News & Press

First Federal Welcomes Real-Time Payments with FedNow Integration

July 22, 2024

First Federal has announced its integration with FedNow, the Federal Reserve's instant payment service. First Federal can now receive real-time payments, boosting financial management options for both personal and business banking clients in McMinnville and surrounding areas.

The FedNow Service, a new era of convenience, enables financial institutions across the United States to provide their customers with safe and efficient payment services that operate 24/7, 365 days a year. This new service allows First Federal to process payments received within seconds, offering unprecedented speed that benefits managing your cash flow.

"Joining the FedNow community as a receiver marks a milestone in our commitment to leveraging technology that enhances customer experience and meets modern financial needs," said Jim Schlotfeldt, President and CEO. "This integration reflects our dedication to innovation and strengthens our capability to support our customers with the tools necessary for tomorrow's fast-paced financial environment."

Customers of First Federal can expect several benefits from the integration of FedNow, including:

• Rapid Transactions: Payments are settled within seconds, which is ideal for urgent or crucial financial needs.
• Around-the-Clock Accessibility: Available 24/7, this service ensures you can manage payments received outside traditional banking hours.
• Streamlined Efficiency: The instant processing of payments received not only minimizes wait times but also empowers you to manage your finances on your terms, reducing reliance on standard bank operating hours.

For more information about how FedNow can benefit you, please visit First Federal’s website at www.firstfedweb.com or contact a local branch.

Card Fraud Advisory

June 11, 2024

We have learned certain First Federal cards have been part of a recent compromise. 

As a First Federal customer, you are enrolled in our complimentary fraud monitoring service. Our teams are working diligently to notify impacted account holders.

We apologize for the inconvenience this poses to you and are doing everything we can to minimize the impact. 

Blog Post: What to Expect if Your Card Has Been Compromised?

Progress Update on New McMinnville Branch Construction

May 13, 2024

First Federal Savings and Loan Association of McMinnville has announced that construction is underway at the new location for its new McMinnville branch, situated at 1650 OR-99W, McMinnville, OR. The development, which began in January, marks a significant step forward in the bank's commitment to improving client services and accessibility.

"We are thrilled to see the building taking shape and to share this progress with our community. Our new branch will not only be more accessible to our clients but will also provide a comfortable and welcoming environment for them," stated Jim Schlotfeldt, President and CEO. "This move is part of our ongoing effort to enhance banking convenience for our customers in Yamhill County."

The new 4,400-square foot branch, will feature state-of-the-art facilities, a drive-thru banking service, and ample parking, ensuring easy access for everyone.

Accompanying this update are photographs and renderings of the construction progress and the architectural design, illustrating the branch's future look. The design emphasizes a blend of modern aesthetics with functionality, aiming to create a pleasant banking experience for clients and staff.

Construction is expected to be completed in October of 2024, at which point the existing McMinnville Baker Creek branch will cease operations, and the team will move into the new branch. The McMinnville Home Office branch will continue to operate without interruption.

First Federal remains invested in the McMinnville community, supporting the local economy and providing top-notch financial services.

Rendering of the new branch at at 1650 OR-99W, McMinnville, OR.

First Federal & SUM Design Studio

From left to right: Tara Quincy (Branch Manager), Harold Washington (Board of Directors) Bill Bradford (Facilities Project Manager), Jim Schlotfeldt (President and CEO), Matt Loosemore (Principal at SUM Design Studio), Christian Sterner (Designer at SUM Design Studio).

Branch Manager, Tara Quincy

First Federal partners with Federal Home Loan Bank of Des Moines to Award $10,000 to Yamhill Carlton Together Cares through the Member Impact Fund

April 15, 2024

Grant program supports affordable housing and community development.

First Federal, in partnership with Federal Home Loan Bank of Des Moines (FHLB Des Moines), is proud to announce that Yamhill Carlton Together Cares will receive a $10,000 grant from the FHLB Des Moines Member Impact Fund. This matching grant program, which was introduced in 2023, will provide nearly $20 million to eligible organizations in order to strengthen communities in targeted areas of FHLB Des Moines’ district. In 2024 FHLB Des Moines increased the Member Impact Fund by $10 million.

Yamhill Carlton Together Cares (YCTC), an organization committed to enhancing the lives of youth and families, plans to utilize the grant to expand and enhance their highly impactful summer youth work program. This program serves as a cornerstone in their efforts to empower and support the youth aged 13-17 within the community. With the support of these funds, they aim to not only broaden the scope of available job placements but also to deepen the impact and reach of the program's offerings. Their summer youth work program provides a diverse range of employment opportunities for participating youth, encompassing roles such as childcare providers, summer camp counselors, farm workers, and support staff for athletic concessions, as well as active involvement in various community events and initiatives. Additionally, the funds will assist in addressing critical infrastructure needs within their community facilities which provide shelter during outdoor program activities. Furthermore, the funds will support the installation of four new backboards in the gyms utilized by their programs, improving sports facilities and enhancing recreational opportunities.

"We at Yamhill Carlton Together Cares are deeply grateful to First Federal and Federal Home Loan Bank of Des Moines for their generous grant of $10,000 from the FHLB Des Moines Member Impact Fund. This support will significantly bolster our summer youth work program, enabling us to offer expanded job opportunities and enhance our community programs. Such contributions are vital in fostering the development and empowerment of our young people, allowing us to make a substantial difference in their lives and our community. We are honored to partner with organizations that are as committed to community growth and youth empowerment as we are. Thank you for this incredible opportunity to deepen and extend our impact,” says Mark Rodriguez, Executive Director of Yamhill Carlton Together Cares.

"We are proud to support Yamhill Carlton Together Cares in their vital work with this grant," remarked Jim Schlotfeldt, President and CEO of First Federal. "We are grateful for the opportunity to collaborate with the FHLB to aid organizations like YCTC in promoting the prosperity and health of our community's youngest members. We hope this contribution will make a meaningful difference in the lives of many children and families."

FHLB Des Moines provides funding solutions and liquidity to more than 1,200 members to support mortgage lending, economic development and affordable housing in the communities they serve. The Member Impact Fund provides $3 for every $1 of an eligible FHLB Des Moines member's grant donation to strengthen the ability of not-for-profits or government entities to serve the affordable housing or community development needs of their communities. The Member Impact Fund awards are given in partnership with member financial institutions to communities in their districts to become more vibrant places to live and work.

The Member Impact Fund is part of FHLB Des Moines’ ongoing mission to offer a variety of funding options through its members to support affordable housing and community development needs. Kris Williams, President and CEO of FHLB Des Moines, shares, “We are thrilled to see grants from our Member Impact Fund having a direct, positive impact on the communities in which our members help advance affordable housing and community development needs in a meaningful way.”

The Member Impact Fund matching program is available to organizations located in Hawaii, Montana, North Dakota, Oregon, Guam, American Samoa and the Northern Mariana Islands. Member institutions in these locations submitted applications in February and March 2024; funds were distributed directly to the member institution, which then provide the funding alongside a matching grant from FHLB Des Moines for the partner/recipient organization.

Recipient organizations were selected based on the needs for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs, including training, predevelopment assistance, management information systems or software, strategic planning, market study or community needs assessment, and working capital.

About Federal Home Loan Bank of Des Moines

The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. They work together with over 1,200 member institutions to support affordable housing, economic development and community improvement.

FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.

First Federal partners with Federal Home Loan Bank of Des Moines to Award $10,000 to Willamette Valley Cancer Foundation through the Member Impact Fund

April 10, 2024

Grant program supports affordable housing and community development.

First Federal, in partnership with Federal Home Loan Bank of Des Moines (FHLB Des Moines), is proud to announce that the Willamette Valley Cancer Foundation will receive a $10,000 grant from the FHLB Des Moines Member Impact Fund. This matching grant program, which was introduced in 2023, will provide nearly $20 million to eligible organizations in order to strengthen communities in targeted areas of FHLB Des Moines’ district. In 2024 FHLB Des Moines increased the Member Impact Fund by $10 million.

The Willamette Valley Cancer Foundation administers a patient financial assistance program to help cancer patients pay their household bills while they undergo treatment. Often, patients are unable to work for an extended period if they return to work at all. With these funds, the Cancer Foundation is able to support patients’ recovery by covering mortgage or rent payments, keep utilities on and cell phone plans paid, offer gas and grocery cards, support auto, home, and health insurance premiums, buy needed prescriptions, and so much more.

“We are beyond thrilled to receive these funds for our patient financial assistance program. Not only does the money have an immediate impact on families burdened by cancer, but the fact also that First Federal recognized the Willamette Valley Cancer Foundation as a worthy grantee means a lot to us. Simply put, First Federal shows up for their customers and their community.” said Patty Williams, Executive Director of Willamette Valley Cancer Foundation.

"We are deeply honored to provide this grant to the Willamette Valley Cancer Foundation," said Jim Schlotfeldt, President and CEO of First Federal. "Our partnership with FHLB and our ability to support vital community resources like the Cancer Foundation supports our core mission— to serve and uplift our community in meaningful ways. We trust that these funds can positively impact the lives of those facing cancer in the Willamette Valley."

FHLB Des Moines provides funding solutions and liquidity to more than 1,200 members to support mortgage lending, economic development and affordable housing in the communities they serve. The Member Impact Fund provides $3 for every $1 of an eligible FHLB Des Moines member's grant donation to strengthen the ability of not-for-profits or government entities to serve the affordable housing or community development needs of their communities. The Member Impact Fund awards are given in partnership with member financial institutions to communities in their districts to become more vibrant places to live and work.

The Member Impact Fund is part of FHLB Des Moines’ ongoing mission to offer a variety of funding options through its members to support affordable housing and community development needs. Kris Williams, President and CEO of FHLB Des Moines, shares, “We are thrilled to see grants from our Member Impact Fund having a direct, positive impact on the communities in which our members help advance affordable housing and community development needs in a meaningful way.”

The Member Impact Fund matching program is available to organizations located in Hawaii, Montana, North Dakota, Oregon, Guam, American Samoa and the Northern Mariana Islands. Member institutions in these locations submitted applications in February and March 2024; funds were distributed directly to the member institution, which then provide the funding alongside a matching grant from FHLB Des Moines for the partner/recipient organization.

Recipient organizations were selected based on the needs for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs, including training, predevelopment assistance, management information systems or software, strategic planning, market study or community needs assessment, and working capital.

About Federal Home Loan Bank of Des Moines

The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. They work together with over 1,200 member institutions to support affordable housing, economic development and community improvement.

FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.

First Federal Welcomes Corporate Risk Manager

March 4, 2024

First Federal is pleased to announce the selection of Jennifer Anderson-Kapke as the new Vice President and Corporate Risk Manager. Anderson-Kapke is exceptionally qualified for this role with an extensive career spanning over 18 years in the banking industry and a J.D. in Business Law from Drake University Law School. She will direct First Federal's BSA and Compliance team, leading efforts to strengthen First Federal's Enterprise Risk Management program and ensure comprehensive compliance with banking regulations and internal policies.

Throughout her career, Anderson-Kapke has demonstrated her commitment to excellence and leadership through her contributions to several organizations and associations. Her expertise and visionary leadership are anticipated to advance First Federal's strategic objectives and foster a culture of integrity and accountability.

Anderson-Kapke succeeds Judy Rutschman, who has announced her retirement effective May 7, 2024, following an illustrious 45-year career with First Federal.

First Federal Hosts Free Scam Prevention Seminars

February 22, 2024

To combat the rising tide of financial scams and educate the community on the importance of fraud prevention, First Federal is proud to announce a free public seminar titled "Be Scam Smart." This informative sessions are scheduled for March 5th and March 6th (Spanish) at the First Federal Community Room, located at 111 NE Third Street, McMinnville, OR 97128.

In today's digital age, financial scams have become increasingly sophisticated, targeting individuals of all ages and backgrounds. First Federal is committed to empowering our community with the knowledge and tools to recognize and avoid these fraudulent schemes. The seminar will cover a wide range of topics, including the latest trends in financial scams, strategies for safeguarding personal and financial information, and steps to take if you suspect a scammer has targeted you.

Event Details:
• Date: March 5th, 2024 and March 6th 2024 (Spanish)
• Time: 5:30 – 6:30 PM
• Location: First Federal Community Room, 111 NE Third Street, McMinnville, OR 97128
• Admission: Free

Participants will have the opportunity to hear from First Federal's knowledgeable team. Attendees will also receive valuable resources and materials to further their understanding of scam prevention.

This seminar is part of First Federal's ongoing commitment to community education and financial literacy. An informed community is a safer community.
For more information and to register for the event, please visit our website at https://www.firstfedweb.com/Fraud-Protection.

First Federal Welcomes New SVP Human Resource Director

February 6, 2024

First Federal is pleased to announce the selection of Larry Thompson as the new Senior Vice President and Director of Human Resources. Thompson brings a wealth of expertise to First Federal, with over two decades in the HR field and community banking. In his new role, he will oversee the human resources and training and development departments, lead strategic HR Initiatives, and provide guidance for the company’s 88 employees across Yamhill County.

An active member of the Oregon Society for Human Resource Management (SHRM), Thompson has also contributed his skills and knowledge to the boards of several nonprofit organizations throughout his career. His expertise and leadership will support First Federal’s mission and enhance its organizational culture.

Thompson succeeds Jill Faughender, who has announced her retirement effective April 5, 2024, after a commendable tenure at First Federal.

Statement on Current Banking Environment

March 17, 2023

To the clients and community of First Federal Savings & Loan,

I am sure you have heard the news about the closures and receivership of Silicon Valley Bank and Signature Bank by the Federal Deposit Insurance Corporation (FDIC) due to financial distress. Unlike the economic crisis of 2008, these banks were not closed due to problem loans, as instead it was their lack of diversification that led to their downfall. Silicon Valley Bank and Signature Bank had business practices that proved to be unsound, particularly in the current environment of rapidly rising interest rates. What led to the demise of these banks was their extremely high growth rates in recent years coupled with their concentration of large, uninsured deposits from clients in the technology and cryptocurrency industries.

I want to assure you that First Federal’s financial position is strong and rooted in stable banking practices. We are recognized as one the top 100 healthiest banks in the country, and adhere to a traditional banking model that does not participate in the unsafe practices that have led to the recent high-profile failures of financial institutions. We maintain robust capital and liquidity that supports our locally-focused strategy while still providing a safety net should issues arise. Our loan portfolio and deposit base is diverse and includes consumers, nonprofits and small businesses, rather than focusing on one industry and a few large depositors. The credit quality of our loan portfolio has been outstanding in recent years and our capital remains strong. First Federal has access to ample liquidity to meet our customer needs. You can remain confident that First Federal is strong, stable, and poised to assist our customers now and into the future.

Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank, such as First Federal Savings & Loan. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. By properly structuring account ownership or adding beneficial owners, the insurance coverage can increase by a multiple of the owners.

Should you have any questions about your deposits or FDIC insurance, I encourage you to speak directly to one of our team members who are always ready to serve you.

First Federal has been an unwavering financial partner within Yamhill County through the Great Depression, Global Financial Crisis, and numerous recessions along the way. With over 100 years serving the Willamette Valley, First Federal provides an unmatched commitment to the community through tailored business and personal banking solutions, as well as award-winning charitable giving and service.

Sincerely,

Jim Schlotfeldt
President and CEO

First Federal To Host Grand Opening Event for Downtown Branch and Corporate Headquarters

August 2021

First Federal Savings & Loan Association of McMinnville plans to host a week-long Grand Opening celebration beginning Monday September 13th at the site of the newly renovated Home Office Branch and Corporate Headquarters at 118 NE Third Street, McMinnville. There will be an exclusive celebration for the opening on September 13th from 5-7pm.

“We are excited to open our McMinnville Home Office branch and Corporate Headquarters and offer our full suite of financial and lending solutions to both residential and business clients in our stylish new space,” said Jim Schlotfeldt, President and CEO, First Federal.

The newly constructed location features a 31,000 square foot building that houses the retail branch, loan center, and executive offices. The building was designed by Portland based studio, SUM Design Studio + architecture and complements the McMinnville downtown aesthetic. Portland based company, R&H Construction, led construction of the project.

The grand opening celebrations will take place September 13-17th from 11-2pm. Festivities include a car show, food truck festival, carnival games, tours, and special giveaways. All are welcome to join during festivities and to meet staff and tour the new building. Please visit www.FirstFedWeb.com for more Grand Opening information.

Pamela Lum Announced as New Board Member

July 2021

First Federal is pleased to announce Pamela Lum as the newest member of the First Federal Savings & Loan Association of McMinnville’s Board of Directors, effective June 2021. Ms. Lum brings a wealth of economic and executive management expertise combined with leadership experience in the financial and auto industry. She has served in leadership roles in the financial services industry for over 20 years, specifically in commercial banking, cash management, and wealth management. She most recently joined the family business and expanded to the McMinnville area by opening Lum’s Buick, GMC, and Cadillac. The Lum family also operates Lum’s Auto Center specializing in Toyota, Chrysler, Jeep, Dodge and Ram on the Oregon Coast and, most recently, added Walla Walla Toyota in Walla Walla, WA.

“Along with the First Federal Board of Directors, I am delighted to see Pam come on board. Pam understands and shares our values, and her remarkable background in the industry, executive management, and community leadership make her an excellent fit for this position,” said Jim Schlotfeldt, CEO and President.

Ms. Lum has a long history of community service in Oregon. She has served as a Board Member of the Friends of the Astoria Column, a Columbia River Maritime Museum Trustee, an Oregon Community Foundations North Coast Leadership Council Advisor, a Multnomah County Library Trustee, and as a Board Member of Morrison Child and Family Services.

Ms. Lum currently serves as an MV Advancements Board Member, an Oregon Community Foundation Northern Willamette Valley Leadership Council Advisor, and a McMinnville Area Chamber of Commerce Board Member.

You Voted, We Donated!

March 2021

First Federal is donating $40,000 again this year based on votes received by First Federal customers. The annual Customer Ballots program concluded on February 28th and checks are being delivered to 95 Yamhill County nonprofits. In the past 23 years, First Federal has given $880,000 to Yamhill County nonprofits voted on by First Federal customers. “We believe in the work of our nonprofits and are happy to donate funds to those organizations where our customers have a heart for the mission,” said Jim Schlotfeldt, CEO/President of First Federal. Service areas receiving the largest number of votes were Youth Education/Development and Food Banks/Shelters.

More information and recipient list

Sara Meyer Promoted to Sheridan Branch Manager

January 2021

Sara Meyer has been promoted to Branch Manager of the First Federal Savings and Loan Association Sheridan Branch located at 246 S Bridge Street. Sara was previously the Branch Operations Manager of the Sheridan Branch where she focused heavily on day-to-day branch responsibilities and team development.

In her role as the Sheridan Branch Manager, she is responsible for directing all operations including customer service, business development, administration, and community support. She is additionally responsible with bringing out the best of branch’s personnel by providing training, coaching, development, and motivation.

Meyer is a native Oregonian and is heavily involved in the Carlton Community Foundation, the City of Carlton Budget Committee, and the Sheridan Chamber of Commerce.

“The Sheridan Branch will benefit greatly from Sara’s leadership,” says Ron Wolfe, Chief Banking Officer. “Sara is a great example of hard work and perseverance paying off. I’m excited to see her take ownership of our Sheridan branch and become a leader in the community.”

Please join us in congratulating Sara to her new role within First Federal!