First Northwest Bancorp Completes Purchase of Bellevue Branch

Rhea-AI Summary

First Northwest Bancorp (NASDAQ: FNWB) has successfully acquired a Bellevue branch from Sterling Bank and Trust. This acquisition marks a significant expansion for First Federal Savings and Loan Association of Port Angeles, enhancing its presence in King County. The Bellevue location becomes the first full-service branch in the county, complementing the existing Seattle Lending Center. Recently recognized by Forbes as one of Washington's top banks, First Fed continues to grow, with plans for a new branch opening in Ferndale in August 2021.

Positive

• Acquisition of a Bellevue branch expands First Fed's footprint in King County.
• First Fed recognized as a Forbes Best-in-State Bank in 2021.
• Plans for further expansion with a new branch opening in Ferndale in August 2021.

Negative

• None.

PORT ANGELES, Wash., July 26, 2021 (GLOBE NEWSWIRE) -- First Northwest Bancorp (NASDAQ: FNWB) (the “Company”), the holding company for First Federal Savings and Loan Association of Port Angeles (“First Fed”), has completed the acquisition of a Bellevue, Washington branch from Sterling Bank and Trust of Southfield, Michigan (“SBT”).

“We are excited to welcome our new customers and Bellevue team members to First Fed, recently recognized by Forbes as a top bank in our state,” said Matt Deines, President and CEO of First Fed. “Our team looks forward to serving King County by building the same strong relationships that have defined our history as a community bank.”

Last month First Fed was named a Forbes 2021 Best-in-State Bank, one of three in Washington state. Currently First Fed has 14 locations offering services in Clallam, Jefferson, King, Kitsap, and Whatcom counties. The Bellevue location will be the first full-service branch in King County, adding to the Seattle Lending Center.

About the Company

First Northwest Bancorp (FNWB), a Washington corporation, is the bank holding company for First Fed and other investments. First Fed is a local community bank in Washington which has served customers and communities since 1923. Currently First Fed has 14 locations offering services in Clallam, Jefferson, King, Kitsap, and Whatcom counties. First Fed will be continuing expansion with a new branch in Ferndale opening in August 2021.

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

  

FAQ

What did First Northwest Bancorp announce on July 26, 2021?

First Northwest Bancorp announced the completion of an acquisition of a Bellevue branch from Sterling Bank and Trust.

How does the Bellevue branch acquisition impact FNWB?

The acquisition enhances FNWB's presence in King County, making it the first full-service branch in that area.

What recognition did First Fed receive recently?

First Fed was named a Forbes 2021 Best-in-State Bank, one of three in Washington.

When is the new branch in Ferndale scheduled to open?

The new branch in Ferndale is scheduled to open in August 2021.

Where does First Fed currently operate?

First Fed currently operates 14 locations across Clallam, Jefferson, King, Kitsap, and Whatcom counties.