News

I love First Federal’s brand—not just the tangible aspects like the big “1” logo, First Fed red, and messaging, but also what it stands for and the promise it conveys. First Federal’s brand is the product of 100-plus years of history and goodwill. So you may be wondering, if I am so fond of First Federal’s brand, why would I be excited about changes to it? Like many things in life, two seemingly conflicting conditions can and need to exist at the same time. In this case, our brand should honor our proud history and heritage while at the same time remaining fresh and relevant in today’s world. This is what our brand refresh does.

The updates to the look and feel of the visual aspects of our brand are great. The First Fed red is a bit “redder.” The big “1” block logo has a fresh, new look. At the same time, the important intangible aspects of our brand - our mission, values, and promise to customers and communities - remain unchanged. As Idaho’s only mutual bank, the promise contained in our mission statement, “to enhance the well-being of our customers by providing solutions to their financial needs,” is our north star. It is a simple message but contains a few components I think are important to elaborate on.

The first is “wellbeing.” Research shows that a person’s financial wellbeing plays an important part of their overall wellbeing. So, if we can help our customers improve their financial wellbeing, we are helping them improve the quality of their lives. That is something that inspires us.

The second aspect is “customers.” Obviously, all businesses exist to serve the needs of their customers. We are no different in that regard. As a mutual bank, however, our customers are also essentially owners. So, our interests are aligned with our customers’ interests. If we provide value to our customers, we are also providing value to our “owners.” We do not have the challenge of trying to balance the interests of shareholders and customers.

And finally, I would like to expand on the “solutions” part of our mission. It is really a product of the first two aspects mentioned above. If our mission is to enhance the well-being of our customers, it starts with knowing our customers and understanding their needs so we can identify solutions to help them in their financial journey. It is a customer-focused approach, rather than simply trying to sell the products and services we have whether you may need them or not.

Another promise contained in First Federal’s brand is that we value you as a person and customer and will offer excellent financial products at a good price. Will we always provide the highest deposit rates or lowest loan rates in all situations? Of course not. That would be impossible as well as reckless in terms of operating a safe and sound financial institution. However, you can be confident that we will always offer competitive rates without having to shop around or negotiate. Our goal is to establish a mutually beneficial relationship and make your banking easy and worry-free.