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Past Newsletters

2023

 

2022

News & Press

News and Press Archive

Statement on Current Banking Environment

March 4, 2024

First Federal is pleased to announce the selection of Jennifer Anderson-Kapke as the new Vice President and Corporate Risk Manager. Anderson-Kapke is exceptionally qualified for this role with an extensive career spanning over 18 years in the banking industry and a J.D. in Business Law from Drake University Law School. She will direct First Federal's BSA and Compliance team, leading efforts to strengthen First Federal's Enterprise Risk Management program and ensure comprehensive compliance with banking regulations and internal policies.

Throughout her career, Anderson-Kapke has demonstrated her commitment to excellence and leadership through her contributions to several organizations and associations. Her expertise and visionary leadership are anticipated to advance First Federal's strategic objectives and foster a culture of integrity and accountability.

Anderson-Kapke succeeds Judy Rutschman, who has announced her retirement effective May 7, 2024, following an illustrious 45-year career with First Federal.

First Federal Hosts Free Scam Prevention Seminars

February 22, 2024

To combat the rising tide of financial scams and educate the community on the importance of fraud prevention, First Federal is proud to announce a free public seminar titled "Be Scam Smart." This informative sessions are scheduled for March 5th and March 6th (Spanish) at the First Federal Community Room, located at 111 NE Third Street, McMinnville, OR 97128.

In today's digital age, financial scams have become increasingly sophisticated, targeting individuals of all ages and backgrounds. First Federal is committed to empowering our community with the knowledge and tools to recognize and avoid these fraudulent schemes. The seminar will cover a wide range of topics, including the latest trends in financial scams, strategies for safeguarding personal and financial information, and steps to take if you suspect a scammer has targeted you.

Event Details:
• Date: March 5th, 2024 and March 6th 2024 (Spanish)
• Time: 5:30 – 6:30 PM
• Location: First Federal Community Room, 111 NE Third Street, McMinnville, OR 97128
• Admission: Free

Participants will have the opportunity to hear from First Federal's knowledgeable team. Attendees will also receive valuable resources and materials to further their understanding of scam prevention.

This seminar is part of First Federal's ongoing commitment to community education and financial literacy. An informed community is a safer community.
For more information and to register for the event, please visit our website at https://www.firstfedweb.com/Fraud-Protection.

First Federal Welcomes New SVP Human Resource Director

February 6, 2024

First Federal is pleased to announce the selection of Larry Thompson as the new Senior Vice President and Director of Human Resources. Thompson brings a wealth of expertise to First Federal, with over two decades in the HR field and community banking. In his new role, he will oversee the human resources and training and development departments, lead strategic HR Initiatives, and provide guidance for the company’s 88 employees across Yamhill County.

An active member of the Oregon Society for Human Resource Management (SHRM), Thompson has also contributed his skills and knowledge to the boards of several nonprofit organizations throughout his career. His expertise and leadership will support First Federal’s mission and enhance its organizational culture.

Thompson succeeds Jill Faughender, who has announced her retirement effective April 5, 2024, after a commendable tenure at First Federal.

Statement on Current Banking Environment

March 17, 2023

To the clients and community of First Federal Savings & Loan,

I am sure you have heard the news about the closures and receivership of Silicon Valley Bank and Signature Bank by the Federal Deposit Insurance Corporation (FDIC) due to financial distress. Unlike the economic crisis of 2008, these banks were not closed due to problem loans, as instead it was their lack of diversification that led to their downfall. Silicon Valley Bank and Signature Bank had business practices that proved to be unsound, particularly in the current environment of rapidly rising interest rates. What led to the demise of these banks was their extremely high growth rates in recent years coupled with their concentration of large, uninsured deposits from clients in the technology and cryptocurrency industries.

I want to assure you that First Federal’s financial position is strong and rooted in stable banking practices. We are recognized as one the top 100 healthiest banks in the country, and adhere to a traditional banking model that does not participate in the unsafe practices that have led to the recent high-profile failures of financial institutions. We maintain robust capital and liquidity that supports our locally-focused strategy while still providing a safety net should issues arise. Our loan portfolio and deposit base is diverse and includes consumers, nonprofits and small businesses, rather than focusing on one industry and a few large depositors. The credit quality of our loan portfolio has been outstanding in recent years and our capital remains strong. First Federal has access to ample liquidity to meet our customer needs. You can remain confident that First Federal is strong, stable, and poised to assist our customers now and into the future.

Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank, such as First Federal Savings & Loan. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. By properly structuring account ownership or adding beneficial owners, the insurance coverage can increase by a multiple of the owners.

Should you have any questions about your deposits or FDIC insurance, I encourage you to speak directly to one of our team members who are always ready to serve you.

First Federal has been an unwavering financial partner within Yamhill County through the Great Depression, Global Financial Crisis, and numerous recessions along the way. With over 100 years serving the Willamette Valley, First Federal provides an unmatched commitment to the community through tailored business and personal banking solutions, as well as award-winning charitable giving and service.

Sincerely,

Jim Schlotfeldt
President and CEO

First Federal To Host Grand Opening Event for Downtown Branch and Corporate Headquarters

August 2021

First Federal Savings & Loan Association of McMinnville plans to host a week-long Grand Opening celebration beginning Monday September 13th at the site of the newly renovated Home Office Branch and Corporate Headquarters at 118 NE Third Street, McMinnville. There will be an exclusive celebration for the opening on September 13th from 5-7pm.

“We are excited to open our McMinnville Home Office branch and Corporate Headquarters and offer our full suite of financial and lending solutions to both residential and business clients in our stylish new space,” said Jim Schlotfeldt, President and CEO, First Federal.

The newly constructed location features a 31,000 square foot building that houses the retail branch, loan center, and executive offices. The building was designed by Portland based studio, SUM Design Studio + architecture and complements the McMinnville downtown aesthetic. Portland based company, R&H Construction, led construction of the project.

The grand opening celebrations will take place September 13-17th from 11-2pm. Festivities include a car show, food truck festival, carnival games, tours, and special giveaways. All are welcome to join during festivities and to meet staff and tour the new building. Please visit www.FirstFedWeb.com for more Grand Opening information.

Pamela Lum Announced as New Board Member

July 2021

First Federal is pleased to announce Pamela Lum as the newest member of the First Federal Savings & Loan Association of McMinnville’s Board of Directors, effective June 2021. Ms. Lum brings a wealth of economic and executive management expertise combined with leadership experience in the financial and auto industry. She has served in leadership roles in the financial services industry for over 20 years, specifically in commercial banking, cash management, and wealth management. She most recently joined the family business and expanded to the McMinnville area by opening Lum’s Buick, GMC, and Cadillac. The Lum family also operates Lum’s Auto Center specializing in Toyota, Chrysler, Jeep, Dodge and Ram on the Oregon Coast and, most recently, added Walla Walla Toyota in Walla Walla, WA.

“Along with the First Federal Board of Directors, I am delighted to see Pam come on board. Pam understands and shares our values, and her remarkable background in the industry, executive management, and community leadership make her an excellent fit for this position,” said Jim Schlotfeldt, CEO and President.

Ms. Lum has a long history of community service in Oregon. She has served as a Board Member of the Friends of the Astoria Column, a Columbia River Maritime Museum Trustee, an Oregon Community Foundations North Coast Leadership Council Advisor, a Multnomah County Library Trustee, and as a Board Member of Morrison Child and Family Services.

Ms. Lum currently serves as an MV Advancements Board Member, an Oregon Community Foundation Northern Willamette Valley Leadership Council Advisor, and a McMinnville Area Chamber of Commerce Board Member.

You Voted, We Donated!

March 2021

First Federal is donating $40,000 again this year based on votes received by First Federal customers. The annual Customer Ballots program concluded on February 28th and checks are being delivered to 95 Yamhill County nonprofits. In the past 23 years, First Federal has given $880,000 to Yamhill County nonprofits voted on by First Federal customers. “We believe in the work of our nonprofits and are happy to donate funds to those organizations where our customers have a heart for the mission,” said Jim Schlotfeldt, CEO/President of First Federal. Service areas receiving the largest number of votes were Youth Education/Development and Food Banks/Shelters.

More information and recipient list

Sara Meyer Promoted to Sheridan Branch Manager

January 2021

Sara Meyer has been promoted to Branch Manager of the First Federal Savings and Loan Association Sheridan Branch located at 246 S Bridge Street. Sara was previously the Branch Operations Manager of the Sheridan Branch where she focused heavily on day-to-day branch responsibilities and team development.

In her role as the Sheridan Branch Manager, she is responsible for directing all operations including customer service, business development, administration, and community support. She is additionally responsible with bringing out the best of branch’s personnel by providing training, coaching, development, and motivation.

Meyer is a native Oregonian and is heavily involved in the Carlton Community Foundation, the City of Carlton Budget Committee, and the Sheridan Chamber of Commerce.

“The Sheridan Branch will benefit greatly from Sara’s leadership,” says Ron Wolfe, Chief Banking Officer. “Sara is a great example of hard work and perseverance paying off. I’m excited to see her take ownership of our Sheridan branch and become a leader in the community.”

Please join us in congratulating Sara to her new role within First Federal!