News

When Tom Ashenbrener sought to break into the cigar business in the 1990s, he faced a problem: every distributor told him no. Existing customers bought everything the distributors could supply.

So Tom did what any resourceful Idahoan would do… he went to Keegan's potato cellar, bought 40-pound boxes of massive Idaho spuds, and shipped one apiece to each of the three major distributors.

Two weeks later, he called again. "How'd you guys like those potatoes?" The response was immediate: "Oh yeah—sell him all he wants. Keep the spuds coming."

"It's a silly story, but it shows something important about business," Tom reflects. "In a free market, sometimes you need something a little different, a little out of the box, that plays on people's goodwill."

That creative problem-solving helped Tom transform his family's business from Price Hardware into Rudy's Cook's Paradise in 2002, creating Twin Falls' premier restaurant supply and gourmet kitchen store. More importantly, it shaped his understanding of what makes businesses—and banks—truly succeed.

From Customer to Board Member

Tom's relationship with First Fed began when he joined his father at Price Hardware after graduating from the University of Oregon in the late 1970’s. While the family banked elsewhere initially, Tom moved everything to First Fed when he took over the business and began its transformation.

"They really helped with that transition," Tom says. "Some banks were saying 'you can't do that.' First Fed's attitude was 'that sounds like a great idea. How can we help?'"

That openness to taking calculated risks on local business owners made an impression. When First Fed invited Tom to join its Board of Directors, he accepted what he calls "the most amazing opportunity I've ever had, other than falling in love with my wife."

Over the next three decades, Tom would serve 32 years on the board, including nine years as chairman before recently stepping down from that role while continuing as a director.

Applying Perspective

Tom's years as a business owner give him unique insight as a board member. He's sat across the desk from bankers, understanding firsthand what businesses need from their financial partners.

"Having that experience helps," he explains. "You see how these really good businesses across southern Idaho are making our communities better. It's not just about the bank—it's about the customer-bank relationship."

That perspective aligns perfectly with First Fed's structure as Idaho's only mutual bank.

"First Fed is owned by its depositors, its customers," Tom explains. "That little switch, that distinctive difference, changes the whole way you look at running a complex business.”

The mutual structure allows First Fed to make decisions that prioritize long-term community relationships over short-term profits. Tom points to a downturn when the bank worked to keep a local family in their home rather than moving to foreclose. "Doing the right thing can take precedence over short-term profit," he notes. "That's what being a mutual makes possible."

How First Fed Makes a Difference

After stepping down as Board Chairman and retiring from Rudy's, Tom spends time visiting First Fed branches across the region. What he sees consistently impresses him.

"This bank is thriving," he notes. "People really like doing business with the staff. They like the responsiveness of our lending team. We're able to attract and keep really talented people, and that's what ends up making a difference in any business. It's the people."

Advice for Entrepreneurs

For young business owners starting out in Twin Falls today, Tom emphasizes the importance of choosing the right financial partner.

"It's critical to do good research and get paired with a financial institution that fits your personality, your goals, and your energy level," he advises. "Fortunately, First Federal is tops for many people on that front."

It's a philosophy built on community relationships and the conviction that banking works best when it serves customers, not shareholders. And after 32 years on both sides of the desk, Tom Ashenbrener knows exactly what that looks like.