First Fed Gives $2M to Field Hall to Support Economic Development in Downtown Port Angeles

Rhea-AI Summary

First Northwest Bancorp (FNWB) announced a $2 million pledge to support the Field Arts & Events Hall in Port Angeles, aimed at bolstering local economic development. This contribution marks the largest corporate commitment to the project, contributing to a total funding of $46 million. The venue will feature a 500-seat auditorium and a 300-seat conference facility, set to enhance community engagement. Development had paused during the pandemic but will resume with this new funding, with a community event scheduled for June 2, 2022, to outline the project's timeline.

Positive

• Pledged $2 million to Field Arts & Events Hall, enhancing community investment.
• Largest corporate commitment to the project, raising total funding to $46 million.
• Field Hall set to become a significant venue for arts and events in Port Angeles.

Negative

• Project development halted during the pandemic, causing delays.

PORT ANGELES, Wash., May 02, 2022 (GLOBE NEWSWIRE) -- First Fed Bank, subsidiary of First Northwest Bancorp (FNWB), pledged $2 million to Field Arts & Events Hall to support economic development and businesses in downtown Port Angeles.

“We are proud to give $2 million to Field Hall, which will enhance the economic vitality and prosperity of downtown Port Angeles. The people and businesses of Port Angeles have supported First Fed since we were founded almost 100 years ago. It’s an honor to support a new community space to bring people together,” stated Matt Deines, CEO of First Fed and FNWB.

“First Fed is an outstanding community partner. We are excited to have their support for Field Hall and our upcoming event series. First Fed Community Conversations will host leaders, authors, artists, debates, and other civic activities in our new world-class event space,” shared Steve Raider-Ginsburg, Executive Director for Field Hall. “As a local community bank, First Fed is committed to bringing our community together to meet, engage, be entertained, and be inspired.”

Field Hall is designed to include a 500-seat multi-purpose auditorium and 300-seat state-of-the-art conference facility. From its waterfront perch with views of the mountains and water, Field Hall is well positioned to be the most significant space for arts, entertainment, and special events on the North Olympic Peninsula.

First Fed’s donation is the largest corporate commitment to the project, bringing total funding to $46 million to date. First Federal Community Foundation donated $50,000 for Field Hall to apply for LEED certification.

Development on the project halted during the pandemic. However, the project will start again with this new funding. On June 2, 2022, Field Hall leadership will host a community event and press conference to announce the new timeline for project completion.

About First Northwest Bancorp

First Northwest Bancorp (Nasdaq: FNWB) is a bank holding company engaged in investment activities including the business activity of its subsidiary, First Fed Bank. First Fed is a community-oriented financial institution which has served customers and communities since 1923. Currently First Fed has 16 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 2021, the Company entered a joint venture to found Quin, a fintech focused on financial wellness and lifestyle protection for consumers nationwide. Other fintech partnership initiatives include banking-as-a-service, digital payments and marketplace lending. FNWB was incorporated in 2012 and is headquartered in Port Angeles, Washington. First Fed Bank is a member FDIC and equal housing lender.

Contact:

Matthew P. Deines

President & CEO

360-457-0461

About Field Arts & Events Hall

Field Arts & Events Hall represents the newest and most significant arts, entertainment and special events facility found anywhere in the region. Scheduled to open in 2023, the venue will host local, regional, national and international music and performance artists in its 500-seat auditorium. Field Hall also includes a cutting-edge conference and event center to suit groups from 20 to 400 people in downtown Port Angeles, Washington overlooking the Strait of Juan de Fuca.

For more information, please visit www.fieldhallevents.org

Contact:

Steven Raider-Ginsburg

steve@fieldhallevents.org

860-869-0534

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/39b6a714-f76a-40c9-b34c-69ec2b8721f3

FAQ

What is FNWB's recent financial commitment?

FNWB pledged $2 million to the Field Arts & Events Hall for economic development in Port Angeles.

How much total funding has Field Arts & Events Hall received?

Total funding for Field Arts & Events Hall has reached $46 million, with FNWB's contribution being the largest.

When will the Field Arts & Events Hall project resume?

Development on the Field Arts & Events Hall will resume following FNWB's funding, with a community event on June 2, 2022, to announce the timeline.

What features will the Field Arts & Events Hall have?

The Hall will include a 500-seat multi-purpose auditorium and a 300-seat conference facility.

How does FNWB support the community?

FNWB supports the community through financial contributions and initiatives that enhance local economic vitality.