First, and foremost, we are a mutual bank

In America, mutual banks were established nearly two centuries ago. These early mutual institutions were patterned after similar entities in England and Scotland and dedicated to encouraging thrift for middle-income consumers. Although First Federal has changed a great deal since our founding as a mutual bank in 1935, what remains unchanged is our belief that our mutual structure best serves the banking and credit needs of our community.

As a mutual bank, First Federal is not publicly traded and has no shareholders. This means we serve just one constituency: our clients. Most importantly, as a financial cooperative with our clients, we manage our business to protect the long-term financial security of the bank, rather than the immediate returns prized by Wall Street. While publicly-owned banks are under pressure to return profits to its investors, we retain our earnings to create an added margin of safety, and as a result, we have the highest capital ratio of any bank in Wyoming.

Another principle of mutuality is that our bank serves generations of clients – past, current and future. Our Board and Management largely view themselves as stewards of a community resource and to manage and improve the bank in preparation for a transfer to future generations.

Two words dominate our vision – service and independence. What makes us different from other banks is our dedication to service, commitment and longevity. It is more efficient for a mutual bank to focus on the needs of a local region where the short-term return for the bank stock is not a driving force. A mutual can assess the needs and participate over a longer time horizon without market pressures. The independence possible as a mutual bank is critical to preserving our community orientation. If we were a stock-institution we would be a prime target for acquisition by large national banks which do not have the same appreciation for our community and its needs.

We compete daily with all forms of financial institutions. As a mutual we have no special treatment, in the marketplace or from bank regulators or taxing authorities. We either succeed or not on the same rules, the same competitive playing field, as other banks.

By choice, we are a mutual bank. Just like you, we want to do the right things for the right reasons. If we sound like the right bank for you, we would appreciate your business.

Sincerely,

David J. Ferries
President and
Chief Executive Officer