First Northwest Bancorp Appoints Sherilyn G. Anderson to its Board of Directors

Rhea-AI Summary

First Northwest Bancorp announced the appointment of Sherilyn G. Anderson to its Board of Directors, effective September 22, 2020, replacing David Flodstrom, who is retiring. Anderson brings extensive experience in finance, having served as CFO at Glassybaby and held positions in investment banking at Wells Fargo and Morgan Stanley. Her academic credentials include an MBA from Harvard and a B.S. in Industrial Engineering from Stanford. The company emphasizes the potential positive impact of her expertise on its operations.

Positive

• Appointment of Sherilyn G. Anderson expected to enhance Board expertise.
• Anderson's background in finance could strengthen strategic decision-making.

Negative

• Retirement of David Flodstrom may raise concerns about continuity on the Board.

PORT ANGELES, Wash., July 01, 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 appointment of Sherilyn G. Anderson to the Board of Directors for the Company and First Federal.  Ms. Anderson will be replacing David Flodstrom, who announced his retirement from both Boards effective September 22, 2020.

“We are pleased to welcome Sherilyn to our Boards of Directors,” said Matthew P. Deines, President and CEO.  “She brings a wealth of experience in finance, accounting and financial analysis, and will be a tremendous asset to our Boards.”

Ms. Anderson most recently served as CFO of Glassybaby in Seattle, where she led all finance, accounting and financial analysis functions for the company.  Before joining Glassybaby, she held Director of Investment Banking/Capital Markets titles at both Wells Fargo Securities and Morgan Stanley in Seattle.  Ms. Anderson received an MBA (with an emphasis in finance) from Harvard Business School and she earned a B.S in Industrial Engineering from Stanford University.  She currently serves as Board member, Executive Committee member and Finance Committee Chair of the Pacific Science Center in Seattle.

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

FAQ

Who is the new appointee to the Board of Directors for FNWB?

Sherilyn G. Anderson has been appointed to the Board of Directors for First Northwest Bancorp.

What is the background of Sherilyn G. Anderson?

Anderson has extensive experience in finance, including serving as CFO at Glassybaby and roles at Wells Fargo and Morgan Stanley.

When does Sherilyn G. Anderson officially join the FNWB Board?

She will officially join the Board of Directors effective September 22, 2020.

What will be the impact of the management change on FNWB?

The addition of Anderson is expected to bring valuable financial expertise, though concerns exist regarding continuity after Flodstrom's retirement.