“Net profit at Thurston First Bank rose more than 50 percent last year, making it a record year for the business bank.
The bank’s profit rose nearly 55 percent to $620,000 in 2013 from $401,000 in 2012.
President and Chief Executive Jim Haley said the bank achieved that growth by attracting local deposits, carefully managing operating expenses and improving credit quality,” quoting Rolf Boone in The Olympian.
A name well-known in Yelm is Michael D. Edwards, President & Chief Executive Officer of Thurston First Bank:
“Mike served as the supervisor of banking for the State of Washington and as an advisor to Chairman Alan Greenspan and the Board of Governors of the Federal Reserve System in Washington D.C. He also served as Chairman of the Conference of State Bank Supervisors (a national organization of state banking supervisors) in Washington D.C. Mike has served as president of three community banks in Washington State: Prairie Security Bank in Yelm, which he started, Hood Canal State Bank and First Community Bank. Mike is president of the Economic Development Council of Thurston County and has served on the board for the last 15 years.”
Another reason Edwards is well-known in Yelm is because as stated on-the-record to the Yelm City Council May 24, 2006, “he is part of a pioneer family in Yelm since 1852 and owner of 26 acres on the assessment [L. I. D.] list.”
He has been involved in several issues in Yelm that were perceived as conflicts-of-interest at best.
1. The Yelm L.I.D.
2. Edwards balked at regulators making public then-Venture Bank’s failure issues [they had a Yelm branch].
He was against the public’s right-to-know the facts.