First Northwest in Wash. freed from FDIC consent order

First Northwest Bancorp in Port Angeles, Wash., is no longer operating under an enforcement action.

The company said in a press release that its bank had been freed from a November 2023 consent order from the Federal Deposit Insurance Corp. The order required the bank to address deficiencies in its compliance programs.

The consent order requires the bank to correct certain violations of consumer protection laws. It claimed that First Fed Bank “engaged in unsafe and unsound banking practices” through a joint venture.

“The board and I want to convey our sincere thanks and appreciation to our entire compliance team who worked so diligently to strengthen our compliance programs,” Matthew Deines, the company’s CEO, said in the release.

“I also want to recognize our board for their contributions and efforts regarding this process,” he added. “The fact that we were able to achieve this in 11 months is a testament to the work the entire bank made over the past two-plus years to put this chapter behind us.”

First Northwest disclosed last week that it had restated its second-quarter results to a $2.2 million net loss after determining that it had another $6.6 million in chargeoffs during that period.