Olympia Federal Savings and Loan Association
Olympia Federal Savings and Loan Association is headquartered in Olympia and is the 19th largest bank in the state of Washington. It is also the 1,140th largest bank in the nation. It was established in 1906 and as of June of 2022, it had grown to 127 employees at 8 locations. Olympia Federal Savings and Loan Association has an A+ health rating.
Olympia Federal Savings
I have banked at Olympia Federal Savings near my home. I have been their customer for over 15 years. They served me really well, and we did get our house mortgage through them. We had no problems with any of our transitions. Once, needed to withdraw some money because I forgot my credit card, and I couldn't remember our account number, but within minutes, they pulled up my information and I got cash in hand with no problem.
Shady Practices
I am a 33 year active duty military member who applied for a Home loan with Olympic Federal Credit Union. I have a 780+ credit score and was putting 20% down. I locked my loan in at 4.1%, just before the feds raised rates again the next week. We had just paid for and received the $900 appraisal (later we found out that an appraisal wasn't even required on a home that was only a year old). At this point, they now wouldn't do my loan without some property clean up of old vehicles, a home inspection, and a requirement to put funds in escrow to do cosmetic repairs in the home, even though the home had just received a certificate of occupancy in 2021. I was also told by my loan officer, Rachel Rudenski, that her team had a meeting and the consensus was "this really isn't the property that they want to have a mortgage with." We truly believe all of this was done so that they simply did not have to to honor the 4.1% rate...coincidently enough, rates had rose to +5% by this time. Subsequently, we went to another lender with the same appraisal (which they said wasn't even required) the next day and closed in less than 2 weeks... Fairway Independent Mortgage Corporation to the rescue!! Karen Orr was great! I would advise anyone trying to get a home loan to think twice about using Olympic Federal Credit Union. It is my opinion that they are more interested in maximizing profit rather than securing a loan for someone that is exceptionally qualified. You may find yourself incurring numerous additional costs, at a higher interest, and an unusually long time to close. Consumer beware.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 28599 |
| Year Established | 1906 |
| Employees | 127 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.47% |
| Return on Equity - YTD | 3.7% |
| Annual Interest Income | $13.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $845.4MM$813.1MM |
| Loans | Q2 2022vs Q2 2021 | $701.1MM$621.4MM |
| Deposits | Q2 2022vs Q2 2021 | $701.5MM$673.1MM |
| Equity Capital | Q2 2022vs Q2 2021 | $108.9MM$107.5MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $2.7MM$2.2MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $2.8MM$4.0MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |