Founded in 1906, Olympia Federal Savings (OlyFed) began as a mutual bank to help the community save in a safe and secure manner, while providing loans to make home ownership both possible and affordable. Now with eight traditional branches and a ninth digital branch with a staff dedicated to working with people virtually, OlyFed continues to innovate and emulate their values.
According to Ryan Betz, OlyFed’s VP of Marketing and Public Relations, “With our core mission to help people in our community save and become homeowners, OlyFed is launching two exciting new products to celebrate 115 years of service.”
This fall, OlyFed will introduce a new Community Checking Account to assist unbanked and underbanked families in Thurston and Mason counties. In collaboration with local area social service organizations, OlyFed will receive referrals from these nonprofit partners to help individuals who may not have worked with a traditional financial institution in the past or who are looking to reestablish their credit and/or economic well-being. OlyFed’s team of caring and knowledgeable bankers will offer this no fee checking account with easy-tounderstand terms along with financial education, resources, and support with one goal in mind — establish these families with a strong financial footing.
A second new product for OlyFed is an Affordable Home Buyer Program. The program is available to home buyers and builders in Thurston and Mason counties that earn 80% or less of median income. Qualified borrowers will receive discounted interest rates, a flat $800 origination fee, and a low 3% down payment, which all but $1,000 of the down payment may come from a family gift or down payment assistance program.
These new programs showcase how OlyFed continues to reach their motto of putting real relationships above the bottom line. During OlyFed’s 2020 fiscal year that ended in April, the organization had recorded donations to more than 110 nonprofits throughout the South Sound totaling a record breaking $465,000, which accounted for 13.5% of its profits. Serving on more than 25 boards and volunteering over 1,000 hours to 60+ local charities, the OlyFed team puts their money and action behind their values.
For Additional Information
olyfed.com
LYNN CASTLE
