First Financial Northwest (FFNW) in Renton, Wash., is closing down a unit that provides escrow services.
The $902 million-asset company said Friday that it plans to shut down First Financial Diversified, which provides escrow services to First Financial and other customers. The closing is intended to reduce expenses, the company said.
The escrow unit held investments worth $11.8 million as of Dec. 31, according to a
First Financial also announced the appointment of Richard Jacobson as chief financial officer, effective Friday. He succeeds Kari Stenslie, who will remain with the company until September 15 to assist with the transition, the company said.
Jacobson, who
Stenslie has been First Financial's CFO since 2008. She is leaving to pursue other interests, the company said.