Reduce liability for losses on commercial accounts by adhering to four requirements.
First Savings Bank Northwest Appoints President/CEO
First Financial Northwest Inc. in Renton, Wash., (Nasdaq:FFNW), has announced that Joe Kiley has been appointed president and CEO of First Savings Bank Northwest, the company's financial institution subsidiary, and will take over responsibility for the day-to-day operations of the bank. Kiley will also serve on the bank's board of directors.
"We are looking forward to the experience Joe will bring to the Bank and will look to his leadership skills as he helps us continue to move forward with improving the bank's performance," said Karpiak.
Kiley, a 56-year-old banking executive from California with more than 20 years of banking experience, expects to begin work at the bank on Sept. 17, 2012. "I am excited to be joining First Savings Bank Northwest," said Kiley.
In connection with the appointment of Kiley, the company, the bank and First Financial Diversified Inc., a subsidiary of the company, have entered into a transition agreement with Victor Karpiak, chairman, president and CEO of the company, the bank and FFD. Karpiak will retire as president and CEO of the bank on Sept. 17, 2012, but will continue to be employed as executive chairman of the bank to facilitate the executive succession.
The bank also announced the separation of the chief lending and credit administration officer position. Herman L. Robinson will continue as senior vice president and chief credit officer of the bank, and Simon Soh was promoted from loan production manager to chief lending officer. The appointment of Soh is subject to approval by the FDIC and the Washington Department of Financial Institutions.
The management changes are to further comply with the conditions included in the bank's memorandum of understanding, which the bank entered into with the FDIC and the Washington Department of Financial of Institutions on March 27, 2012.