Attached files
file | filename |
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EX-10.1 - EXHIBIT 10.1 - First Financial Northwest, Inc. | ex101.htm |
EX-10.2 - EXHIBIT 10.2 - First Financial Northwest, Inc. | ex102.htm |
EX-99.1 - EXHIBIT 99.1 - First Financial Northwest, Inc. | ex99192210.htm |
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): September 22,
2010
First Financial Northwest,
Inc.
|
(Exact
name of registrant as specified in its charter)
Washington
|
001-33652
|
26-0610707
|
||
State
or other jurisdiction of
Incorporation
|
Commission
File
Number
|
(I.R.S.
Employer
Identification
No.)
|
||
201
Wells Avenue South, Renton, Washington
|
98057
|
|||
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant’s
telephone number (including area code) (425) 255-4400
Not
Applicable
(Former
name or former address, if changed since last report)
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))
Item 1.01
Entry Into a Material Definitive Agreement.
First
Savings Bank Northwest (the “Bank”), the wholly-owned subsidiary of First
Financial Northwest, Inc. (“Company”), has entered into a Stipulation to the
Issuance of a Consent Order
(“Order”) with the Federal Deposit
Insurance Corporation (“FDIC”), and the Washington Department of Financial
Institutions (“DFI”). The Order was issued and became effective on September 22,
2010.
Under the terms of the Order,
the Bank cannot declare dividends without the prior written approval of the
FDIC. Other material provisions of the order require the Bank to:
· |
maintain
and preserve qualified management;
|
· |
increase
the Board of Directors’ participation in the Bank’s
affairs;
|
· |
obtain
an independent study of management and the personnel structure of the
Bank;
|
· |
maintain
specified capital levels;
|
· |
eliminate
loans classified as “Loss” at its regulatory examination, and reduce the
loans classified as “Doubtful” and “Substandard” as a percent of
capital;
|
· |
revise
its policy with respect to the allowance for loan
losses;
|
· |
not
extend additional credit to borrowers whose loan had been classified as
“Loss” and is uncollected;
|
· |
revise
its lending and collection policies and practices;
|
· |
develop
a plan to reduce the amount of commercial real estate
loans;
|
· |
enhance
its written funds management and liquidity policy;
|
· |
develop
a three-year strategic plan;
|
· |
not
solicit brokered deposits and comply with certain deposit rate
restrictions;
|
· |
eliminate
and correct all violations of laws; and
|
· |
prepare
and submit progress reports to the FDIC and DFI. The Order will remain in
effect until modified or terminated by the FDIC and
DFI.
|
All customer deposits remain fully insured to the fullest extent permitted by
the FDIC. The Bank expects to continue to serve its customers in all areas
including making loans, establishing lines of credit, accepting deposits and
processing banking transactions. Neither the Company nor the Bank admitted any
wrongdoing in entering into the Stipulation and Consent to the Issuance of the
Order.
The description of the Order and the
Stipulation and Consent set forth in this Item 1.01 are qualified in their
entirety by reference to the Order and Stipulation and Consent, copies of which
are attached hereto as Exhibits 10.1 and 10.2, respectively, and are
incorporated by reference herein in their entirety.
On September 27, 2010, the Company
issued a press release with respect to the foregoing matters, a copy of which is
attached hereto as Exhibit 99.1.
Item 9.01. Financial
Statements and Exhibits.
(d) Exhibits
The
following exhibits are being furnished herewith and this list shall constitute
the exhibit index:
10.1 | Consent Order with the FDIC and DFI. | |
10.2
|
Stipulation
and Consent to the Issuance of a Consent Order.
|
|
99.1
|
Press
Release of First Financial Northwest, Inc. dated September 27,
2010.
|
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 FINANCIAL NORTHWEST, INC. | |
DATE:
September 27, 2010
|
By:/s/Victor
Karpiak
|
Victor Karpiak | |
President and Chief Executive
Officer
|