RENTON, Wash., Aug. 10, 2012 (GLOBE NEWSWIRE) -- First
Financial Northwest, Inc. ("Company")
(Nasdaq:FFNW), today announced that Joe Kiley had been
appointed as President and Chief Executive Officer of First
Savings Bank Northwest ("Bank"), the
Company's financial institution subsidiary, and will
take over responsibility for the day-to-day operations of
the Bank. Mr. Kiley will also serve on the Bank's Board
"We are looking forward to the experience Joe will
bring to the Bank and will look to his leadership skills as
he helps us continue to move forward with improving the
Bank's performance," said Mr. Karpiak.
Mr. Kiley, a 56-year-old banking executive from California
with over 20 years of banking experience, expects to begin
work at the Bank on September 17, 2012. "I am excited
to be joining First Savings Bank Northwest," said Mr.
In connection with the appointment of Mr. Kiley as
President and Chief Executive Officer of the Bank, the
Company, the Bank, and First Financial Diversified, Inc.
("FFD"), a subsidiary of the Company, have
entered into a transition agreement with Victor Karpiak,
Chairman, President and Chief Executive Officer of the
Company, the Bank, and FFD. Mr. Karpiak will retire as
President and Chief Executive Officer of the Bank on
September 17, 2012, but will continue to be employed as
Executive Chairman of the Bank to facilitate the executive
succession at the Bank.
The Bank also announced the separation of the Chief Lending
and Credit Administration Officer position. Herman L.
Robinson will continue as Senior Vice President and Chief
Credit Officer of the Bank, and Simon Soh was promoted from
the Bank's Loan Production Manager to its Chief Lending
Officer. The appointment of Mr. Soh is subject to approval
by the Federal Deposit Insurance Corporation and the
Washington Department of Financial Institutions.
The management changes announced by the Company are to
further comply with the conditions included in the
Bank's Memorandum of Understanding ("MOU"),
which the Bank entered into with the Federal Deposit
Insurance Corporation and the Washington Department of
Financial of Institutions (together, the "Banking
Regulators") on March 27, 2012, and replaced the
Consent Order the Bank had entered into with the Banking
Regulators on September 22, 2010. The Bank believes that
these changes in management are in the best interests of
the Bank in complying with the conditions of the MOU and
will further enhance the knowledge and expertise of
management and the Board of Directors of the Bank.
First Financial Northwest, Inc. is the parent company of
First Savings Bank Northwest, a Washington chartered stock
savings bank headquartered in Renton, Washington, serving
the Puget Sound Region through its full-service banking
office. We are a part of the ABA NASDAQ Community Bank
Index as well as the Russell 2000 and 3000 Indices.www.fsbnw.com and click on the
"Investor Relations" section.
CONTACT: Victor Karpiak, President and Chief Executive Officer
Source: First Financial Northwest