First Northwest Bancorp Announces CEO Transition
First Northwest Bancorp (NASDAQ: FNWB) and its wholly owned subsidiary, First Fed Bank, have officially announced a leadership change that will guide the Company into its next chapter. The boards of directors have mutually agreed with Matthew P. Deines that he will resign from his position as President and Chief Executive Officer, effective July 12, 2025. In light of this change, Geraldine L. Bullard, who has served as Chief Operating Officer since October 2023, will step in as Interim Chief Executive Officer starting July 13, 2025.
Gratitude for Leadership
Cindy H. Finnie, Chair of the boards, expressed heartfelt appreciation for Matt's six years of dedicated service to First Northwest. The transition marks a pivotal moment for the Company as it looks ahead with confidence.
Insights from the Outgoing CEO
Reflecting on his tenure, Deines stated, "Leading First Fed and First Northwest has been an incredible honor. Our teams are committed to serving the unique needs of Western Washington, especially as the role of community banks becomes increasingly vital. It has been a privilege to work alongside such dedicated individuals."
Assured Leadership During Transition
As the search for Deines' permanent replacement commences, Ms. Finnie expressed confidence in Ms. Bullard's abilities during this period of transition. Finnie noted, "We trust Geri's extensive experience and her solid grasp of our mission will ensure stable leadership as we move forward in our search for a new CEO."
The New Interim CEO's Vision
In her new role, Ms. Bullard highlighted her commitment to the Company's mission and its long-standing dedication to the community. "I am honored to take on this interim role. I am excited to collaborate closely with our Board, management, and dedicated staff across Washington as we maintain our robust commitment to the communities we've proudly served for over a century," she stated.
Searching for the Future
To find a suitable successor, the boards of directors have engaged a renowned executive search firm. Ms. Bullard will provide stable leadership until a new CEO is appointed, ensuring the continuity of operations and community engagement during this critical time.
Profile of Geraldine Bullard
Geraldine Bullard brings a wealth of experience to her interim position. She has been with the Company since early 2020, progressing from Senior Vice President and Treasurer to Chief Financial Officer before becoming Chief Operating Officer. Her broad experience encompasses significant roles at various financial institutions, allowing her to develop a strong skill set tailored for community banking. She is a graduate of Humboldt State University and a licensed CPA.
About First Northwest Bancorp
First Northwest Bancorp (NASDAQ: FNWB) operates as a financial holding company, specializing in investment activities supporting First Fed Bank. Established in 1923, First Fed is deeply rooted in the Pacific Northwest, serving customers with a strong community commitment. The Company operates 18 locations across Washington, offering a comprehensive portfolio of financial products and services to meet the diverse needs of individuals and small businesses. Notably, First Northwest has invested in strategic partnerships to enhance its offerings in modern finance, including digital payments and marketplace lending. Since its incorporation in 2012 and subsequent public offering in 2015, the Company has aimed to build sustainable earnings while fostering community relationships throughout its operational footprint.
Frequently Asked Questions
What is the reason for the CEO transition at First Northwest?
The CEO transition is part of a mutual agreement with Matthew P. Deines to resign as President and Chief Executive Officer.
Who will take over as interim CEO during this transition?
Geraldine L. Bullard, the current Chief Operating Officer, has been appointed as the Interim Chief Executive Officer.
What is Geraldine Bullard's background?
Geraldine Bullard has extensive experience in various financial roles, including positions at First Fed Bank and other institutions, making her well-prepared for the interim role.
What impact does this leadership change have on the company?
This change is aimed at maintaining stability and continuity as First Northwest seeks a permanent CEO while continuing to serve its community.
How long is Ms. Bullard expected to serve as interim CEO?
Ms. Bullard is expected to serve in this capacity until a new Chief Executive Officer is appointed.
