History

Our local community bank has served our customers and communities since 1923. Browse milestones and moments from our first 100 years.

Unless otherwise noted, quotes in the timeline come from the book "Your First Fed: A History of First Federal Savings and Loan Association of Port Angeles (1923 - 2008)" by former CEO Karen L. McCormick and Rebecca Redshaw which was published in 2017.


Founded in Port Angeles

 First check written for $2 to the State Auditor. First home loan for $500.

First Federal Savings and Loan Association of Port Angeles

Company name was changed legally to First Federal Savings and Loan Association of Port Angeles from from Lincoln Savings and Loan Association.

First Million in Assets

The bank passed $1,000,000 in assets in 1944, at the tail-end of World War II. "First Federal's assets grew...driven by investment account growth as nervous citizens stockpiled their wealth."

Chicken Feed Dollar-Builder Swag

Savings campaign swag with placeholders to save dimes.  
The small change some call “chicken feed” 
in time becomes Big Money; 
When saved, you’ll find it can indeed  
Make rainy days turn sunny! 
DON’T spend all that “chicken feed”... 
Save some of yours, inside; 
Then plant with use, like garden seed, 
And watch it grow—with pride! 

Port Angeles Admin opened at First and Oak

An Open House was held to celebrate new Administration headquarters at First and Oak.

50th Anniversary Celebration

"At First Federal the year 1973 marked the Association's fiftieth anniversary and it celebrated in style. The S&L's staff had grown to nineteen people, yet the close-knit, family atmosphere remained. For the week-long celebration, the women on staff wore hand made matching gold vests and men wore matching goldprint ties. New stationery was printed with the words: "Our 50th Year" placed next to a new logo that was designed by employees Karry Kreider and Jean Graham. The logo featured two bold letters "F", one placed vertically over the other and both surrounded by a thin rectangular border. Gone was the original florid script and in its place was  simple, contemporary type."

First commercial business loan

Former CEO Karen McCormick was a loan officer at the time. She remembered, "In the early days the loan process was so different. Eleven loan officers would gather in the main office upstairs twice a week. Almost everyone smoked and with the doors closed the smoke got so thick we could hardly see each other. We brought our loan applications and presented to the group. Later people would ask me jokingly, 'What did you do, raise your hands and vote?' Yes, that's exactly what we did."

First ATMS

Automated teller machines (ATMs) introduced at its Eastside and Sequim Village branches. The bank joined "The Exchange," a network of cash machines that provided account access outside of the immediate market area. Ad reads, "I'm your newest cash machine and I'm open for business 24 hours a day, seven days a week...If you're short of money after banking hours...I can help!"

First Branch in Jefferson County

First Debit Cards

"Electronic banking was here to stay and the Association introduced its new debit card program in July 1997."
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Online Banking Launched

"(CEO Karen) McCormick recognized that times had changed, and First Federal needed to change with them." Quote from the book "Your First Fed: A History of First Federal Savings and Loan Association of Port Angeles"

Cookie Jar Swag

First Federal Logo

"An emerald green logo with contemporary design replaced the S&L's long-time FF logo."

First Branch in Kitsap County

The Silverdale branch on Bucklin Hill Road opened in 2014. 

First Branch in Whatcom

The first Bellingham branch opened on Barkley Boulevard on November 9, 2015. Jami Peterson started there originally as a Universal Banker, then was promoted to Assistant Branch Manager, and now leads the Barkley team as Branch Manager.
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Largest WA Lender of Mainstreet Loans

First Branch in King County

First Fed acquired the Bellevue branch from Sterling Bank and Trust. Branch Manager Nicole Zhao and Universal Banker Toshi Mei stayed with the branch, joining the First Fed team. 

Name changed to First Fed Bank

Our customers, partners, and employees had called us First Fed for years. The name was changed legally in October 2021.

100th Anniversary

Centennial celebration in summer 2023 held in Port Angeles. Open to the community.

 

Thank you to all our team members, leaders, customers, and communities who contributed to our first 100 years in business! We are looking forward to continuing to grow, deliver excellence, and give back to our communities in the next 100 years.