National publication recognizes First Federal Bank for second year in a row.
For the second time in as many years, Newsweek has named First Federal Bank as the Best Small Bank in Idaho. First Federal Bank was recognized in the magazine’s 2023 list of America’s Best Banks. Newsweek defines small banks as those with less than $10 billion in assets. First Federal Bank currently has deposits in excess of $1.3 billion and no bank headquartered in Idaho has over $10 billion.
“To be acknowledged by a national media outlet for our work is pretty special,” stated Jason A. Meyerhoeffer, President and CEO of First Federal Bank. “We strive to be Idaho’s community bank of choice and this helps validate that position.”
According to Newsweek, Best Bank winners are selected based on more than 30 different factors including the overall health of the bank, customer service, branch presence, digital access, account choices, fees, loan options, and interest rate offerings. Some of the specific data collected by the publication were average service charges collected on deposit accounts, average interest paid on deposit accounts, number of complaints submitted to the Consumer Financial Protection Bureau (CFPB) and the responsiveness of the financial institution, the types of loan and account products offered, mobile app scores, customer service outlets and options, the overall health of the bank graded by DepositAccounts.com, and branch presence.
First Federal Bank Board President, Tom Ashenbrener added, “Over the years, First Federal Bank has been very intentional about our customer approach and overall growth. As a mutual bank, with no stockholders or owners, we are able to focus on what is best for the people who bank with us.”
