First Financial Northwest, Inc. (FFNW), the holding company for First Savings Bank Northwest, on Friday announced the termination of the Bank's Memorandum of Understanding dated March 27, 2012, by and between the Bank and the Federal Deposit Insurance Corp. and the Washington Department of Financial Institutions.
The company also said that the Board of Governors of the Federal Reserve System had lifted two conditions of the company's Memorandum of Understanding dated April 10, 2010, by and between the company and its former regulator, the Office of Thrift Supervision, which is now enforced by the Federal Reserve as the successor to the OTS.
The termination of the conditions is effective immediately.
The company continues to be subject to the other restrictions included in the company MOU, and is still required to obtain the approval of the Federal Reserve prior to the repurchase of its common stock and for the payment of any cash dividends.
The FDIC, DFI and Federal Reserve also have terminated the Bank's and the company's troubled condition status effective immediately.
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