First Federal Bank

What First Federal Bank does

First Federal Bank is a community-based mutual savings bank headquartered in Lake City, Florida, and described as Florida's only mutual savings bank with assets over $4.2 billion as of January 2026. Operating 27 full-service banking centers across Florida, South Carolina, Louisiana, and Mississippi with 251-500 employees, the bank provides personal and business deposit accounts, consumer and mortgage lending, SBA lending, warehouse lending, specialty banking, and lockbox services to retail consumers, homebuyers, and small-to-mid-sized businesses. Its mortgage platform has been expanded through a series of acquisitions — BNC National Bank's mortgage division (June 2023), Watson Mortgage Corporation (April 2024), and NOLA Lending Group from Fidelity Bank (January 2026) — while the bank simultaneously signed a definitive agreement in June 2026 to divest its Third-Party Origination division (QRL Financial Services) to Mortgage Forward to refocus on retail mortgage and core banking.

Name

First Federal Bank

Legal name

First Federal Bank

Website

https://ffbf.com

Company type

Private

Founded year

1965

Operating status

Operating

Headcount range

501–1,000 employees

Short description

First Federal Bank is a Florida-based mutual savings bank with $4.2B+ in assets and 27 branches across the Southeast, offering personal banking, business banking, mortgage lending, and SBA financing to retail consumers and small businesses.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218), Depository Credit Intermediation (5221), Commercial Banking (52211)

SIC

Savings Institution, Federally Chartered (6035), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Retail banking services
• Residential mortgage lending
• Commercial banking solutions
• SBA lending programs
• Community mutual banking

Headquarters

HQ city

Live Oak

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income: Primary revenue from interest earned on loans including mortgages (residential, jumbo, construction, VA, FHA, USDA), commercial real estate loans, consumer loans, HELOCs, and business loans. As a mutual savings bank, profits fund operations and community investment rather than shareholder dividends.
2. Non-Interest Income: Fee income from deposit account fees, loan origination fees, wire transfer fees, ACH processing fees, business online banking fees, credit card interchange, and other service charges.
3. Mortgage Banking: Revenue from mortgage originations including retail mortgage operations. Expanded through acquisition of Fidelity Bank's NOLA Lending Group and organic growth.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

First Federal Bank is a mutual savings bank providing personal and business deposit accounts (checking, savings, credit/debit cards), a comprehensive residential mortgage suite (conventional, jumbo, VA, FHA, USDA, construction-to-permanent, adjustable-rate, manufactured housing), consumer loans and HELOCs, and commercial banking services (business loans, SBA lending, warehouse lending, specialty banking, lockbox services) delivered through 27 branches and digital channels across Florida, South Carolina, Louisiana, and Mississippi.

Product overview

First Federal Bank is a mutual savings bank offering a comprehensive suite of banking and lending products through both traditional branch banking and digital platforms. The core product portfolio includes personal and business deposit accounts (checking and savings), credit cards, and mortgage products. The mortgage offerings are delivered through multiple channels including traditional mortgages, jumbo loans, VA loans, construction-to-permanent loans, FHA/USDA/conventional loans, adjustable-rate mortgages, and manufactured housing financing, supplemented by down payment assistance programs. Business banking services encompass commercial lending, SBA lending, warehouse lending, specialty banking, and lockbox services. Digital banking is delivered through Online Banking and Mobile Banking platforms powered by Fiserv, with business-specific capabilities including ACH origination, wire transfers, Remote Deposit Capture, and Positive Pay fraud protection. The bank has pursued growth through acquisitions, notably acquiring NOLA Lending Group from Fidelity Bank (January 2026) and previously BNC National Bank's mortgage division (June 2023), while divesting its Third-Party Origination division including QRL Financial Services to Mortgage Forward (June 2026) to focus on retail mortgage operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Simple, secure checking accounts designed for everyday money management for individual consumers in the bank's service region.
• Personal Savings Savings accounts designed to help individual customers grow their savings with security and flexibility.
• Debit Cards Debit cards issued to consumer checking account holders that earn reward points on everyday purchases.
• Credit Cards Low-interest personal and business credit cards designed to save money; personal cards serviced through First Data and business cards through Fiserv Spendtrack (Classic Business Credit Card at 14.90% APR, $5,000–$35,000 limits, no annual fee).
• Residential Mortgages Comprehensive residential mortgage suite including conventional, jumbo, VA, FHA, USDA, construction-to-permanent, VA construction-to-permanent, adjustable-rate, manufactured housing, and down payment assistance (up to $10,000) for homebuyers in the bank's service region.
• Consumer Loans Personal consumer loans and home equity lines of credit (HELOCs) for individual customers seeking funds for personal or home-related needs.
• Business Checking Reliable, secure business checking account solutions designed for the operational needs of small to mid-sized businesses.
• Business Savings Business savings accounts designed to maximize earning potential for small and mid-sized businesses.
• Business Loans and Lines of Credit Commercial lending solutions including loans and revolving lines of credit for small and mid-sized businesses needing capital for operations, growth, or real estate.
• SBA Lending Small Business Administration loan programs supporting business growth, expansion, and startup funding for small businesses in the bank's service region.
• Warehouse Lending Financing solutions provided to mortgage warehouse providers to fund residential mortgage originations.
• Specialty Banking Specialized banking services tailored to specific industries or business needs beyond standard commercial banking.
• Lockbox Services Payment processing and lockbox services that enable businesses to efficiently manage receivables and incoming payments.
• Guardianship Banking Banking services designed for court-appointed guardians managing finances for individuals under guardianship.
• Online Banking Web-based online banking platform allowing personal customers to view accounts, review deposits and statements, pay bills, transfer funds, and track spending, secured with industry-standard TLS encryption.
• Mobile Banking Fiserv-powered mobile banking app for iOS and Android enabling real-time balance viewing, money management, transfers, bill pay, mobile check deposits, alerts, and card management.
• Business Online Banking Comprehensive electronic banking platform for business customers supporting ACH origination, wire transfers, Remote Deposit Capture, internal transfers, and Positive Pay System (Check and ACH) fraud protection.

Quantifiable outcome

• Over $4.2 billion in assets
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Five partnerships are on record, tiered major, core and minor.

• Mortgage Forward (Great Lakes Credit Union)majorStrategic or Co-development Partner · 5 June 2026First Federal Bank signed a definitive agreement to sell its Third-Party Origination (TPO) division, including QRL Financial Services, to Mortgage Forward, a credit union service organization (CUSO) in the Great Lakes Credit Union family. Transaction expected to close in Q3 2026. Acquisition will provide TPO division with additional resources and technology to expand support for TPO clients while strengthening Mortgage Forward's national mortgage lending platform.
• Ellianos CoffeecoreGTM or Marketing Partner · 25 March 2026First Federal Bank announced an increased lending commitment to Ellianos Coffee, a drive-thru coffee franchise brand. Partnership active since Ellianos' inception, supporting franchise expansion and store openings. The expanded commitment aims to streamline the financing process for franchise owners, enabling them to open new stores more quickly and with greater confidence. Partnership helps extend Ellianos Coffee to additional communities across Florida and beyond.
• Fidelity Bank (New Orleans)majorStrategic or Co-development Partner · 6 January 2026First Federal Bank acquired Fidelity Bank's mortgage division, NOLA Lending Group, as part of its strategy to expand retail mortgage services and technology offerings. The deal transferred NOLA Lending Group's assets and operations across Louisiana, Florida, and Mississippi to First Federal Bank. Transition expected within 60 days of closing with most employees retained. Legal counsel provided by Alston & Bird and Bradley Arant Bouft Cummings.
• FB BancorpminorStrategic or Co-development Partner · 31 December 2025FB Bancorp completed the sale of certain assets from its NOLA mortgage division to First Federal Bank under an Asset Purchase Agreement dated December 31, 2025. The transaction marks a strategic adjustment in FB Bancorp's operations.
• Federal Home Loan Bank of AtlantacoreStrategic or Co-development PartnerFirst Federal Bank participates in the Federal Home Loan Bank of Atlanta's Affordable Housing Program, providing matching funds for low- to moderate-income borrowers to purchase homes.

Scale indicators11 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Seacoast Banking Corporation of Florida: Seacoast Banking is a Florida-headquartered community bank offering deposit accounts, mortgage lending, commercial banking, and SBA lending across the state. It is the closest publicly traded direct peer to First Federal given overlapping Florida geography, similar community-bank business model, and comparable mortgage and small business focus.
• Eastern Bank: Eastern Bank is the largest mutual savings bank in the United States, operating community banking, commercial lending, and wealth management in the Northeast. It is a direct structural and operating peer to First Federal given the mutual charter, community focus, and full-service retail/commercial banking model.
• BankUnited: BankUnited is a Florida-headquartered commercial bank focused on small and middle market businesses, commercial real estate, and retail banking. It is a directly comparable regional banking peer given its Florida concentration, similar business banking and CRE lending emphasis, and similar size band to First Federal.
• WSFS Financial Corporation: WSFS Financial is a Mid-Atlantic community-focused bank holding company operating in Delaware, Pennsylvania, New Jersey, and Virginia with retail banking, commercial lending, and wealth management. It is a directly comparable community bank peer with a similar mix of deposit-taking, commercial lending, and mortgage banking across multi-state regional markets.
• Cambridge Bancorp: Cambridge Bancorp is the holding company for Cambridge Savings Bank, a Massachusetts-based mutual community bank with consumer and commercial banking, mortgage lending, and wealth management. It is a directly comparable community bank peer given the mutual/closely-held ownership structure and full-service retail and commercial banking model.
• Tompkins Financial Corporation: Tompkins Financial is a community-focused bank holding company operating in New York, Pennsylvania, and Vermont with retail banking, commercial lending, and wealth management. It is a comparable community bank peer with similar full-service banking mix and comparable asset size band to First Federal.
• Provident Financial Services: Provident Financial Services is a New Jersey-based community bank holding company with retail banking, commercial lending, and mortgage services. It is a directly comparable community bank peer with similar deposit-based funding model, multi-branch retail footprint, and commercial real estate lending emphasis.

Broad incumbents

• Synovus Financial: Synovus Financial is a Southeast regional bank holding company operating in Georgia, Florida, Alabama, South Carolina, and Tennessee with full-service commercial and retail banking. It is a broader regional incumbent that overlaps with First Federal in Florida and South Carolina and competes for similar commercial and mortgage customers.
• Cadence Bank:
• First Horizon Corporation: First Horizon is a regional bank holding company operating across the Southeast with consumer banking, commercial banking, and mortgage services. It is a broader regional incumbent with overlapping presence in Tennessee, Florida, and the Carolinas and competes with First Federal for commercial and mortgage customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/ffbbank
• YouTubeyoutube.com/user/BankFirstFederal
• Facebookfacebook.com/FirstFederalBankLiveOakSouthOhio
• LinkedInlinkedin.com/company/first-federal-bank-of-florida
• Instagraminstagram.com/first.federal

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Federal Bank