First Financial Bank

First Financial Bank is the primary subsidiary of FirstFed Bancorp, headquartered in Bessemer. It was chartered in 1936 and currently has eight offices, one each in Bessemer, Centreville, Hueytown, Pelham, Hoover, Vance, West Blocton, and Woodstock. First Financial Bank was created by a merger of Bessemer-based First Federal Savings Bank and First State Bank of Bibb County. The chairman and chief executive is B. F. Goodwin.

In March 2011, the bank signed a consent order with the Federal Deposit Insurance Corporation and the Alabama Banking Department, stating that the bank would strengthen its asset quality, bolster capital levels, improve earnings, and increase board oversight. The regulatory action was triggered primarily by a decline in the quality of the institution's residential and construction lending portfolio. At the time, the bank had $200 million in assets.

References

• Swant, Martin (March 27, 2011) "First Financial agrees to make FDIC reforms." The Birmingham News

External links

• First Financial Bank website