In observance of Memorial Day we will be closed on Monday, May 27. We'll reopen on Tuesday, May 28.

Your OlyFed

OlyFed Announces Year-End Financial Results

Olympia Federal Savings (OlyFed) today reported assets totaling $969.3 million at the close of the fourth quarter ending on March 31, 2024. This represents growth of $47.8 million since the beginning of its fiscal year on April 1, 2023.

The bank continues to be very well capitalized with equity totaling $112.0 million, which equates to a capital leverage ratio of 12.67 percent, well above the regulatory definition of well capitalized. During the entire fiscal year OlyFed has paid out $10.9 million in interest to deposit customers. In addition, the bank experienced growth of $47.5 million in consumer and business loans, helping to strengthen the local economy and housing market.

Josh Deck, President and CEO of OlyFed“We were honored to earn the trust and relationships with a significant number of new households and local businesses this past year,” Josh Deck, President & CEO said.

“We helped families become first-time homeowners, businesses expand and launch new locations, young professionals kickstart savings and investment plans and retirees secure their nest egg. It is extraordinarily gratifying to see the meaningful and positive impact and influence we’re having in our local economy and community.”

In fact, this past fiscal year, OlyFed originated $6.4 million in affordable home loans to help individuals and families earning 80% or less of median income in Thurston and Mason counties become homeowners. Even better, every time OlyFed closed on a new home loan this past year, the bank made a donation from its Neighbor2Neighbor Fund to South Puget Sound Habitat for Humanity, Homes First and Interfaith Works to support the full spectrum of affordable housing needs in our community. “We couldn’t think of a better housewarming gift than helping more people in our community find a safe and comfortable place to call home,” Deck said.

The Neighbor2Neighbor Fund compliments OlyFed’s Two Cent program, where the bank donates two cents to a local charity with every customer debit card transaction. In FY24, OlyFed had more than 1.7 million debit card transactions, meaning the bank contributed in excess of $34,000 to local nonprofits in our region as a result of customer debit card usage. In total, the bank’s charitable giving and sponsorships were more than $340,000, helping 125+ community organizations. Even better, OlyFed employees contributed more than 1,300 hours of volunteer services and 20+ team members served on the board of directors of more than 30 community and professional organizations.

“Taking care of our customers and community is at the core of who we are,” Deck continued. “In Q3 of this past fiscal year, we launched our new Customer Care Center to better support the growing number of customers doing business over the phone and online. In just four short months of operation, our Customer Care Team has handled more than 11,000 support inquiries.”

The bank’s website saw growth of 30% in terms of unique visitors and the organization’s social media channels experienced an increase of 10% in new followers. “Now more than ever, people see the benefits of banking locally and want to learn more about our values and the advantages of what a mutual bank has to offer,” Deck said.

Beyond OlyFed’s banking operations, the organization’s wealth management program, OFS Financial Services, also finished the year strong with growth of $11.4 million in assets under management. OFS Financial Services completed the year with a total of $57.8 million in assets under management and more than 350 client relationships through its broker/dealer partner Cetera Investment Services*.

In the last quarter of the year, OlyFed launched a new merchant services partnership with Select Bankcard. This new collaboration gives OlyFed’s banking team access to a full-service payment solutions provider with the latest technology to help local businesses efficiently and effectively manage transactions and cash flow at the counter, on the go, online or just about anywhere.

This is just another example of OlyFed’s commitment to excellence, which has not gone unnoticed by others. For the past 143 straight quarters (35+ years), OlyFed has received a five-star superior rating from Bauer Financial, an independent rating agency. Only one percent of the nation’s banks have earned Bauer’s top rating for so long and with such consistency.

“For 118 years we’ve been doing business in the South Sound, and we remain dedicated to helping our customers and community thrive by delivering trusted, personalized and competitive financial services that exceed expectations,” Deck said. We are poised for continued long-term success as we grow right along with our community.”

Trina sitting with a customer opening a checking account.


*Financial results shared in this report are unaudited and are provided for informational purposes. Year-end financial statements are audited and prepared in accordance with the regulatory reporting requirements of the Federal Deposit Insurance Corporation (FDIC) and will be released in summer 2024 after the audit and final report are completed. Olympia Federal Savings (OlyFed) is *an equal housing lender and member FDIC.

**OFS Financial Services is a marketing name of Cetera Investment Services and is located at 303 Cleveland Ave SE, Suite 201, Tumwater, WA 98501 • (360) 596-9788. Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investment services are offered. Investments are: *Not FDIC/NCUSIF insured *May lose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency.

Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.