |
| 10/12/2007 | Community Shred Event Slated for Sequim |
| 10/04/2007 | Community Shred Event Slated for Port Townsend |
| 10/04/2007 | First Federal to Host Business Seminars |
| 08/17/2007 | First Federal Enhances Commercial Lending Services |
| 08/16/2007 | First Federal Collects School Supplies for Local Children in Need |
| 08/15/2007 | First Federal Offers Online Mortgage Lending Services |
| 08/09/2007 | Community Shred Event Slated for Forks |
| 08/09/2007 | Special Event in Sequim to Kick-Off Saturday Hours |
| 08/09/2007 | Tracy Tally joins First Federal |
| 08/09/2007 | Cindy Primeaux Promoted to Residential Loan Officer |
| 08/04/2007 | Select First Federal Branches Now Open Saturday |
| 07/25/2007 | First Federal Announces Winner of Business Banking Laptop |
| 07/13/2007 | Kathleen Knuckey Joins First Federal Savings & Loan |
| 07/12/2007 | Suzette Reinke Promoted to IT Department Supervisor |
| 06/08/2007 | First Federal celebrating retirement of Michelle Anderson-Smith on June 15th |
| 04/30/2007 | First Federal celebrating Pet Appreciation Day on Friday, May 4, 2007 |
| 02/02/2007 | Customer Appreciation Day at First Federal |
| 01/03/2007 | First Federal earns 5-star Superior rating for 52nd consecutive quarter |