PORT ANGELES — While some banks across the country are failing because of reckless home mortgages, First Federal on Thursday pledged $1 million for affordable housing and other public programs.
The promise is part of the Community Dividend Program the bank announced to support a variety of economic and community development projects across Clallam and Jefferson counties.
Community Dividend will distribute $1 million in 2008, First Federal President and CEO said Thursday, and in each July-June fiscal year thereafter.
That the bank has the money to give away at all is due to two factors, she said:
“Our loans are good loans. We’re very safe and sound,” McCormick said of its $715 million in assets.
