First Federal of Port Angeles received a 5-Star Superior rating for financial strength and stability from BauerFinancial, Inc., of Coral Gables, Fla.
That is the highest rating attainable from BauerFinancial (the nation's bank rating firm for more than 25 years) and is based on the overall financial picture of the institution.
Earning a 5-Star rating indicates that First Federal is one of the strongest banks in the nation.
This is the 63rd consecutive quarter that First Federal has earned this honor. Only 10 percent of the nation's banks can claim this distinction.
"First Federal has avoided the lending and underwriting problems that have plagued much of the banking industry," said Karen L. Dorway, president of BauerFinancial.
"It is clear that the staff of First Federal, under the direction of Ms. Karen L. McCormick, CEO, remains diligent in adhering to sound banking principles and standards."
McCormick responded, "The 5-Star rating is a reflection of First Federal's commitment to safety and soundness. We are honored to be the only bank on the Olympic Peninsula with a 5-Star rating.
"Our communities can be assured that First Federal is strong and we will remain strong."
Established in 1923, First Federal operates through offices in Sequim, Forks, Port Angeles and Port Townsend and can be found on the Internet at www.ourfirstfed.com.
No institution pays for its BauerFinancial rating nor can it be eluded. Consumers may obtain star-ratings by visiting www.bauerfinancial.com.
The Sequim Gazette is located at 147 W. Washington Street in Sequim.
Business hours are Monday through Friday from 8:30 a.m. to 5:00 p.m. Phone 360-683-3311, or toll free at 800-829-5810. FAX 360-683-6670.
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