First Financial in Washington Hires Chief Operating Officer

First Financial Northwest (FFNW) in Renton, Wash., has created a new position by hiring a chief operating officer for its bank.

Richard Jacobson joined First Savings Bank Northwest on Tuesday, the $878 million-asset company said. Jacobson was a consultant to the bank from 2010 to 2012; since then, he has been a mortgage broker in California. Before becoming a consultant in 2010, he was president and CEO of Horizon Bank in Bellingham, Wash.

"One of the attractions with [Jacobson] is that he knew the bank really well, in addition to having 25 years of experience in banking," Joe Kiley, the bank's president and chief executive, said in a press release. "I couldn't pass up the chance to hire him."

The company also announced that Roger Elmore is resigning as the bank's chief administrative officer. He will remain at First Savings through Sept. 15 to ensure a smooth a transition, Kiley said.

First Financial Northwest had been embroiled in a dispute with activist investor Joseph Stilwell. This May, activist Stilwell sued a proxy firm he hired to solicit ballots for a contested board seat at the company, two months after settling another lawsuit with the company. As part of the March agreement, First Financial Northwest President and CEO Victor Karpiak resigned as chairman.

This April, First Financial Northwest was freed from an enforcement action by the Federal Reserve Board.