Fintech partnership between FNWB and Splash Financial

PORT ANGELES, Wash., Jan. 12, 2022 (GLOBE NEWSWIRE) — First Northwest Bancorp (FNWB) announced a new fintech partnership with Splash Financial, a leading digital lending platform that helps borrowers easily purchase and compare financial products. Through its subsidiary, First Fed Bank, FNWB will work with Splash to develop and deploy consumer lending products and solutions nationwide.

“Our strategic partnership brings together the best of fintech and community banking,” said Matt Deines, CEO of FNWB and First Fed. “We are thrilled to partner with such an innovative company to meet the needs of customers across the United States.”

“As a leading digital lending platform, we leverage technology to allow borrowers to easily shop and compare financial products. We are therefore delighted to partner with First Fed and expand our lending opportunities to meet a more diverse range of customers and their needs,” said Steve Muszynski, founder and CEO of Splash Financial.

Splash Financial is a national leader in student loan refinancing, helping consumers save money on education financing and personal loans. Splash raised $44 million in Series B in June 2021, bringing its total funding to $60.9 million.

The first Fed was awarded Forbes’ Best Bank in the State in 2021. Additionally, the community bank was recognized as a “Fast 50 Middle Market” and “Best Place to Work” by the Puget Sound Business Journal . First Fed will celebrate its centennial in 2023 in Port Angeles, Washington.

About the FNWB

First Northwest Bancorp (Nasdaq: FNWB) is a bank holding company engaged in investment activities, including the business activity of its subsidiary, First Fed Bank. First Fed is a community-driven financial institution that has been serving customers and communities since 1923. Currently, First Fed has 16 locations in Washington State, including 12 full-service branches. First Fed’s business and operating strategy is focused on creating sustainable profits by providing a full range of financial products and services to personal, small business and commercial customers. Additionally, First Fed is focused on strategic partnerships with financial technology (“fintech”) companies to develop and deploy digitally-enabled financial solutions to meet customer needs on a larger scale. FNWB also invests in fintech companies directly as well as through selected venture capital partners. In 2021, the company entered into a joint venture to found Quin, a fintech focused on the financial well-being and lifestyle protection of consumers nationwide. Other fintech partnership initiatives include banking as a service, digital payments and marketplace lending. FNWB was incorporated in 2012 and is headquartered in Port Angeles, Washington.

About Splash Financial

Splash is a leading digital lending platform that helps borrowers easily purchase and compare financial products from a network of lenders powered by Splash. By bringing together credit unions and banks of all sizes into one buying experience and using our proprietary automated underwriting platform, Splash can help people save thousands of dollars in interest payments.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4154390e-141e-4b0b-ae21-67eb46ec0d72