First Federal Bank of Florida

What First Federal Bank of Florida does

First Federal Bank of Florida is a mutual savings bank founded in 1962 and headquartered in Lake City, Florida, operating as the only mutual savings bank chartered in the state. With total assets exceeding $4.2 billion as of January 2026 and 251-500 employees, the bank provides personal and business banking services across Florida and South Carolina markets, including a physical branch network, Interactive Teller Machines with extended 7am-7pm ET hours, and Fiserv-powered mobile and online banking platforms. Its product suite spans retail deposit accounts, debit and credit cards, a wide mortgage menu (conventional, FHA, USDA, VA, jumbo, construction-to-permanent, manufactured housing, HELOC, down payment assistance up to $10,000, and a Special Purpose Credit Program offering 100% financing without PMI), and commercial banking products including SBA lending, warehouse lending, commercial real estate loans, lockbox, ACH origination, Remote Deposit Capture, wire transfers, and Positive Pay fraud protection.

The bank generates revenue primarily through net interest income from lending and deposit spread, supplemented by transaction-based fees including deposit service charges, ATM fees, wire fees, mortgage origination fees, gain-on-sale income, and Visa interchange. Customer segments span retail consumers, small to mid-size businesses, commercial borrowers, and community development / mission-driven borrowers, with Spanish-speaking loan officers extending reach into Hispanic communities. Recent strategic activity includes the announced sale of its Third-Party Origination division (QRL Financial) to Mortgage Forward, expected to close in Q3 2026, signaling a strategic refocus on core community banking. The bank has received Newsweek recognition as one of America's Best Regional Banks for six years (including three consecutive through 2026) and as Best Small Bank in Florida for three consecutive years, reflecting strong local brand equity in its core Florida and South Carolina markets.

Name

First Federal Bank of Florida

Legal name

First Federal Bank

Website

https://ffbf.com

Company type

Private

Founded year

1962

Operating status

Operating

Headcount range

251–500 employees

Short description

First Federal Bank of Florida is a mutual savings bank founded in 1962, headquartered in Lake City, FL, with over $4.2 billion in assets serving retail consumers, small businesses, and commercial borrowers across Florida and South Carolina through branches, ITMs, and digital banking.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Depository Credit Intermediation (5221)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Savings Banks (Public/State-Owned) (FSABAKAK)

akta.pro secondary industries

Credit Cards & Revolving Credit (FSABAAAC), Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Community banking services
• Retail mortgage lending
• Commercial lending
• SBA loan programs
• Mutual savings bank

Headquarters

HQ city

Live Oak

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income - Lending: The primary revenue driver is interest income earned on loans including mortgages (conventional, FHA, USDA, VA, jumbo, construction-to-permanent), consumer loans, home equity lines of credit, commercial real estate loans, SBA loans, and warehouse lending. The bank also earns origination fees and gain-on-sale income from mortgage originations.
2. Net Interest Income - Deposits: Interest income generated from the spread between interest earned on loans/investments and interest paid on deposits (checking, savings, money market, CDs). As a mutual savings bank, retained earnings fund operations.
3. Fee Income - Deposit Services: Non-interest fee income from deposit account service charges, ATM fees, wire transfer fees, business online banking fees, lockbox services, and merchant services.
4. Fee Income - Loan Origination: Origination fees, application fees, and other charges related to mortgage and commercial loan origination activities. The bank previously operated QRL Financial as part of its TPO division, which generated fee income from correspondent lending.
5. Credit Card Income: Interchange income from Visa debit and credit card transactions, as well as interest income and fees on credit card balances.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels5 records

Core offering

First Federal Bank of Florida is a mutual savings bank offering personal banking (checking, savings, debit/credit cards, mortgages, consumer loans) and business banking (business checking/savings, commercial real estate loans, SBA lending, warehouse lending, specialty banking). Digital access is delivered via a Fiserv-powered mobile app, online banking, and Interactive Teller Machines (ITMs) with extended hours. The bank operates a branch network across Florida and South Carolina with relationship-driven sales via mortgage and commercial loan officers.

Product overview

First Federal Bank of Florida is a mutual savings bank offering a comprehensive suite of personal and business banking products. The bank operates as a single unified banking platform providing personal checking, savings, debit/credit cards, and consumer loans alongside specialized mortgage products (Traditional, Jumbo, VA, FHA, Construction-to-Permanent, Down Payment Assistance, Special Purpose Credit Program). Business banking includes checking, savings, commercial loans, SBA lending, warehouse lending, and specialty banking services. Digital banking is delivered through Fiserv-powered mobile and online platforms with features including ACH origination, wire transfers, remote deposit capture, and Positive Pay. The bank's TPO division (including QRL Financial) is being sold to Mortgage Forward, expected to close Q3 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Simple, secure checking accounts for everyday money management with online and mobile access for individual consumers.
• Personal Savings Savings accounts designed to help individual consumers grow their savings with security and flexibility.
• Debit Cards Debit cards that earn points on everyday purchases with FDIC insurance coverage for individual consumers.
• Credit Cards Low-interest personal and business credit cards, including the Classic Business Credit Card at 14.90% APR with no annual fee.
• Traditional Mortgages Conventional home financing solutions backed by over 60 years of home lending experience for individual homebuyers.
• JUMBO Loans Large mortgage loans for high-value properties exceeding conventional loan limits.
• VA Loans Mortgage options for veterans and service members, including VA Construction-to-Permanent loans.
• FHA, USDA, and Conventional Loans Government-backed FHA, USDA, and conventional mortgage products designed to fit different borrower needs.
• Construction-to-Permanent Loans Single-close loans covering both construction and permanent financing phases with flexible terms.
• Adjustable-Rate Mortgage Mortgage products with adjustable interest rates for flexible financing options.
• Manufactured Housing Loans Financing options for manufactured homes with flexible terms.
• Down Payment Assistance Second mortgage subsidy of up to $10,000 to cover 100% of down payment and closing costs for qualifying first-time and underserved homebuyers.
• Special Purpose Credit Program 100% financing mortgage program with no private mortgage insurance (PMI), not limited to first-time homebuyers.
• Mobile Banking Fiserv-powered mobile application enabling real-time balances, account management, transfers, bill pay, check deposits, alerts, and card management for individual consumers.
• Online Banking Digital banking platform for viewing accounts, deposits, statements, bill payments, fund transfers, and spending tracking.
• Consumer Loans Personal loans and Home Equity Lines of Credit (HELOC) for various consumer needs; HELOC features a 5.25% APR 12-month promotional rate.
• Guardianship Banking Specialized banking services for guardians managing finances for dependents.
• Business Checking Reliable, secure business checking solutions built for business operations for SMB and commercial customers.
• Business Savings Business savings accounts designed to maximize earning potential for SMB and commercial customers.
• Business Loans & Lines of Credit Business capital financing including commercial real estate loans, lines of credit, and construction loans; includes Commercial Owner-Occupied Real Estate Loan at 6.49% APR.
• SBA Lending Small Business Administration (SBA) loan programs supporting business growth, expansion, and franchise financing for SMB customers.
• Warehouse Lending Specialized lending services for mortgage warehouse operations serving correspondent mortgage lenders.
• Lockbox Services Business payment processing and lockbox services for efficient receivables management for commercial customers.
• Business Online Banking Comprehensive online banking platform for business customers including ACH origination, wire transfers, remote deposit capture (RDC), internal transfers, and Positive Pay fraud detection system.
• Interactive Teller Machines (ITM) Interactive Teller Machines with extended operating hours 7am-7pm ET enabling teller-assisted transactions beyond standard branch hours, including deposits, withdrawals, and account inquiries.

Quantifiable outcome

• 519 FHA loans ($138.4M), 226 VA loans ($74.9M), 22 USDA loans ($3.9M) made within one year supporting homeownership
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature5 records

Partnerships

One partnership is on record.

• Mortgage ForwardmajorStrategic or Co-development Partner · 5 June 2026First Federal Bank agreed to sell its Third-Party Origination (TPO) division, including QRL Financial, to Mortgage Forward, a credit union service organization (CUSO). The transaction, expected to close in Q3 2026, is aimed at enabling Mortgage Forward to expand its national mortgage lending platform and broaden product offerings for TPO clients. The acquisition will allow the division to leverage additional technology, products, and operational support to better serve clients.

Scale indicators13 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Cogent Bank: Florida-headquartered community bank targeting SMB and middle-market commercial lending, with overlap in SBA lending, commercial real estate finance, and digital banking channels.
• Capital City Bank Group: Florida-based community bank with a similar regional Florida footprint, consumer and commercial banking focus, and emphasis on relationship-based lending.
• Seacoast Banking Corporation of Florida: Community-focused Florida bank offering similar deposit, mortgage, and SMB lending products across overlapping Florida markets; directly comparable regional community-bank business model.
• Heritage Financial Corporation: Pacific Northwest community bank with overlapping retail deposit, mortgage, and small-business banking activities, useful for community-bank profitability and capital benchmarks.
• Bank of Central Florida: Florida community bank headquartered in Orlando serving SMBs and consumers with deposits, lending, and SBA programs; competes in overlapping Florida SMB/mortgage segments.
• Tompkins Financial Corporation: Community bank operating across similar retail/commercial banking products including mortgage, SBA-style lending, and digital channels; comparable mid-sized community-bank model.
• United Community Banks: Southeast US community bank with comparable mix of retail deposits, mortgage origination, and small-business banking; relevant peer on scale and geography (Southeast US).

Broad incumbents

• Pinnacle Financial Partners: Large Southeast US community-style bank with deposit, mortgage, and commercial lending products; broader incumbent with overlapping SMB and CRE lending franchise.
• Bank OZK: Larger regional bank with significant Florida presence and meaningful CRE/mortgage lending franchise; broader incumbent that overlaps in FFB's core Florida markets but at materially larger scale.
• Citizens Financial Group: Large regional and national bank with full consumer and commercial banking capabilities including mortgage, SBA, and digital channels; broader incumbent representing the competitive floor against which FFB must retain customers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

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

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about First Federal Bank of Florida