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PORT ANGELES, Wash. - First Northwest Bancorp (NASDAQ:FNWB), the holding company for First Fed Bank, announced Wednesday the appointment of Diane C. Davis to its Board of Directors and to the board of its banking subsidiary. The announcement comes as the company, currently valued at $67.5 million, faces challenging market conditions, with its stock trading at $7.70, down over 27% in the past six months according to InvestingPro data.
Davis brings over 25 years of leadership experience in the insurance industry, with expertise in executive management, strategy, risk management, and corporate governance. She previously served on the board of First Financial Northwest Bancorp, which was acquired earlier this year.
"Her proven expertise in strategy and governance aligns with our long-term goals," said Geri Bullard, Interim CEO of First Fed, in a press release statement.
Davis began her career at Farmers New World Life Insurance Company in 1992, advancing through various leadership roles before serving as President from 2016 until her retirement in 2019. She also worked as Regional Chief Risk Officer for Global Life North America at Zurich Insurance Company Ltd.
She holds a Bachelor of Science in Actuarial Science from the University of Illinois at Urbana-Champaign and an MBA from the University of Washington. Davis is a Fellow of the Society of Actuaries and currently co-chairs 5050 Women on Boards of Greater Seattle.
First Northwest Bancorp operates 18 locations in Washington State, including 12 full-service branches. The company completed its initial public offering in 2015. Despite recent market challenges, InvestingPro analysis suggests the stock may be undervalued at current levels, with a 3.64% dividend yield offering some compensation to patient investors.
In other recent news, First Northwest Bancorp has been involved in several significant developments. The company announced that its banking subsidiary, First Fed Bank, has entered into a settlement agreement to resolve legal disputes related to bankruptcy proceedings involving several borrowers. Additionally, First Northwest Bancorp is facing a $106 million lawsuit filed by 3|5|2 Capital GP LLC, which alleges the bank’s involvement in a fraudulent scheme connected to Water Station Management, LLC. In leadership changes, President and CEO Matthew P. Deines will resign effective July 12, with Geraldine L. Bullard stepping in as Interim CEO while continuing her role as COO. Piper Sandler has maintained a Neutral rating for First Northwest Bancorp, following the announcement of the CEO transition. Furthermore, the company has changed its independent registered public accounting firm to Baker Tilly US, LLP, due to a merger involving its previous auditor, Moss Adams LLP. These developments have been documented in recent SEC filings and company press releases.
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