First Fed Fortifies Executive Organization

Rhea-AI Summary

First Fed Bank appoints David Edelstein as Chief Innovation Officer and Chris Riffle as Chief Strategy Officer to enhance digital and strategic focus. Edelstein brings 25 years of experience in financial services and technology, aiming to transform First Fed into a world-class community bank. Riffle, previously General Counsel, will now lead strategic initiatives for the bank.

PORT ANGELES, Wash., April 08, 2024 (GLOBE NEWSWIRE) -- First Fed Bank has announced two new executive roles to foster a sharpened focus on digital and strategic initiatives.

David Edelstein has been hired as Chief Innovation Officer, and will lead digital banking, technology, data, and fintech partnerships.  Edelstein brings more than 25 years of leadership experience in financial services and technology.

“David is a skilled technology leader with significant knowledge and expertise in data, digital banking, payments, and innovation. He brings technological depth and financial solutions expertise to lead First Fed on our digital journey,” stated Matt Deines, CEO of First Fed Bank and First Northwest Bancorp (FNWB).

“My ambition is to build a world-class community bank by delivering outstanding customer experiences which combine our trusted local presence with digital solutions,” noted Edelstein. “By empowering the First Fed team with the data and insights required to be customer-obsessed and products tailored to our customers’ needs, we can compellingly demonstrate the potential of community banks across the country.”

Prior to joining First Fed, Edelstein was cofounder and CEO at Level, a fintech which helps microbusinesses access the financial services they need to thrive. Previously, Edelstein held leadership roles at McKinsey & Company, Microsoft, and Grameen Foundation.

In addition, Chris Riffle has been promoted to Chief Strategy Officer, and will focus on the First Fed’s strategic initiatives with specific emphasis on planning and optimization of systems, teams, and processes. In this role Riffle will lead risk, compliance, HR, marketing, project/vendor management, and facilities departments. Riffle has also been General Counsel for First Fed since 2017 and will retain his responsibilities leading the bank’s legal department.

“Chris was pivotal in leading First Fed through our digital evolution for the last several years and achieved significant progress with his teams to enhance virtually all customer-facing and operational digital systems. With David as our Chief Innovation Officer, Chris will transition to Chief Strategy Officer where he can focus more deeply on strategic initiatives and trajectory for our bank,” said Deines.

“I've enjoyed working with my peers to lead the bank on its digital journey since 2018 and am very excited to see where David takes First Fed into the future.   As Chief Strategy Officer, I will now be able to focus more sharply on bank-wide strategic goals and initiatives, with the opportunity to foster more focused and efficient activities and success,” said Riffle.

About FNWB

First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business activity of its subsidiary, First Fed Bank, along with other fintech partnerships. First Fed is a small business-focused 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 business, and commercial customers. Additionally, First Fed focuses on strategic partnerships with financial technology (“fintech”) companies to develop and deploy digitally focused financial solutions to meet customers’ needs on a broader scale. FNWB also invests in fintech companies directly as well as through select venture capital partners. In 2022, the company made a minority investment in Meriwether Group, a boutique investment banking and accelerator firm. First Northwest Bancorp was incorporated in 2012. The company completed its initial public offering in 2015 under the ticker symbol FNWB and is headquartered in Port Angeles, Washington.

First Fed Bank was recognized by Puget Sound Business Journal as a Best Workplace and top Corporate Philanthropist in 2023. By popular vote, First Fed received 2023 awards for Best Bank in the Best of the Northwest, Best Bank in Readers’ Choice by Cascadia Daily News, Best Bank and Best Financial Advisor in Best of the Peninsula for Clallam County. Also, the community bank received a Best-in-State bank award from Forbes in 2021. First Fed is a Member FDIC and equal housing lender.

Contact:
Matthew P. Deines
President & CEO
360-457-0461

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f9e689df-a14b-49c1-94be-9f6794f01f73

FAQ

Who has been appointed as Chief Innovation Officer at First Fed Bank?

David Edelstein has been appointed as Chief Innovation Officer at First Fed Bank.

What is David Edelstein's background?

David Edelstein has over 25 years of leadership experience in financial services and technology, previously working at McKinsey & Company, Microsoft, and Grameen Foundation.

What role will Chris Riffle play at First Fed Bank?

Chris Riffle has been promoted to Chief Strategy Officer at First Fed Bank, focusing on strategic initiatives and optimization of systems, teams, and processes.

What is the goal of David Edelstein as Chief Innovation Officer?

David Edelstein aims to lead digital banking, technology, data, and fintech partnerships at First Fed Bank to enhance customer experiences and deliver digital solutions.

How will Chris Riffle contribute to First Fed's strategic initiatives?

Chris Riffle will focus on planning and optimizing systems, teams, and processes at First Fed Bank as the Chief Strategy Officer, transitioning from his previous role as General Counsel.