Community banking

First Financial Northwest Unit Freed from Regulatory Order

By Chris Cumming April 05, 2013, 4:18 p.m. EDT 1 Min Read

Regulators have lifted an enforcement action against a unit of First Financial Northwest (FFNW) in Renton, Wash.

The $934 million-asset company said Friday that the Federal Deposit Insurance Corp. had terminated a 2012 memorandum of understanding with First Savings Bank Northwest. The Federal Reserve Board also lifted two conditions of a 2010 memorandum of understanding with the company.

First Savings Bank Northwest had a Tier 1 leverage ratio of 15.8% and a total risk-based capital ratio of 27.4% as of Dec. 31, according to the FDIC. First Financial’s 2012 earnings rose 65% from a year earlier, to $1.5 million.

"We are pleased that our regulators have acknowledged the significant improvements we have accomplished," Joseph Kiley, First Savings Bank’s president and chief executive, said in a press release. " With a solid capital foundation, we are well positioned for the future as we continue to execute on our strategies and priorities to strengthen our franchise. Our next step is to continue to work to have the additional operating restrictions imposed by the company MOU lifted."

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Community banking

Law and regulation

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