Bank CEO of First Fed steps down, COO named temporary successor
In a significant shift, Geraldine Bullard has been appointed as the interim CEO of First Northwest Bancorp and its subsidiary First Fed Bank, effective from July 13, 2025. Bullard, who was previously the Chief Operating Officer (COO), will continue in her COO role during this transitional period [1][2][3][4].
Bullard brings a robust financial and banking background to her new position. She has served in key roles at First Fed Bank since 2020, holding positions such as Senior Vice President, Treasurer, Chief Financial Officer, Executive Vice President, and COO. Prior to that, she has worked as a controller in Salal Credit Union, CFO at First Sound Bank, and controller at Sound Community Bank [1][2].
The leadership change comes amidst legal pressure on the banks, with a hedge fund filing a lawsuit against First Fed Bank for approximately $107 million. The lawsuit alleges an alleged fraudulent scheme involving Water Station Management, which is in involuntary bankruptcy proceedings [3].
The complaint accuses Water Station Management and affiliated entities of misappropriating over $100 million from bond investors. The bond proceeds, it is alleged, were used to repay earlier investors and creditors, including First Fed Bank, rather than for the disclosed purpose of expanding Water Station Management's business [3].
Matthew Deines, who resigns as CEO after six years, will forfeit most of his unvested equity awards. However, 5,996 restricted shares granted on March 7, 2025, will immediately vest in full [4]. The boards and Deines mutually agreed on his departure, and the resignation was not due to any disagreement with the company [3].
The companies have set aside $5.8 million in legal reserves, established in the first quarter of 2025, in anticipation of the lawsuit. Management hopes to recoup at least part of this reserve over time, but additional legal costs may be incurred if the lawsuit goes to trial [4].
An executive search firm has been appointed to find a permanent CEO replacement, ensuring a smooth transition and maintaining leadership continuity during this challenging period [1][2][3][4]. Bullard's interim leadership provides operational stability while the companies manage the legal challenges and seek new permanent leadership.
Bullard's strong financial background and leadership experience at First Fed Bank, including serving as Senior Vice President, Treasurer, Chief Financial Officer, Executive Vice President, and COO, will be instrumental in her new role as interim CEO. Amidst legal pressure on the banks, including a lawsuit filed against First Fed Bank for $107 million, Bullard's interim leadership offers operational stability as the companies seek a permanent CEO replacement and manage the legal challenges ahead.
