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RENTON, Wash. - First Financial Northwest Inc., the parent of First Savings Bank Northwest, said on Wednesday it would not participate in the Treasury Department's TARP Capital Purchase Program, and instead laid out its own plan to buy back 10 percent of its publicly-held shares.
| FFNW | 9.31 |  -0.16 |
The company said its board believes the costs of the preferred shares that would go to the government and the limits they impose on capital management are not in the best interest of shareholders. It said the bank is well capitalized.
"As a result of our strong capital position, we are not participating in the TARP Capital Purchase Program, and believe we are well positioned for the future without the need for TARP capital," CEO Victor Karpiak said in a prepared statement.
First Financial Northwest shares slipped 2 cents to $8.35 in afternoon trading.
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