Our History

First Fed is the only community bank headquartered 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. 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.

First Fed has continued to grow along with the financial needs of our area. Our reason for existence is to supply the community with a safe and sound bank 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 101 years.

Today First Fed has 15 locations including 11 full-service branches in Clallam, Jefferson, King, Kitsap, and Whatcom counties. First Fed 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.

Browse milestones and moments from our first 100 years in the PNW.

Founded in Port Angeles

1923

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

First Federal Savings and Loan Association of Port Angeles

1934

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

First Million in Assets

1944

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

1955

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

1961

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

Port Angeles Admin opened at First and Oak

1961

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

50th Anniversary Celebration

1973

To commemorate the 50th anniversary, “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."

50th Anniversary Celebration

1973

"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."

First commercial business loan

1983

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

1984

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

1989

Bank President Harvey “saw additional growth opportunity in neighboring Jefferson County, believing that First Federal’s unique blend of personalized customer service, professional products and services, and strong community support would resonate with the citizens of Port Townsend.”

Online Banking Launched

1998

"(CEO Karen) McCormick recognized that times had changed, and First Federal needed to change with them."

First Debit Cards

1997

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

Cookie Jar Swag

2000s

These charming ceramic First Federal Savings & Loan cookie jars were created in the early 2000s as part of a marketing initiative. Occasionally, they can still be spotted in and around the Port Angeles area.

First Federal Logo

2008

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

First Branch in Kitsap County

2014

The Silverdale branch on Bucklin Hill Road opened in 2014.

First Branch in Whatcom

2015

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.

Largest WA Lender of Main Street Loans

2020

The Main Street Lending Program was a government program created in 2020 to support small and medium-sized businesses and nonprofits harmed by the COVID-19 pandemic. First Fed partnered with local businesses to support them with lending programs like Main Street and PPP loans throughout the pandemic.

First Branch in King County

2021

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.

To better serve the diverse community, our Bellevue team can assist customers in English, Cantonese, Mandarin, and Vietnamese.

Name changed to First Fed Bank

2021

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

Earlier that year, we also updated our logo. As part of our brand refresh we began incorporating natural elements into our branches, like our signature moss walls, to embrace our PNW heritage.

100th Anniversary

2023

Our Centennial Celebration was held on September 3, 2023. The free community event took place in our hometown of Port Angeles, in and around Field Hall.

“While we have expanded significantly since 1923, our commitment to our customers and communities has only grown stronger over the last 100 years,” said Matt Deines, CEO of First Fed.

The festivities included food trucks, beer garden, family activities, community corner, love local showcase, and live music by PNW bands.

View Photos View Love Local Showcase Videos

Nasdaq Closing Bell Ceremony

2024

CEO Matt Deines rang the bell during the Nasdaq Closing Bell Ceremony on Monday, April 22, 2024. Our Executives and Board of Directors also participated in this special event.

FNWB is the only public company headquartered on the Olympic Peninsula and the holding company for First Fed Bank, which is celebrating 101 years serving customers and communities.

View Photos and Video

Community Spirit Day

2024

First Fed's first annual Community Spirit Day took place on June 5, 2024. Our branches were closed for half a day so our team members could volunteer with Habitat for Humanity, which is dedicated to affordable housing.

Our team of 147 volunteers contributed over 600 hours at Habitat stores and build sites across the Puget Sound. Volunteers constructed, painted, organized, and cleaned for the love of humanity.

View Photos and Video

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.