Site Logo

Peninsula financial institution pledges a cool million for community betterment

Published 4:16 am Friday, August 22, 2008

By Jim Casey, Peninsula Daily News

PORT ANGELES — While some banks across the country are failing because of reckless home mortgages, First Federal on Thursday pledged $1 million for affordable housing and other public programs.

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:

  • First Federal is a mutual institution, owned by its depositors, not by investors seeking big profits. The 85-year-old bank intends to stay mutually owned.

  • Although the bank took some criticism and lost some market share during the real estate boom, it wrote no subprime loans.

    “Our loans are good loans. We’re very safe and sound,” McCormick said of its $715 million in assets.

    • You Might Like