PORT ANGELES — First Federal stock rose nearly 22 percent on the first day of public trading on the Nasdaq exchange.
Shares of the North Olympic Peninsula-based institution were listed at $12.18 a share at the end of trading Friday, up 21.8 percent from the $10 share offering price.
First Northwest Bancorp, the new holding company that owns First Federal, began public trading on Nasdaq under the symbol FNWB at www.nasdaq.com/symbol/fnwb.
The $10 stock opened at $11.75 a share and rose to a high of $12.32 during Friday’s trading. More than 4.1 million shares of the stock were traded.
Larry Hueth, First Northwest Bancorp president and chief executive officer, was unavailable for comment.
Depositors of 92-year-old First Fed voted to approve its conversion from a mutual, or depositor-owned, savings-and-loan association to a bank owned by stockholders by about a 2-1 vote, corporate officials announced last week.
Depositors also approved the funding of a new First Fed Community Foundation that will give money to charities and other local community groups.
Several branches
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.
In its IPO, First Northwest Bancorp sold the maximum-allowed 12,167,000 shares of common stock at $10 per share for gross offering proceeds of $121.7 million.
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.
