This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

First Financial Northwest, Inc. Announces Appointment Of Kevin D. Padrick As Director, Resignation And Appointment Of Chairman Of The Board And Resignation Of Director M. Scott Gaspard

RENTON, Wash., March 15, 2013 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. ("Company") (Nasdaq:FFNW), the holding company for First Savings Bank Northwest ("Bank"), today announced that it had received all bank regulatory approvals for the appointment of Kevin D. Padrick to the Company's and the Bank's respective Boards of Directors. Mr. Padrick's appointment as a director is effective as of March 14, 2013, the date the Company received the last required approval. Mr. Padrick will attend the Company's Board of Directors' meeting on Wednesday, March 20, 2013 and at that time will be appointed to serve on the Nominating and Corporate Governance Committee and the Compensation Committee of the Company's Board of Directors. Mr. Padrick's appointment as a director was made pursuant to the settlement agreement ("Settlement Agreement") entered into by the Company with Joseph Stilwell and his affiliated entities as a result of last year's contested director election.

"We would like to take this opportunity to welcome Mr. Padrick to the Board of Directors," said Victor Karpiak, Chairman, President and CEO. "He has extensive business and legal experience that will be beneficial to the Board in its analysis and implementation of the Company's business strategies."

In connection with Mr. Padrick's appointment to the Board and pursuant to the Settlement Agreement, Victor Karpiak will resign as Chairman of the Board of the Company's Board of Directors at the Board of Directors' March 20, 2013 meeting. Mr. Karpiak's resignation will be effective immediately; he will, however, continue to serve as a director on the Company's Board of Directors until September 2013. At the time of Mr. Karpiak's resignation, it is anticipated that Dr. Gary F. Kohlwes will be appointed as Chairman of the Company's Board of Directors. Dr. Kohlwes has served as a member of the Company's Board of Directors since its inception in 2007 and has served as a director of the Bank since 1977. In addition, Dr. Kohlwes has served as Secretary of the Bank since 1982 and is a Trustee of the First Financial Northwest Foundation and serves as its Executive Director.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.21 -0.44%
FB $117.80 -0.22%
GOOG $701.26 0.80%
TSLA $211.34 -5.00%
YHOO $36.94 2.61%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs