PORT ANGELES — Levon Mathews, a veteran banker from Indiana, is determined to keep a good thing going on the North Olympic Peninsula.
First Federal’s soon-to-be president and chief executive officer said he will lead one of the region’s oldest and most successful thrift companies into the future by preserving its independence and strong commitment to the community.
The North Peninsula’s largest independent financial institution announced Monday that Mathews will succeed retiring President and CEO Karen McCormick effective Sept. 28.
Mathews, 50, from Lafayette, Ind., described First Federal as a “very healthy organization,” and said he plans to stay on the Peninsula for the long haul.
“While everybody else might be worried about what they’re not going to do, this organization is going to be looking for opportunities about what they are going to do,” Mathews said.
86-year business
First Federal has been in business for 86 years. It has branches in Port Angeles, Port Townsend, Sequim and Forks.
Mathews will bring to the company’s Port Angeles headquarters extensive leadership experience.
He embarked on a 26-year banking career at Lafayette (Ind.) National Bank, and took on expanded roles through a series of mergers.
He recently served as executive vice president and director of private banking for Regions Financial Corp., a $144 billion financial holding company based in Birmingham, Ala.
“He has definitely stepped up to challenges,” McCormick said.
“We know that in his background, he has chosen to take on very challenging situations and bring them to a resolution. And that appealed to our board of directors,” she said.
“That showed that the individual we have has the character to tackle tough problems and then also to take a healthy institution forward.”
Federal Reserve board
Mathews is also a former board member of the Federal Reserve Bank of St. Louis (Memphis Branch). He has met with Alan Greenspan, former chairman of the Federal Reserve, and the current chairman, Ben Bernanke.
“One thing, from the board’s perspective, that really convinced us that Levon was the right person for the job was his variety of experiences in his banking career,” said Dave Blake, vice chairman of the First Federal board.
“He’s done a Federal Reserve stint, which has nothing to do with operating a community bank, but it’s an experience block because banks have to deal with the Federal Reserve system.
“That’s how we do business. So knowing what’s going on at that level of federal banking is so important.”
Mathews has worked in banking divisions such as commercial real estate, private banking and small business, to name a few.
Transition overlap
At First Federal, Mathews knows he will have big shoes to fill. He described the transition with McCormick as “friendly” and a “rare opportunity.”
McCormick will help train her successor in October and November before fully retiring to travel and spend more time with her grandchildren.
“I am going to stay around for as long as I’m needed to effect a smooth transition,” McCormick said.
“This is an exciting time for First Federal.”
McCormick has been president and CEO at First Federal since 1997.
She started as a teller 32 years ago and has worked her way toward the top of the industry.
U.S. Banker magazine tabbed her as one of the 25 most powerful women in banking in 2003.
“Karen has left the organization very healthy,” Mathews said.
“She’s put a very aggressive and complete plan together. The board has supported that.
“So part of my job, really, is to not tinker around with anything, but take what she has put together and move forward.”
‘Proud of team’
More recently, McCormick guided First Federal through the treacherous waters of a national meltdown in the industry — a path that left the Peninsula company relatively unscathed.
“I’m very, very proud of the team we have here,” McCormick said.
“I’m proud of the healthy growth that this organization has enjoyed throughout the year.
“First Federal is a healthy bank and a profitable bank. Right now, that’s a lot to be proud of.”
Mathews was First Federal’s top choice from a list of about 30 candidates the bank gave serious consideration to, McCormick said.
“It’s just very gratifying to have the support of the board and the mentorship of Karen with her experience,” Mathews said.
“Karen and I have become friends quickly. We have more similarities that dissimilarities, and it’s just a wonderful opportunity.”
The bank used a national recruiting firm to weed out candidates who didn’t fit First Federal’s vision.
“What I really appreciated about the board’s approach to finding my successor was that they began by identifying the characteristics and the qualities and what they really wanted,” McCormick said.
“And, of course, right at the top of that was the commitment to community — that was absolutely critical — commitment to remaining an independent, regionally owned financial institution.
“And that I really appreciated, because you can’t really find the right person unless you know exactly what it is that you’re looking for.”
Mathews accepted the job about three weeks ago.
“The process was so thorough that when Levon accepted our offer to take this position, we knew we had it right,” Blake said.
Farm background
Born to a family of Indiana farmers, Mathews grew up working for his father’s small construction business.
“I spent a lot of years working off the land and doing the hard-work thing, so that was very beneficial,” he said.
Mathews later earned a Bachelor of Science degree from Purdue University in West Lafayette, Ind., and a Master of Business Administration from Butler University in Indianapolis.
Mathews and his wife, Mary, have an 18-year-old daughter, Sarah Mathews.
Sarah is a 4-handicap golfer who is headed to the University of Memphis on a golf scholarship.
Levon Mathews is a bicyclist and all-around outdoorsman. He is looking for a home in or around Port Angeles.
“It’s a wonderful part of the world,” he said. “I mean, to have a job and be able to look at the mountains and the water. Think about it.
“I plan to be here for a long time.”
________
Reporter Rob Ollikainen can be reached at 360-417-3537 or at rob.ollikainen@peninsuladailynews.com.
