FIRST NORTHWEST BANCORP (NASDAQ:FNWB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 5, 2019, First Northwest Bancorp (the “Company”), the holding company of First Federal Savings & Loan Association of Port Angeles (the “Bank”), received and accepted the resignation of Laurence J. Hueth as President and Chief Executive Officer and a director of the Company, effective immediately. The Company’s Board of Directors appointed Matthew P. Deines, currently President and Chief Executive Officer of the Bank, as President and Chief Executive Officer and a director of the Company to fill the vacancy created by Mr. Hueth’s resignation, also effective December 5, 2019. Mr. Deines is expected to be nominated for reelection as a director at the Company’s annual meeting of shareholders to be held in May 2020.
Mr. Hueth’s resignation is related to the executive management transition plan previously announced on August 1, 2019 and reported in the Company’s Current Report on Form 8-K filed on August 5, 2019 (the “August 2019 8-K”). There is no disagreement between Mr. Hueth and the Company on any matter relating to the Company’s operations, policies or practices.
Mr. Deines, age 46, is a seasoned local community banker with more than 17 years of experience in the banking industry. Before joining the Bank on August 1, 2019, Mr. Deines served most recently as Executive Vice President and Chief Financial Officer at Liberty Bay Bank from November 2018 to May 2019. He previously served as Executive Vice President and Chief Financial Officer of Sound Financial Bancorp (or its predecessor) since its incorporation in 2008 and of Sound Community Bank (or its predecessor) beginning in February 2002, in each case until March 2018.
Other than the employment agreement included as Exhibit 10.1 to the August 2019 8-K, which also sets forth Mr. Deines’ compensation arrangements, there is no arrangement or understanding between Mr. Deines and any other persons or entities to which he has been appointed as an executive officer or a director of the Company. As an executive officer of the Company, Mr. Deines is not entitled to any additional compensation for his service as a director. There are no family relationships between him and any other executive officer or director of the Company or the Bank or any transactions in which he has an interest requiring disclosure under Item 404(a) of Regulation S-K.
About FIRST NORTHWEST BANCORP (NASDAQ:FNWB)
First Northwest Bancorp is the bank holding company for First Federal Savings and Loan Association of Port Angeles (the Bank). The Bank is a community-oriented financial institution primarily serving the North Olympic Peninsula region of Washington. The Bank offers a range of products and services focused on the lending and depository needs of the communities it serves. The Bank provides commercial and consumer banking services to individuals and businesses located primarily on the Olympic Peninsula in the State of Washington. These services include deposit and lending transactions that are supplemented with borrowing and investing activities. The Bank’s principal lending activities are focused on first lien one- to four-family mortgage loans, and commercial and multi-family real estate loans. The Bank also makes construction and land loans (including lot loans), commercial business loans and consumer loans.
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