Peninsula financial institution pledges a cool million for community betterment
Karen McCormick, left, president and CEO of First Federal, and Kendra Waggoner, vice president and community development officer, stand with a replica "community dividend" check representing the institution's $1 million pledge to public programs in Clallam and Jefferson counties. -- Photo by Chris Tucker/Peninsula Daily News
By Jim Casey, Peninsula Daily News
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The promise is part of the Community Dividend Program the bank announced to support a variety of economic and community development projects across Clallam and Jefferson counties.
Community Dividend will distribute $1 million in 2008, First Federal President and CEO said Thursday, and in each July-June fiscal year thereafter.
That the bank has the money to give away at all is due to two factors, she said:
"Our loans are good loans. We're very safe and sound," McCormick said of its $715 million in assets.
Dividend makes difference
That the bank wants to give it away is due to the first factor, McCormick said.
"How can we make a difference?" she said First Federal directors asked themselves.
They answered, "Let's pay a dividend to our community."
Community Dividend will be paid on top of the six-figure, yearly, quiet largesse First Federal already shows to North Olympic Peninsula organizations.
Kendra Waggoner, First Federal vice president and community development officer, said the money will be funneled into three broad areas:
Specific projects have yet to be chosen through a community-needs assessment conducted with the help of public-service agencies, plus First Federal directors, managers, employees — and customers.
Customer participation
"Customer participation . . . will set us apart and underscore the value First Federal brings to the communities we serve," says an excerpt of the program description.
"Ultimately, we want our customers to know that by choosing First Federal as their financial institution, they are making a difference, too."
The first annual assessment is still in the planning stage.
However, McCormick sketched in some broad guidelines:
Strategies could include revolving loan programs, outright grants, and buying land on which housing agencies could build.
Money also will be available to help newcomers to the work force acquire employment skills.
Help for 'no-served' areas
Waggoner said she especially would seek projects in "underserved or no-served communities [that will include tribal reservations]
"I'm always looking for areas where basic services have not been met."
Furthermore, First Federal's contributions can be boosted exponentially through matching grants from governmental and private organizations.
"You can leverage those dollars, get people to step up when you step up," McCormick said.
Most allotments will last only for one year, and typically will not support political candidates or groups, religious activities, sports, or operating expenses.
However, First Federal also will give of its time, allowing employees to invest some of their working hours in service activities.
And the $1 million figure isn't a ceiling, McCormick said.
"We're strong. The more money we make, the more money we're going to give back.
"That is just the initial funding. I would love to give at least that much every single year."
For more information about the Community Dividend Program, visit www.doinggoodfeelsgood.com.
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Reporter Jim Casey can be reached at 360-417-3538 or at jim.casey@peninsuladailynews.com.
Last modified: August 21. 2008 9:00PM