President's Message
First Federal . . . Right Here When You Need Us!

President's Message

C. Alan Horner

No TARP, No Bailout, No Subsidy of any kind, just good old-fashioned banking, but with all the perks of the big banks, with state-of-the-art electronic services and products available — this is what we offer at First Fed.

 

We kept our moral compass here at First Fed. We didn’t make subprime loans or any of the other hybrid and exotic mortgage products that contributed to this economic crisis. We realized at the onset of the introduction of these products that there would be a price to pay at some time, and when that time came it would affect our good borrowers. Thus, we stayed with our business plan, not “stepping further than our stride”.


Now First Fed reaps the benefit of sticking to our business model. We have strong capital, strong liquidity, a strong asset base, and are still making a profit. That is not to say we haven’t felt some of the pains of the weakened economy.

Contrary to what some have written or said, community banks in general are in favor of Financial Regulatory Reform. However, it needs to focus on the source of the problem, “Wall Street” and the “Shadow Banks” — not your local community bank. We hope, just as most of you are, that Congress gets it right. I encourage you to become familiar with the issues, form your opinions, and make your voice heard with our Congressional delegation.

This Financial Regulatory Reform Bill is not only a dramatic change to the way our banking system currently works, but also runs contrary to the “free market system” our economy is based on. It will harm our local communities, the small independent retailers, and the banks that do business in those communities. More importantly, it will not benefit consumers.

Until then, First Federal continues to follow its plan of being progressive, but with the financial safety of our customers always paramount.

In August, you will see an all new and improved Internet Banking program, with many new features. We apologize for some of the problems you have experienced with the old system.  We have been working to bring you this new system for almost a year, and feel confident you will think it was worth the wait.

We have several other new products and services to be rolled out in the third and fourth quarters of this year. These new products will make your banking experience with First Fed easier and more convenient, allowing you to conduct your banking anytime, anywhere.

In 2015, we will celebrate our 100th anniversary. We plan to continue to build on our experiences of the first 100 years to be a viable part of the growth of the Magic Valley for the next 100.

First Fed is safe and sound. We have built a highly-efficient staff ready to take care of your banking needs.

As always, please don’t hesitate to call me with any concerns or thoughts about how we can better serve you. I am always open to your ideas, concerns, and questions.

C. Alan Horner
Chairman of the Board of Directors, President, Chief Executive Officer
May 2010


*Through First Federal's participation in an FDIC Insurance program, all checking accounts with an interest rate of .50% or less receive unlimited FDIC Insurance protection through December 31, 2009. You may now deposit in excess of $250,000 into your applicable checking account and have protection on the entire balance. In addition, the $250,000 coverage through December 31, 2009, as announced by the FDIC in October 2008, continues to be available to all depositors, regardless of the type of deposit account you have with us.