About Us

Mission Statement | Community Dividend Program | History | Directors | Officers | Statement of Condition | Today's Mutual Community Banks | 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.

Community Dividend Program (top)

By our very design as a mutual organization, no other bank on the peninsula can do what we can do. Rather than serving shareholders, we have the freedom to whole-heartedly serve our community, reinvesting profits into everything we love about the Olympic Peninsula.

More information about First Federal's Community Dividend Program is available at  www.doinggoodfeelsgood.com. This site is designed to be a resource for volunteers and for members of the community looking for volunteer opportunities.

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 October 21, 2009

• Jimmy D. Ray, Chairman
• Lloyd J. Eisenman, Vice-Chairman
• David A. Blake
• David T. Flodstrom
• Richard G. Kott
• Levon L. Mathews
• Stephen E. Oliver
• Brent S. Shirley

Directors Emeritus

• Dr. George J. Bell
• James M. Harvey
• Louella Lawrence

Back: David Blake, David Flodstrom, Richard Kott, Lloyd Eisenman, George Bell. Middle: Louella Lawrence, James Harvey, Levon Mathews, Stephen Oliver, Brent Shirley
Front: Jimmy Ray

officers* (top)

*Elected October 21, 2009

statement of condition June 30, 2009  (top)

Notes to Financial Statement:

1.) This Statement of Condition was prepared by First Federal personnel in accordance with the regulatory reporting requirements of the Office of Thrift Supervision (OTS) and is based on June 30, 2009 audited financial statement figures rounded to the nearest thousand. Core Capital and Total Capital are the elements of 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 06/30/09, as well as the amount of Regulatory Capital First Federal has available to meet or exceed the requirements.

2.) Copies of the 6/30/09 annual 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, WA 98362

3.) I, Laurence J. Hueth, Senior Vice President/CFO/Treasurer 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)

Laurence J. Hueth

Senior Vice President

CFO/Treasurer                                                                                                                                                                                                                                     

Today's Mutual Community Banks

This important booklet tells the story of mutuality. It discusses the mutual charter and the benefits it provides to families, communities and the nation. It answers questions about the value and importance of mutual ownership in today's marketplace and explains why that value increases in a competitive global economy.

press releases (top)