First Northwest Bancorp Announces Board Member David T. Flodstrom’s Retirement
First Northwest Bancorp (NASDAQ: FNWB) announced the retirement of board member David Flodstrom, effective September 22, 2020. Flodstrom has served on the Board since 2002 and is currently on the Compensation Committees for both the Company and First Federal Savings and Loan Association. President and CEO Matthew P. Deines expressed gratitude for Flodstrom's 18 years of service, highlighting his expertise in management and governance. The Company operates primarily in Western Washington, with 13 banking locations, and is subject to various business risks that could impact future performance.
- David Flodstrom's retirement opens opportunities for fresh perspectives on the Board.
- Flodstrom's 18 years of experience provided invaluable contributions to the company.
- Flodstrom's departure may create a gap in governance and institutional knowledge within the Board.
PORT ANGELES, Wash., June 24, 2020 (GLOBE NEWSWIRE) -- First Northwest Bancorp (NASDAQ: FNWB) (“Company”), the holding company for First Federal Savings and Loan Association of Port Angeles (“Bank” or “First Federal”), today announced the retirement of board member David Flodstrom, effective September 22, 2020. Mr. Flodstrom notified the company of his intent to retire from both the Board of Directors of the Company and First Federal (collectively, the “Boards”) on June 19, 2020. Mr. Flodstrom has been a member of the Boards since 2002 and is a current member of the Company’s Compensation Committee as well as First Federal’s Compensation and Loan Committees.
“We sincerely thank David for over 18 years of service on our Board of Directors,” said Matthew P. Deines, President and CEO. “His expertise in management, human resources and governance was an invaluable resource and we wish him well in his retirement.”
About the Company
First Northwest Bancorp, a Washington corporation, is the bank holding company for First Federal Savings and Loan Association of Port Angeles. First Federal is a Washington state-chartered savings bank primarily serving communities in Western Washington State with thirteen banking locations - eight located within Clallam and Jefferson counties, two in Kitsap County, two in Whatcom County, and a lending center in King County.
Forward Looking Statements
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; and other factors described in the Company’s latest Annual Report on Form 10-K and other filings with the Securities and Exchange Commission ("SEC")-which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.
Any of the forward-looking statements that we make in this Press Release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company's operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2020 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.
Matthew P. Deines
President & CEO
(360) 457-0461
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