First Northwest Bancorp 8-K, filed Mar 17, 2020
First Northwest Bancorp (FNWB)
8-K
2020-03-17
For: 2020-03-12
View Original
Added on
April 07, 2026
About this 8-K
First Northwest Bancorp filed this 8-K on March 17, 2020, reporting on events of March 12, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 12, 2020
FIRST NORTHWEST BANCORP
(Exact name of registrant as specified in its charter)
Washington | 001-36741 | 46-1259100 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
105 West 8th Street, Port Angeles, Washington | 98362 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant's telephone number, including area code: (360) 457-0461
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: | Trading Symbol(s): | Name of each exchange on which registered: | ||
Common Stock, par value $0.01 per share | FNWB | The Nasdaq Stock Market LLC | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [X]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [X]
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
First Northwest Bancorp (the “Company”) and its wholly owned subsidiary First Federal Savings and Loan Association of Port Angeles (“First Federal” and collectively with the Company, “First Northwest”) reported that on March 12, 2020, Regina M. Wood resigned as Executive Vice President, Chief Financial Officer and Principal Accounting Officer effective March 16, 2020. Ms. Wood’s resignation is to allow her to pursue other professional interests, and is not due to a dispute or disagreement with First Northwest.
On March 16, 2020, Geri Bullard was appointed Interim Chief Financial Officer and Principal Accounting Officer of First Northwest, to serve while First Northwest completes its search process for a permanent replacement for these positions.
Ms. Bullard, age 55, joined First Federal as Senior Vice President and Treasurer in January 2020. She has more than 20 years of experience as Controller or Chief Financial Officer at financial institutions located in the Pacific Northwest, California, and Idaho. Prior to joining First Federal, Ms. Bullard served as Controller at Salal Credit Union, located in Seattle, from August 2018 to January 2020; Chief Financial Officer of First Sound Bank, also in Seattle, from February 2017 to August 2018; Controller at Sound Community Bank from October 2015 to February 2017; and Chief Financial Officer of Bank of Washington from October 2014 to October 2015. Ms. Bullard holds a Bachelor of Science degree from Humboldt State University and is a licensed CPA and CMA.
Ms. Bullard does not have an interest in any transactions requiring disclosure under Item 404(a) of Regulation S-K. There are no family relationships between Ms. Bullard and any of the Company’s directors or other executive officers. There are no arrangements or understandings between Ms. Bullard and any other persons or entities pursuant to which she has been appointed as interim Chief Financial Officer and Principal Accounting Officer.
Ms. Bullard will receive an annual base salary of $195,000. She has not been granted any equity awards and there has been no change to her eligibility to participate in the Company’s cash bonus program in connection with her interim role.
Item 7.01. Regulation FD Disclosure.
A copy of the Company’s press release relating to the announcement reported in Item 5.02, dated March 16, 2020, is furnished as Exhibit 99.1 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit. The following exhibit is furnished with this Form 8-K.
Exhibit No. | Description |
99.1 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FIRST NORTHWEST BANCORP | ||
Date: | March 16, 2020 | /s/Matthew P. Deines |
Matthew P. Deines | ||
President and Chief Executive Officer | ||
CONTACT: MATTHEW P. DEINES
PRESIDENT & CEO
(360) 457-0461
First Northwest Bancorp Announces Management Change
PORT ANGELES, WA – March 16, 2020 – First Northwest Bancorp (NASDAQ: FNWB) (“Company”), the holding company for First Federal Savings and Loan Association of Port Angeles (“Bank” or “First Federal”), today announced that Regina Wood is resigning as Chief Financial Officer effective March 16, 2020, to pursue another business opportunity. Geri Bullard, currently serving as Senior Vice President and Treasurer, will assume the position of Interim Chief Financial Officer following Ms. Wood’s departure.
“On behalf of the Board of Directors and Management team, we are extremely grateful for the valued service and contributions Regina has made over the last 16 years,” said Matthew P. Deines, President and CEO. “We appreciate all of her efforts, and we wish her well in her future endeavors.”
“At the same time, we welcome Geri Bullard to the interim positions of Chief Financial Officer and Principal Accounting Officer, and we look forward to working with her in this new role,” added Deines. Geri Bullard joined the bank earlier this year as SVP and Treasurer. She brings more than 20 years of financial experience as Controller and Chief Financial Officer positions where she has served throughout the Pacific Northwest, California, and Idaho. Prior to joining First Federal, Ms. Bullard served as Controller at Salal Credit Union, located in Seattle, from August 2018 to January 2020, and Chief Financial Officer of First Sound Bank, also in Seattle, from February 2017 to August 2018. Ms. Bullard holds a Bachelor of Science degree from Humboldt State University and is a licensed CPA and CMA.
About the Company
First Northwest Bancorp, a Washington corporation, is the bank holding company for First Federal Savings and Loan Association of Port Angeles. First Federal is a Washington state-chartered savings bank primarily serving communities in Western Washington State with thirteen banking locations - eight located within Clallam and Jefferson counties, two in Kitsap County, two in Whatcom County, and a lending center in King County.
Forward Looking Statements
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; and other factors described in the Company’s latest Annual Report on Form 10-K and other filings with the Securities and Exchange Commission ("SEC")-which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.
Any of the forward-looking statements that we make in this Press Release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company's operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2020 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.
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Note: Transmitted on Globe Newswire on March 16, 2020, at 3:55 p.m. PDT