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First Federal Savings Bank
       
 
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First Federal Savings Bank
 
 
History: 

The concept of a financial institution in Sistersville, WV to promote thrift by accepting savings deposits and in turn, make those deposits available to prospective home builders or buyers was discussed in early 1928.  However due to the dramatic decline in the nation’s economy, plans were delayed for several years.



On September 9, 1933, the West Virginia Secretary of State issued a Charter for the Sistersville Building and Loan Association.



The Organizers were: William J. McCoy, William H. Bowser, A.E. Henthorn, Charles W. McCoy, Arza A. Cunningham and Ralph H. Richards.



The first “office” of the Association, staffed by A.E. Henthorn and Thomas E. Menighan, was located in the Bowser Lumber and Feed Company on Klondike Street in Sistersville.  In July of 1934 the Association moved its operation to the first floor of the old First National Bank Building at the corner of Charles and Wells Streets, which continues to serve as its main office.

Four months after receiving its charter the assets of the Association were $77,576. Considering the prevailing economic conditions the organizers were elated.



A Federal Charter was granted August 24, 1934 and the name of the Association was changed to First Federal Savings and Loan Association of Sistersville.  The Association was granted a federal savings bank charter in 1997 and its name was changed to First Federal Savings Bank.  Deposits have been federally insured since December 5, 1934.



Over the years First Federal Savings Bank has grown into a modern institution offering a variety of deposit products such as savings accounts, certificates of deposit, NOW accounts, money market checking accounts, and no fee checking accounts.  The Bank offers a number of loan products including single-family mortgages, construction loans (contractor and owner built), FHA and VA loans, and automobile loans.   



The Bank is operated safely and soundly and enjoys an excellent reputation of serving its communities.  First Federal’s opportunity to expand its customer base was greatly enhanced by the influx of capital resulting from the conversion to a stock institution in 1997.  A drive through facility was added to the Sistersville office in 1998 and a branch office was constructed in Parkersburg, WV in 2000.



In 2008 the Bank expanded by adding a secondary market mortgage division to offer WV Housing, USDA, VA, and FHA loan programs.


 
 
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