First Northwest Bancorp CEO to step down, interim leader appointed

PORT ANGELES, Wash. - First Northwest Bancorp (NASDAQ:FNWB), currently trading at $7.81 and showing a 22% year-to-date decline according to InvestingPro data, announced Wednesday that President and Chief Executive Officer Matthew P. Deines will resign from his position and board seats effective July 12, 2025, following a mutual agreement with the company’s boards of directors.

Geraldine L. Bullard, the company’s current Chief Operating Officer, has been appointed Interim Chief Executive Officer starting July 13, while maintaining her COO responsibilities during the transition period.

"I could not be more honored to have led First Fed and First Northwest as CEO over the past six years," Deines said in the press release statement.

Bullard joined First Fed as Senior Vice President and Treasurer in January 2020 and has served as Executive Vice President and COO since October 2023. She previously held the position of Chief Financial Officer from March 2020 to March 2025. Her prior experience includes roles at Salal Credit Union, First Sound Bank, and Sound Community Bank.

"I am honored to serve the Company in this interim role," Bullard stated.

First Northwest’s board has engaged an executive search firm to identify a permanent CEO replacement. Cindy H. Finnie, Chair of the boards of directors, expressed confidence in Bullard’s ability to lead during the transition.

First Northwest Bancorp is a financial holding company operating through its subsidiary, First Fed Bank, which has served Pacific Northwest customers since 1923. The bank currently maintains 18 locations across Washington state, including 12 full-service branches.

The announcement was made through a company press release.

In other recent news, First Northwest Bancorp is facing a significant legal challenge with a lawsuit filed against its subsidiary, First Fed Bank. The lawsuit, initiated by 3|5|2 Capital GP LLC, alleges the bank’s involvement in a fraudulent scheme associated with Water Station Management, LLC, which is currently in bankruptcy proceedings. The plaintiff is seeking over $106 million in compensatory damages, alleging misappropriation of funds intended for business expansion. First Northwest Bancorp has denied these allegations and plans a robust defense. Additionally, the company has announced a change in its independent registered public accounting firm due to a merger involving its previous auditor, Moss Adams LLP. Baker Tilly US, LLP will now serve as the new auditor following the merger, effective June 3, 2025. The company’s Audit Committee has approved this change, noting that there were no disagreements with Moss Adams regarding accounting principles or financial disclosures in previous years. These developments were disclosed in recent SEC filings, providing investors with critical updates on the company’s current situation.

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