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Associated Press
23-07-2025
- Business
- Associated Press
Diane Davis Appointed to Boards of First Fed and First Northwest Bancorp
PORT ANGELES, Wash., July 23, 2025 (GLOBE NEWSWIRE) -- First Northwest Bancorp (NASDAQ: FNWB), the holding company for First Fed Bank, announced the appointment of Diane C. Davis to the Boards of Directors of both First Fed Bank and First Northwest Bancorp. Ms. Davis brings more than 25 years of leadership experience in the insurance industry, with expertise in executive management, strategy, risk management, and corporate governance. Further, Diane is an experienced community bank board member, having served on the board of First Financial Northwest Bancorp, which was acquired earlier this year. 'Diane's extensive experience in risk oversight and executive leadership will be a tremendous asset to our organization as we continue to grow and serve our communities,' said Geri Bullard, Interim CEO of First Fed. 'Her proven expertise in strategy and governance aligns with our long-term goals, and we are excited to welcome her to the Board.' 'Community banks play a vital role in building strong, resilient local economies, and I'm deeply passionate about supporting that mission. I'm honored to join First Fed's board and work alongside its dedicated executive team and fellow board members,' said Diane Davis. Ms. Davis began her career at Farmers New World Life Insurance Company in 1992 and advanced through a variety of leadership roles, including Chief Risk Officer and ultimately President from 2016 until her retirement in 2019. She also served as Regional Chief Risk Officer for Global Life North America at Zurich Insurance Company Ltd., bringing broad actuarial and strategic planning experience to her board role. She holds a Bachelor of Science in Actuarial Science from the University of Illinois at Urbana-Champaign and a Master of Business Administration from the University of Washington. A Fellow of the Society of Actuaries, Ms. Davis currently serves as co-chair of 5050 Women on Boards of Greater Seattle and is a former member of the Board of Directors for Habitat for Humanity Seattle-King County. Her appointment reflects First Fed's ongoing commitment to strong governance, sustainable growth, and long-term financial security for its customers and communities. About FNWB First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently, First Fed has 18 locations in Washington State including 12 full-service branches. First Fed's business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. First Fed is headquartered in Port Angeles, Washington. First Fed Bank was recognized by Puget Sound Business Journal as a Best Workplace in 2023 and top Corporate Philanthropist in 2023 and 2024. By popular vote, First Fed received 2024 awards for Best Bank and Best Lender in Best of the Peninsula for Clallam County. First Fed is a Member FDIC and equal housing lender. Geri Bullard, Interim CEO / Chief Operating Officer First Fed 105 W. Eight Street Port Angeles, WA 98362 360-565-8556
Yahoo
15-07-2025
- Business
- Yahoo
First Fed Bank CEO resigns, COO tapped as interim chief
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. First Northwest Bancorp and First Fed Bank CEO Matthew Deines has resigned from his posts, including as a member of the boards, effective Saturday. Geraldine Bullard, the chief operating officer of the company, has been appointed as interim CEO of the Port Angeles, Washington-based entities, effective Sunday, but she will continue in her role as COO, the company said Wednesday. The boards and Deines have 'mutually agreed' on the resignation and that his 'departure is not a result of any disagreement with the Company or the Boards,' the company said in a filing Wednesday with the Securities and Exchange Commission. The boards have appointed an executive search firm to help find the best suitable candidate to take over the helm of the company. 'As we begin the executive search for Matt's replacement, we have full confidence in Geri to lead the organization during this transition,' Cindy Finnie, chair of the boards of First Northwest and First Fed, said in a prepared statement while praising Deines for his service and commitment to the company. 'With deep experience and a strong understanding of First Fed's mission, Geri is well-positioned to provide stable, effective leadership as we conduct a thoughtful and thorough search for a replacement CEO.' Deines' exit comes close on the heels of a lawsuit filed last month by 352 Capital Group LLC, a hedge fund operated by Jefferies Financial Group, against First Fed Bank to recover roughly $107 million along with interest, punitive damages and legal fees. The lawsuit centers on an alleged fraudulent scheme involving Water Station Management, which is in involuntary bankruptcy proceedings in the Eastern District of Washington, the lender said in an SEC filing in June. The complaint alleged that Water Station Management and affiliated entities misappropriated over $100 million from bond investors. The bond proceeds were allegedly used to repay earlier investors and creditors, including First Fed Bank, rather than for the disclosed purpose of expanding Water Station Management's business. First Fed Bank allegedly aided and abetted this fraud, participated in a conspiracy to commit fraud, and was unjustly enriched. 'The Company and the Bank strongly dispute the allegations contained in the Complaint, and intend to vigorously defend against the claims,' First Fed said in the June SEC filing signed by Deines. The company has set aside $5.8 million in legal reserves, established in the first quarter of 2025, while management hopes to recoup at least part of this reserve over time, according to analysts at Piper Sandler. However, they expect additional legal costs if the lawsuit goes to trial. 'While undoubtedly a difficult decision, we can understand the [board's] reasoning behind seeking new leadership given FNWB's challenging last few years, noting Mr. Deines' contract was scheduled to expire in December,' the analysts wrote in their note Wednesday. They are optimistic about a smooth transition and do not expect any near-term strategy impacts, 'as hopefully positive progress unfolds resolving certain ongoing matters.' Deines was elected CEO of the company in August 2019. He has over two decades of industry experience. Prior to joining First Northwest, he was CFO at Liberty Bay Bank and Sound Community Bank in the Seattle area. He has also worked as an audit supervisor at McGladrey & Pullen, according to his LinkedIn profile. 'I could not be more honored to have led First Fed and First Northwest as CEO over the past six years,' Deines said in a statement. 'This Company is made up of a very special group of people who serve Western Washington at a time when the role of community banks has never been more essential.' Under the separation agreement, the outgoing CEO will get $515,000, which is equivalent to one year of base salary, and a payment equal to 90 days of COBRA premiums. Most unvested equity awards will be forfeited without payment, except 5,996 restricted shares granted on March 7, 2025, which will immediately vest in full, the SEC filing said. Additionally, Deines will be paid $250 hourly for cooperation during the transition period. The incoming interim chief received a compensation hike for taking on the interim CEO role. Her salary increased from $143,000 annually to $498,000 during her tenure, which is not to exceed 12 months. She will also receive a retention bonus of $250,000, which will be given if she remains employed through the 61st day following the start of a permanent CEO, according to the SEC filing. Bullard joined the company in 2020 as senior vice president and treasurer. She was promoted to the ranks of executive vice president and COO in March. Before joining First Fed, Bullard served as controller in Salal Credit Union, CFO at First Sound Bank, and controller at Sound Community Bank, where her nearly 18 months of tenure coincided with Deines'. She has also worked as the CFO of The Bank of Washington and as a bank examiner at the State of Idaho. 'I look forward to working closely with the Board, our dedicated management team, and our exceptional employees across Washington as we continue our long-standing commitment to the communities we've proudly supported for over a century,' Bullard said in a prepared statement. Recommended Reading Judge sides with Fed in Custodia master account ruling
