First Financial Northwest, Inc. Announces Appointment of William A. Longbrake to...
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First Financial Northwest, Inc. Announces Appointment of William A. Longbrake to
Its Board of Directors
RENTON, Wash., Sept. 2, 2008 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc.
(the "Company") (Nasdaq:FFNW), the holding company for First Savings Bank
Northwest ("Bank"), announced today that William A. Longbrake has been appointed
to the Board of Directors of the Company and the Bank.
"Bill's financial industry experience, and particularly his strong background in
regulatory and legislative policies and procedures, will be a great benefit to
the Company and Bank and we are delighted to have someone of his caliber join
our Board," said Victor Karpiak, Chairman, President and CEO.
"First Financial and First Savings have exciting opportunities ahead and I look
forward to applying my experience to support the Company's overall goals and
operations," said Mr. Longbrake.
Mr. Longbrake previously served as Vice Chair of Washington Mutual, Inc.
("WaMu"), Seattle, Washington, and as a director of Washington Mutual Bank, fsb.
He has been affiliated with WaMu and Washington Mutual Bank since 1982, except
from 1995 to 1996 when he served as Chief Financial Officer and Deputy to the
Chairman for Finance at the Federal Deposit Insurance Corporation ("FDIC").
During his service at WaMu in 2001, he was name Chief Financial Officer of the
Year in the Driving Revenue Growth category by CFO Magazine. Mr. Longbrake began
his professional career in 1971 with the FDIC and later with the Office of the
Comptroller of the Currency ("OCC"). He served in various positions including as
Acting Senior Deputy Comptroller for Policy and Senior Deputy Controller for
Resource Management for the OCC and as Special Assistant to the Chairman and
Controller at the FDIC.
Mr. Longbrake has extensive experience in the regulatory and legislative fields
and is active in numerous academic, business and community service
organizations. He currently serves on the Board of the Local Initiative Support
Corporation, which provides affordable housing nationwide. He chairs the
Washington State Citizens Commission for Review of Tax Preferences and also is a
member of the Governor's Council of Economic Advisors for Washington State. He
serves on the University of Washington Business School Advisory Board and the
University of Maryland Robert H. Smith School of Business Board of Visitors. He
also serves on the Board of Directors of the Federal Home Loan Bank of Seattle
and the Washington Financial League, is member of several committees for the
American Bankers Association and is Chairman Emeritus of the Financial Services
Roundtable's Housing Policy Council.
Mr. Longbrake has a Bachelor of Arts degree in Economics from the College of
Wooster, a Master's degree in Monetary Economics and a Master of Business
Administration degree from the University of Wisconsin, and a PhD in Finance
from the University of Maryland.
With respect to his academic contributions, Mr. Longbrake has taught courses in
business administration and finance at the University of Maryland and Seattle
University. Currently, he serves on the Boards of Trustees of the College of
Wooster and Auburn Theological Seminary. In 2007, he received the Distinguished
Alumnus of the Year from the Robert H. Smith School of Business of the
University of Maryland.
First Financial Northwest, Inc. is a Washington corporation headquartered in
Renton, Washington. It is the parent company of First Savings Bank Northwest, a
Washington chartered stock savings bank that was originally organized in 1923.
The Company serves the Puget Sound Region of Washington that includes King,
Snohomish and Pierce counties, through its full-service banking office. The
Company is part of the America's Community Bankers NASDAQ Index as well as the
Russell 3000 Index. For additional information about the Company and the Bank,
please visit our website at www.fsbnw.com and click on the "Investor Relations"
section.
Forward-looking statements:
Certain matters discussed in this press release may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements relate to, among other things,
expectations of the business environment in which the Company operates,
projections of future performance, perceived opportunities in the market,
potential future credit experience, and statements regarding the Company's
mission and vision. These forward-looking statements are based upon current
management expectations and may, therefore, involve risks and uncertainties. The
Company's actual results, performance, or achievements may differ materially
from those suggested, expressed, or implied by forward-looking statements as a
result of a wide variety or range of factors including, but not limited to,
interest rate fluctuations; economic conditions in the Company's primary market
area; demand for construction/land development, residential, commercial real
estate, consumer, and other types of loans; success of new products; competitive
conditions between banks and non-bank financial service providers; regulatory
and accounting changes; technological factors affecting operations; pricing of
products and services; and other risks detailed in the Company's reports filed
with the Securities and Exchange Commission. Accordingly, these factors should
be considered in evaluating forward-looking statements, and undue reliance
should not be placed on such statements. The Company undertakes no
responsibility to update or revise any forward-looking statement.
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CONTACT: First Financial Northwest, Inc.
Victor Karpiak
(425) 255-4400
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