PORT ANGELES — First Northwest Bancorp, parent company of First Federal, has named a successor to President and CEO Larry Hueth, who is leaving his post at the end of the year to pursue other interests, it was announced last week.
Matt Deines, who has filled multiple roles at Sound Community Bank and Liberty Bay Bank — including executive vice president and chief financial officer at both institutions — will take over for Hueth as CEO and president of First Federal, effective immediately. He will transition into the First Northwest Bancorp CEO post on Jan. 2.
“I think this is one of the best opportunities in the country,” Deines, 45, said in a Friday interview.
Hueth will remain as CEO and president of First Northwest Bancorp until Deines takes over in that capacity on Jan. 2.
“I have known Matt for several years and look forward to working closely with him to assure a smooth leadership transition,” Hueth said in a Thursday announcement.
“I have enjoyed my time with the company and look forward to its continued growth and success under new leadership.”
Hueth said Friday he and his wife had no immediate plans but they hope to remain in the Sequim area.
“I have achieved what I set out to accomplish as CEO and president and have determined that it is a good time to prioritize other areas of my life,” said Hueth, who turns 57 in September.
“It was kind of the right time for me,” he added.
Hueth joined First Federal in 2008 and became its president and CEO in December 2012. He led the 96-year-old company through a successful stock conversion in 2015.
“When the board offered me the CEO position, that was one of the major milestones we hoped to accomplish,” Hueth said in a telephone interview.
The conversion from a mutual, or depositor-owned, institution to a bank owned by stockholders gave rise to the nonprofit First Federal Community Foundation in January 2015.
The foundation has provided $3.2 million in community support, affordable housing, economic development and community development grants in communities where First Federal operates a full-service branch.
“We are indebted to Larry for his dedicated service over the past 11 years,” First Federal Board Chairman Steve Oliver said.
Deines worked for 16 years at Sound Community Bank before joining Liberty Bay Bank as executive vice president and chief financial officer in March 2018.
Having worked in the banking industry in Western Washington since 2002, Deines was aware of First Federal’s strong reputation.
“First Federal’s rich legacy on the Olympic Peninsula and in the Pacific Northwest, coupled with its recent growth and future potential, perfectly positions the bank for continued success,” Deines said in a company announcement.
First Federal is a Washington-chartered, community-based savings bank headquartered in Port Angeles.
It operates 13 banking centers within Clallam, Jefferson, King, Kitsap and Whatcom counties.
After visiting the Forks branch with Hueth on Friday, Deines said he was most impressed with First Federal’s management team, board and staff.
“The most wonderful thing has been the people,” he said.
Deines is raising teenage children in Seattle and plans to work on the North Olympic Peninsula several days per week.
“My wife and I are looking at the possibility of potentially building a second home here,” he said.
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Reporter Rob Ollikainen can be reached at 360-452-2345, ext. 56450, or at rollikainen@peninsuladailynews.com.
Larry Hueth
