First Federal acquires Washington branch

First Northwest Bancorp, the holding company for First Federal Savings and Loan Association of Port Angeles, Wash., announced July 26 that it acquired a Bellevue, Wash., branch from Southfield, Mich.-based Sterling Bank and Trust. 

“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, First Fed president and CEO. “Our team looks forward to serving King County by building the same strong relationships that have defined our history as a community bank.”

The agreement includes the purchase of approximately $77.7 million in deposits as of March. The Bellevue branch, which opened in 2018, was the only office the $3.7 billion Sterling Bank and Trust had in the state. It now has 26 offices in California, two in New York, and one in Michigan.

Last month, First Fed, with $1.73 billion in assets, was named a Forbes 2021 Best-in-State Bank, one of only three in Washington state. First Fed has locations in Clallam, Jefferson, King, Kitsap and Whatcom counties. The Bellevue location is the first full-service branch in King County, adding to its Seattle lending center. First Fed is expected to continue its expansion with a new branch opening next month in Ferndale, Wash.

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