Your OlyFed

Thurston Chamber Business Spotlight: Olympia Federal Savings

Erika Frazier, OlyFed Assistant Branch Manager at the Downtown Olympia Branch, interviews with the Thurston County Chamber for their Business Spotlight.

Downtown branch front doors

Q: Can you give a brief history of the company?

A: OlyFed has been in business since 1906 and this year we are celebrating our 116th anniversary. The bank was started by a group of business and community leaders that wanted to provide a safe and secure place for people to save and earn interest while creating greater access and affordability in terms of homeownership. Many of the first homes constructed in Olympia were financed by OlyFed.

Q: What is your role at OlyFed?

A: I am the Assistant Branch Manager at our Downtown Olympia Branch, where I am responsible for branch operations and leading and growing our team of bankers and customer service representatives. Our goal is to provide a superior level of customer service when it comes to opening new accounts, providing financial advice and support, and answering product and service questions.

Q: What is your favorite part of your job?

A: I love that OlyFed is a mutual bank, which means we’re accountable to our borrowers and depositors, not stockholders. The money that’s on deposit with OlyFed helps build our local economy through business, construction, mortgage, and commercial development loans. Our neighbor helping neighbor business model has remained the same and is the reason why we gave back more than 10% of our profits and thousands of hours of volunteer service to local area nonprofits each year. It’s awesome knowing the work we do each day has a positive impact in our community. A brief example of that is when I moved here. My husband and I were looking for a home and when my real estate agent learned where I worked, she expressed nothing but excitement. She went on to tell me a success story about one of her clients who now owns her home and how OlyFed was the only bank that would approve her. At that moment, I felt pride, and this was before day one of the job.

Q: What services does OlyFed offer?

A: OlyFed is proud to serve generations of families with their banking needs. Over the years we’ve worked with thousands of people when it comes to their lending and deposit needs. A little more than five years ago, we expanded our products and services to support small businesses, nonprofits and commercial real estate developers. We even have our own Wealth Management Division, OFS Financial Services, which helps clients with their planning, investment and insurance needs.

Q: Who is your customer?

A: Our customers are our friends and neighbors, local small business owners, real estate developers and people who love calling Thurston County home. Over the past few years, we’ve made significant investments in the latest banking technology which has helped us grow and serve more people and organizations throughout our region. Check out our website. It truly is a full-service digital branch.

OlyFed volunteers at a Live United eventQ: What value does OlyFed provide to our community?

A: Last year OlyFed contributed more than $440,000 to local nonprofit organizations, not to mention the hundreds of volunteer hours contributed by our team members. Our management team serves on more than 25 local boards of directors and every time our customers use their debit card, we contribute two cents to a local charity.

Q: What is something about OlyFed you want to share?

A: At OlyFed we believe organizational culture is the big difference maker when it comes to serving our customers and community and living out our mission and values. Above all else, we strive to do the right thing in the best interest of those we serve and support. We believe Simon Sinek says it best, “Profit comes as a result of being good at what we do. Trust comes as a result of being good at why we do it.”

Q: What is the future of Olympia Federal?

A: The future is bright at OlyFed! We’ve been able to grow organically along with our community and our plan is to continue to do the same in the future. We love creating new opportunities for the Thurston County community and helping to expand the impact and influence of our local nonprofits, businesses and individuals who call this area home.

Q: How can the community support Olympia Federal?

A: The best way to support OlyFed is to become a customer! We have a number of free checking accounts to manage your busy life and money, savings tools to help you reach your greatest pursuits and loan programs designed to help with home affordability. Even better, we have the insight and knowledge to help you make the best decisions for your financial situation.

Q: What is an upcoming event that you don’t want people to miss?

A: OlyFed is proud to be the Youth of the Year Program Sponsor for the Boys & Girls Clubs of Thurston County. Club members who earn the Youth of the Year title embody the values of leadership, service, academic excellence and healthy lifestyles. This event is always inspiring, and I highly recommend putting it on your calendar!