History
First Federal Bank's commitment to community support and family banking began on May 25, 1934 at 7:30 p.m. That evening, a group of community leaders met at the Hotel Seville in Harrison, Arkansas, to form a new financial institution. This community-minded group pledged a total of $2,500, which was matched 2 for 1 by the federal government, and Harrison Federal Savings and Loan was chartered.
The original board included C. N. Hudson, L. J. Cooper, Frank L. Coffman, Sr., J. L. Godwin, John Roy Campbell, E. E. Bonsteel, and T. C. Heuer. Mr. Bonsteel was elected the first president. The management and board intended to form a financial institution that would provide home financing at a time when home ownership was a luxury and only a dream for the average family.
After Mr. Bonsteel, T. C. Heuer was elected president in 1935 and served until his death in 1961. In 1961, Frank L. Coffman, Sr. was elected president and Frank L. Coffman, Jr. was elected executive vice president and managing officer. In 1968, Frank L. Coffman, Jr. was elected president. Under both the older and younger Coffmans, the association continued to grow at a record pace. In 1973, Larry J. Brandt joined the team. Brandt was elected president in 1987 and currently serves as Chief Executive Officer. Tommy Richardson, who joined the Bank in 1984, was elected president in 2006.
John Paul Hammerschmidt currently serves as Chairman of the Board of Directors. Other board members include Ken Savells, Frank Conner, Larry J. Brandt, and Jeff Brandt. Mr. Richardson serves as the Board Secretary.
In June of 1974, to better reflect the corporate identity of a growing, successful organization, the association's name was changed to First Federal Savings and Loan. In 1995, the Bank's name was changed to First Federal Bank of Arkansas to reflect the statewide orientation for the institution. Effective July 1, 2006, the Bank's name was shortened to First Federal Bank.
In the spring of 1996, First Federal Bank converted from a mutually owned to a publicly owned financial institution. First Federal Bancshares of Arkansas, Inc., was formed as the holding company for the bank, and the stock is traded on NASDAQ Global Market under the symbol FFBH.
The Bank's history has been a bright one. The mission is "to provide the best financial service, products, and value" and the vision is "to be the financial institution of choice." First Federal Bank's management has kept its corporate mission remarkably close to that of its founders, choosing to stress family banking services and promoting thrift and home ownership.
The institution has grown from assets of $2,500 to approximately $700 million, and from one location in Harrison to 20 full service locations, one stand-alone loan production office and 30 ATMs located in Northcentral and Northwest Arkansas. There have been several challenges along the way, but First Federal Bank's commitment to the communities and customers it serves remains the same today as it was in 1934.
