Question 1

What is First Bank of Ketchikan?

Accepted Answer

First Bank of Ketchikan (commonly known as First Bank) is a locally owned and operated community bank headquartered in Ketchikan, Alaska, with approximately $907 million in total assets. The bank serves Southeast Alaska through nine branches across the region.

As the only commercial bank with headquarters in Southeast Alaska, First Bank has been serving the unique banking needs of Alaska's coastal communities since 1924. The bank emphasizes a "community first" philosophy, focusing on keeping deposited funds within local communities to support neighborhood growth and prosperity.

Question 2

When was First Bank of Ketchikan founded?

Accepted Answer

First Bank of Ketchikan was founded on September 15, 1924, during Alaska's territorial days. For over 100 years, the bank has been serving Southeast Alaska, making it one of the oldest continuously operating banks in the region.

Throughout its century-long history, First Bank has remained committed to providing competitively priced financial services and superior customer service while adapting to the changing needs of Alaska's communities. The bank received deposit insurance from the FDIC on November 23, 1934, shortly after the federal deposit insurance system was established.

Question 3

Where is First Bank of Ketchikan headquartered?

Accepted Answer

First Bank of Ketchikan is headquartered in Ketchikan, Alaska, the principal city of the Ketchikan Gateway Borough in Southeast Alaska. Ketchikan serves as the region's economic center and the first major city for travelers entering Alaska from the south.

The bank's headquarters location reflects its commitment to Southeast Alaska, distinguishing it as the only commercial bank headquartered in this unique coastal region.

Question 4

Where does First Bank of Ketchikan operate?

Accepted Answer

First Bank of Ketchikan operates nine branches throughout Southeast Alaska's island and coastal communities. The bank serves the Ketchikan metropolitan area and surrounding communities in one of America's most geographically challenging and beautiful banking markets.

Southeast Alaska is characterized by island communities accessible primarily by boat or plane, making local banking services essential for residents and businesses. First Bank's branch network provides vital financial services to communities where access to banking would otherwise be limited.

The bank's presence throughout the region demonstrates its commitment to serving Alaska's unique coastal communities, from fishing industry hubs to tourism centers.

Question 5

What services does First Bank of Ketchikan offer?

Accepted Answer

First Bank of Ketchikan provides comprehensive banking services tailored to Southeast Alaska's unique economy:

Personal Banking: Checking and savings accounts, certificates of deposit, personal loans, auto loans, recreational vehicle financing, and consumer credit.

Mortgage Services: Home mortgage loans, home equity loans and lines of credit, construction loans, and refinancing with local expertise in Alaska's unique real estate market.

Business Banking: Commercial loans, business checking and savings accounts, commercial real estate financing, equipment loans, lines of credit, and merchant card services to support local businesses.

Industry-Specific Lending: Specialized financing for fishing vessels, tourism operations, and other industries vital to Southeast Alaska's economy.

Digital Banking: Online banking, mobile banking with mobile deposit, bill pay, electronic statements, and modern digital tools for convenient account management.

Payment Solutions: Zelle for person-to-person payments, debit cards, and business payment processing.

The bank combines modern technology with personalized local service, understanding that Southeast Alaska residents need both convenience and expertise in navigating the region's unique financial needs.

Question 6

What makes First Bank of Ketchikan unique?

Accepted Answer

First Bank of Ketchikan holds a unique position as the only commercial bank headquartered in Southeast Alaska. This distinction means the bank's leadership, decision-makers, and board of directors all live in the communities they serve, understanding firsthand the challenges and opportunities of Alaska's island-based economy.

The bank's "community first" philosophy ensures that deposits from local residents and businesses stay in Southeast Alaska, funding loans to neighbors, supporting local businesses, and helping communities prosper. This local capital circulation is especially important in remote areas where larger national banks have limited presence.

With over 100 years of continuous operation, First Bank has weathered Alaska's economic booms and busts, from the fishing industry's evolution to the growth of cruise ship tourism. The bank employs approximately 140 people, making it a significant employer in the region.

Financial performance demonstrates stability with positive profitability metrics including a return on assets of 1.20% and return on equity of 17.28%, indicating sound management and operational efficiency.

Question 7

What type of financial institution is First Bank of Ketchikan?

Accepted Answer

First Bank of Ketchikan is a state-chartered commercial bank supervised by the Federal Deposit Insurance Corporation (FDIC). The bank operates as an independent community bank with a strong focus on relationship banking.

As a community bank, First Bank emphasizes local ownership, local decision-making, and personalized customer service tailored to the unique needs of Southeast Alaska residents and businesses. The bank has organized as an S Corporation for tax purposes, allowing it to operate efficiently while maintaining its community-focused mission throughout one of America's most distinctive and challenging banking markets.

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