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First Northwest Bancorp's wholly owned subsidiary, First Fed Bank, entered into a Settlement Agreement & Mutual…
FNWBFirst Northwest Bancorp
First Northwest Bancorp's wholly owned subsidiary, First Fed Bank, entered into a Settlement Agreement & Mutual Release with Socotra REIT I, LLC on September 15, 2026, to resolve litigation filed in October 2025. The lawsuit alleged misrepresentation, fraud, conversion, and violations of the Washington Consumer Protection Act regarding a commercial loan transaction involving Ideal Property Investments LLC. Under the agreement, First Fed Bank agreed to pay $1.3 million within 30 days in exchange for a full release of claims and dismissal of the complaint with prejudice. The company stated that resolving the dispute avoids estimated litigation costs and uncertainties, noting the settlement does not constitute an admission of liability. First Northwest Bancorp operates as a bank holding company providing financial services through its subsidiary bank.