Since their beginning in 1906, Olympia Federal Savings or OlyFed as many people call them, has been dedicated to helping with the housing needs of the community. Their neighbor-helping-neighbor business model is how they describe mutual banking at its core and it’s why they are accountable to customers and not corporate shareholders.
This was an innovative approach to banking 117 years ago and today it remains a socially responsible way for them to do business. The Team at OlyFed also believes in putting people above the bottom line and one way they highlight this is by dedicating anywhere from 10 to 15% of their profits each year to local community organizations.
Always striving to do more and reach out further, this year OlyFed is establishing a new Affordable Housing Assistance Fund to support the spectrum of housing needs in the community. Each time they close a new mortgage loan for a customer purchasing or constructing a home, they will be contributing to the fund in the customer’s honor.
During its first year, the fund will be supporting Habitat for Humanity, Homes First, and Interfaith Works. With each mortgage and construction loan closing, a donation will be made to all three of these organizations to ensure the full gamut of housing needs is addressed in the community. The contributions by OlyFed to the Affordable Housing Assistance Fund are in addition to their regular and ongoing support of these three housing organizations.
“We’re very excited to be able to provide additional support to the housing needs of our community,” Josh Deck, President and CEO said.
“Even better, we love that this program helps complement our existing Two Cent initiative, where we contribute two cents to a local nonprofit for every one of our customer debit card transactions. Now, both our deposit and loan customers are directly supporting our community when they do business with OlyFed. We believe this is just another way for us to demonstrate our mutual banking values and our commitment to community leadership.”
OlyFed
olyfed.com
BY LYNN CASTLE