AG˹ٷ

STOCK TITAN

First Northwest Bancorp and First Fed Announce CEO Transition

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

First Northwest Bancorp (Nasdaq: FNWB) announced that Matthew P. Deines will resign as President and CEO effective July 12, 2025. The company has appointed Geraldine L. Bullard, current Chief Operating Officer, as Interim CEO effective July 13, 2025.

Bullard will maintain her COO role while serving as Interim CEO. The boards of directors have engaged a leading executive search firm to identify a permanent CEO replacement. Deines served as CEO for six years, and the transition represents a mutual agreement between him and the company's boards of directors.

First Northwest Bancorp (Nasdaq: FNWB) ha annunciato che Matthew P. Deines si dimetterà dalla carica di Presidente e CEO a partire dal 12 luglio 2025. La società ha nominato Geraldine L. Bullard, attuale Chief Operating Officer, come CEO ad interim a partire dal 13 luglio 2025.

Bullard manterrà il ruolo di COO mentre ricoprirà la carica di CEO ad interim. I consigli di amministrazione hanno incaricato una delle principali società di ricerca di dirigenti per individuare un sostituto permanente per il ruolo di CEO. Deines è stato CEO per sei anni e la transizione rappresenta un accordo reciproco tra lui e i consigli di amministrazione dell'azienda.

First Northwest Bancorp (Nasdaq: FNWB) anunció que Matthew P. Deines renunciará a su cargo como Presidente y CEO a partir del 12 de julio de 2025. La compañía ha designado a Geraldine L. Bullard, actual Directora de Operaciones, como CEO interina a partir del 13 de julio de 2025.

Bullard mantendrá su puesto de COO mientras ejerce como CEO interina. Los consejos de administración han contratado a una firma líder en búsqueda de ejecutivos para encontrar un reemplazo permanente para el CEO. Deines fue CEO durante seis años, y la transición representa un acuerdo mutuo entre él y los consejos de administración de la empresa.

First Northwest Bancorp (나스�: FNWB)매튜 P. 다인�2025� 7� 12�부� 사장 � CEO직에� 사임� 것이라고 발표했습니다. 회사� 현재 최고운영책임자인 제럴� L. 불라�2025� 7� 13�부� 임시 CEO� 임명했습니다.

불라드 임시 CEO 역할� 수행하 동안 COO 직책� 유지� 예정입니�. 이사회 영구적인 CEO 후보� 찾기 위해 선도적인 임원 검� 회사� 고용했습니다. 다인스 6년간 CEO� 재직했으�, 이번 전환은 그와 회사 이사� 간의 상호 합의� 따른 것입니다.

First Northwest Bancorp (Nasdaq : FNWB) a annoncé que Matthew P. Deines démissionnera de ses fonctions de Président et CEO à compter du 12 juillet 2025. La société a nommé Geraldine L. Bullard, actuelle Directrice des Opérations, en tant que CEO par intérim à partir du 13 juillet 2025.

Bullard conservera son poste de COO tout en assurant la fonction de CEO par intérim. Les conseils d'administration ont fait appel à un cabinet de recrutement de cadres de premier plan pour identifier un remplaçant permanent au poste de CEO. Deines a été CEO pendant six ans, et cette transition résulte d’un accord mutuel entre lui et les conseils d'administration de la société.

First Northwest Bancorp (Nasdaq: FNWB) gab bekannt, dass Matthew P. Deines mit Wirkung zum 12. Juli 2025 als Präsident und CEO zurücktreten wird. Das Unternehmen hat Geraldine L. Bullard, die derzeitige Chief Operating Officer, ab dem 13. Juli 2025 zur Interim-CEO ernannt.

Bullard wird ihre Rolle als COO beibehalten, während sie als Interim-CEO fungiert. Die Vorstände haben eine führende Executive-Search-Firma beauftragt, einen dauerhaften CEO-Nachfolger zu finden. Deines war sechs Jahre CEO, und der Übergang erfolgt im gegenseitigen Einvernehmen zwischen ihm und den Vorständen des Unternehmens.

Positive
  • Smooth leadership transition with immediate interim CEO appointment
  • Interim CEO Geraldine Bullard brings continuity as current COO
  • Professional executive search firm engaged for permanent CEO search
Negative
  • Sudden departure of CEO Matthew Deines
  • Potential uncertainty during leadership transition period

Insights

First Northwest's CEO Matthew Deines is stepping down after six years, with COO Geraldine Bullard appointed as interim leader while a search begins.

First Northwest Bancorp (NASDAQ: FNWB) has announced a significant leadership transition with Matthew Deines resigning as President and CEO effective July 12, 2025, after a six-year tenure. The departure appears to be amicable, described as a "mutual agreement" between Deines and the boards of directors.

The company has appointed Geraldine Bullard, the current Chief Operating Officer, to serve as Interim CEO while maintaining her COO responsibilities. This dual-role arrangement suggests the board is prioritizing operational continuity during the transition period. Notably, Bullard's existing familiarity with operations positions her well to maintain stability - a critical consideration for regional banking institutions where leadership continuity directly impacts customer and community relationships.

The board has already engaged "a leading executive search firm" to find a permanent replacement, indicating a structured succession approach rather than an emergency transition. The announcement lacks specific reasons for Deines' departure, which is typical in negotiated executive transitions where both parties agree to present the change positively.

For a community bank serving Western Washington, this leadership change comes at a time when, as Deines noted, "the role of community banks has never been more essential." This transition will likely determine how First Northwest navigates the evolving regional banking landscape, particularly regarding technological adaptation, customer service evolution, and competitive positioning against larger financial institutions expanding into their service areas.

PORT ANGELES, Wash., July 09, 2025 (GLOBE NEWSWIRE) -- First Northwest Bancorp (Nasdaq: FNWB)(“First Northwest�) and its wholly owned subsidiary First Fed Bank (“First Fed� and, together with First Northwest, the “Company�) today announced that the boards of directors of First Northwest and First Fed and Matthew P. Deines have mutually agreed that Mr. Deines will resign as President and Chief Executive Officer and as a member of the boards of directors of First Northwest and First Fed, effective as of July 12, 2025. Geraldine L. Bullard, Chief Operating Officer of the Company, has been appointed Interim Chief Executive Officer, effective as of July 13, 2025. Ms. Bullard will also continue to serve as Chief Operating Officer.

“The Board extends its sincere thanks to Matt for his dedicated service and commitment to the Company,� said Cindy H. Finnie, Chair of the boards of directors of First Northwest and First Fed.

About the transition, Mr. Deines remarked, “I could not be more honored to have led First Fed and First Northwest as CEO over the past six years. This Company is made up of a very special group of people who serve Western Washington at a time when the role of community banks has never been more essential.�

“As we begin the executive search for Matt’s replacement, we have full confidence in Geri to lead the organization during this transition,� Ms. Finnie continued. “With deep experience and a strong understanding of First Fed’s mission, Geri is well-positioned to provide stable, effective leadership as we conduct a thoughtful and thorough search for a replacement CEO.�

Ms. Bullard added, “I am honored to serve the Company in this interim role. I look forward to working closely with the Board, our dedicated management team, and our exceptional employees across Washington as we continue our long-standing commitment to the communities we’ve proudly supported for over a century.�

The boards of directors have engaged a leading executive search firm to assist with the process of identifying a replacement Chief Executive Officer. Ms. Bullard is expected to serve as Interim Chief Executive Officer until a new Chief Executive Officer is appointed.

About Geraldine Bullard
Ms. Bullard has served as Executive Vice President and Chief Operating Officer of the Company since October 2023, and also previously served as the Company’s Chief Financial Officer between March 2020 and March 2025. Ms. Bullard joined First Fed as Senior Vice President and Treasurer in January 2020. Prior to joining First Fed, Ms. Bullard served as Controller at Salal Credit Union, located in Seattle, from August 2018 to January 2020, as Chief Financial Officer of First Sound Bank, also in Seattle, from February 2017 to August 2018, and as Controller at Sound Community Bank from October 2015 to February 2017. Ms. Bullard also served as a bank examiner for the State of Idaho. She holds aBachelor of Science degree from Humboldt State University, is a graduate of the Pacific Coast Banking School at the University of Washington, and is a licensed CPA.

About the Company
First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 18locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizationsand commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.

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 we operate, projections of future performance and execution on certain strategies, perceived opportunities in the market, potential future credit experience, including our ability to collect, the outcome of litigationand statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, andother statements often identified by words such as “believes,� “expects,� “anticipates,� “estimates,� or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our 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 of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio;changes in general economic conditions and conditions within the securities markets, including potential recessionary and other unfavorable conditions and trends relating to housing markets, costs of living, unemployment levels, interest rates, supply chain difficulties and inflationary pressures, among other things; legislative, regulatory, and policy changes; and other factors described in the Companys latest Annual Report on Form 10-K under the section entitled “Risk Factors,”and other filings with the Securities and Exchange Commission (“SEC�), which are available on our website at www.ourfirstfed.com and on the SECs website at www.sec.gov.

Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company’s operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Companys operations and stock price performance.

For More Information Contact:
Aaron Blank
The Fearey Group
(206) 200-0103
[email protected]


FAQ

When is Matthew Deines stepping down as FNWB CEO?

Matthew P. Deines will resign as President and CEO of First Northwest Bancorp effective July 12, 2025.

Who is the interim CEO of First Northwest Bancorp (FNWB)?

Geraldine L. Bullard, the company's Chief Operating Officer, has been appointed as Interim CEO effective July 13, 2025. She will continue to serve in both roles.

How long did Matthew Deines serve as CEO of First Northwest Bancorp?

Matthew Deines served as CEO of First Northwest Bancorp for six years prior to his resignation.

What is First Northwest Bancorp's plan for finding a new CEO?

First Northwest Bancorp has engaged a leading executive search firm to assist in identifying a permanent Chief Executive Officer replacement.

Will Geraldine Bullard continue as COO while serving as interim CEO of FNWB?

Yes, Geraldine Bullard will continue to serve as Chief Operating Officer while simultaneously fulfilling the role of Interim CEO.
First Northwest

NASDAQ:FNWB

FNWB Rankings

FNWB Latest News

FNWB Latest SEC Filings

FNWB Stock Data

71.39M
7.97M
20.83%
48.6%
0.14%
Banks - Regional
Savings Institutions, Not Federally Chartered
United States
PORT ANGELES