On December 10, 1915, fifteen people assembled for a meeting held "for the purpose of discussing the feasibility of organizing a Building and Loan Company in Twin Falls County." One week later, another meeting was held which resulted in the bank being chartered and stock sold. On January 7, 1916, the first stockholder's meeting of the Twin Falls Building and Loan Association was held. The following stockholders were present: Dr. C.R. Scott, E.J. Finch, F.F. Bracken, Henry Dinkelacker, O.J. Johnson; J.H. VanTassel, Robert McBride, G.H. Self, I.E. Finney, A.D. Hughes, George Herriott, and C.H. Krengel. At this meeting, the company was incorporated, the by-laws were adopted and E.J. Finch was elected president.

The Twin Falls Building and Loan Association leased its first office space at 118 Shoshone Street West in the Perrine Hotel building. The first loan was made on June 16, 1916, in the amount of $700. At the end of the first year of operations, the Association's total assets were $3,376.99.In 1919, O.J. Johnson was elected president. On January 12, 1920, the Association changed its name to The Mutual Building and Loan Association. That year it also relocated its office to 303 Shoshone Street in the Addison T. Smith building.

In 1934, the Association made application to the Federal Home Loan Bank for conversion to a federal mutual savings and loan association. This application was granted. On January 28, 1935, the Association retired its stock, and the name was changed to First Federal Savings and Loan Association of Twin Falls. At that time, Stuart H. Taylor was elected president. 

 In 1977, First Federal opened its second branch office at 886 Blue Lakes Boulevard in Twin Falls. This occurred during James Sinclair's time as president. When he retired in 1978, assets for First Federal had reached $121,786,000. In 1978, James W. Dodds was named president. During his tenure, branch offices were opened in Rupert (1978), Buhl (1982), and the Magic Valley Mall (1986). At Mr. Dodds' retirement, assets were $246 million. In January of 1987, Richard L. Allen became the Association's president. He held that position until his untimely passing in November of 1998. Assets at that time were $220 million. His successor was C. Alan Horner, who retired in January 2017. Assets upon his departure were $584 million. Jason Meyerhoeffer is the current president and CEO.

 From First Federal's Financial Statement of June 30, 1925 comes a message that describes the principles upon which the Association was formed and the underlying mission that still to this day guides its management: “The mission of First Federal is to be the best bank in the seven county regions we serve from a customer, employee and community perspective by achieving excellence in all that we do. It is the vision of First Federal to remain an independent mutual bank. The company will consider attractive opportunities related to lines of business as well as the possibility of branching into additional locations in strategic markets within a 150-mile radius of Twin Falls. We would consider acquiring other financial institutions with complementary lines of business within that radius. We will distinguish ourselves from the competition by a commitment to the efficient development and delivery of products and services in our target markets. We will strive to be identified as a “community bank” within those markets by providing both personal and community service.”  At First Federal, we take our mission very seriously and strive each day to continue to play a vital role in the building of the communities of the Magic Valley.

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