PORT ANGELES — Trading on the Nasdaq for First Federal Bank’s first day of public stock trading ended in the plus column for the North Olympic Peninsula-based institution.
At the 1 p.m. PDT end of the day, the stock — which opened at $11.75 a share — was listed at $12.18, a 21.8 percent gain from its $10 share offering price.
You can click here to get the closing quote and analysis: http://www.nasdaq.com/symbol/fnwb
Members of the 92-year-old North Olympic Peninsula savings-and-loan institution approved conversion from a mutual, or depositor-owned, institution to a bank by about a 2-1 vote, corporate officials announced Wednesday.
Depositors also approved the funding of a new First Fed Community Foundation that will give money to charities and other local community groups.
First Northwest Bancorp, the new holding company that owns 100 percent of First Fed, began public trading on the NASDAQ exchange today under the symbol FNWB.
Founded in 1923, First Federal has its headquarters in Port Angeles and operates branches in Port Angeles, Sequim, Port Townsend, Forks and Silverdale, plus a lending center in Bellingham. It has almost 180 employees.
The only locally owned community bank on the Peninsula, First Fed had assets of more than $795 million as of June 30, its last official reporting date.
The stock sale accompanying the conversion guarantees that First Fed will gain about $121 million after costs.
First Federal’s move follows a national trend in which other mutuals have converted to stock ownership to raise millions in new capital.
The money can be used to build new branches, expand lending and investments and offer new services.
