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First Financial Northwest, Inc. Announces Proposed Charter Change of Subsidiary Bank

RENTON, Wash., Nov. 23, 2015 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (“Company”) (NASDAQ:FFNW), the bank holding company for First Financial Northwest Bank (“Bank”), today announced that the Bank has filed an application with the Washington Department of Financial Institutions (“DFI”) to change its charter from a Washington chartered stock savings bank to a Washington chartered commercial bank. The charter conversion is subject to the approval of the Bank’s regulators.

“Our conversion to a commercial bank reflects the Bank’s intention to operate as a commercial bank through the origination of commercial loans and is consistent with the Company’s reorganization from a savings and loan holding company to a bank holding company earlier this year,” said Joseph W. Kiley III, the President and Chief Executive Officer of the Bank. “With the completion of the charter conversion, we will be better positioned to implement our commercial banking operating strategy.”

About the Company and the Bank

First Financial Northwest, Inc. is the parent company of First Financial Northwest Bank; a Washington chartered stock savings bank headquartered in Renton, Washington, serving the Puget Sound Region through its two full-service banking offices. For additional information, please visit the Bank’s website at www.ffnwb.com and click on the “Investor Relations” section.

For more information, contact: Joseph W. Kiley III, President and Chief Executive Officer Rich Jacobson, Executive Vice President and Chief Financial Officer (425) 255-4400

Source:First Financial Northwest