First Fed Bank is headquartered in Port Angeles and is the 11th largest bank in the state of Washington. It is also the 540th largest bank in the nation. It was established in 1923 and as of June of 2022, it had grown to 287 employees at 14 locations. First Fed Bank has an A health rating.
I've been a First Fed customer for 13 years, and am still periodically amazed by how naturally customer service comes to them. They are an old-fashioned conservative bank, so getting a mortgage from them is no cakewalk, but in every other regard, they make life incredibly easy.
My favorite First Fed story: Several years ago, I mistook a 4 in the thousands column of my checkbook register for a 9, and proceeded to record my balance $5,000 higher than it actually was in my checking account. While making a smallish debit-card purchase, my card bounced. First I tracked my balance back and found the error. I called First Fed immediately to tell them I'd be in the next day to move money around. Here's what they said to me: "Oh, there's no rush. We'll just hold off on clearing any checks for the next couple of days til you come in." As a result, there were no fees of any kind attached to my blunder. What bank does this for a garden-variety retail customer?
(I realize this story makes me sound like a serious flake. I'm actually not -- there were a bunch of special circumstances temporarily in play.)
|FDIC Certificate #||28405|
|Return on Assets - YTD||0.73%|
|Return on Equity - YTD||7.54%|
|Annual Interest Income||$35.9MM|
|Assets and Liabilities|
|Assets||Q2 2022vs Q2 2021||$2.01B$1.78B|
|Loans||Q2 2022vs Q2 2021||$1.46B$1.25B|
|Deposits||Q2 2022vs Q2 2021||$1.60B$1.47B|
|Equity Capital||Q2 2022vs Q2 2021||$178.9MM$191.1MM|
|Loan Loss Allowance||Q2 2022vs Q2 2021||$15.7MM$14.6MM|
|Unbacked Noncurrent Loans||Q2 2022vs Q2 2021||$1.3MM$1.7MM|
|Real Estate Owned||Q2 2022vs Q2 2021||$0$0|
Rates for First Fed Bank are currently being reviewed.