First Federal Savings & Loan of San Rafael

What First Federal Savings & Loan of San Rafael does

First Federal Savings and Loan Association of San Rafael is a privately held mutual savings and loan institution founded in 1963 by Harold Elberg, headquartered in San Rafael, California. It operates four retail branches across the Bay Area (San Rafael, Oakland Rockridge, Fairfax, and San Francisco Portola) plus an administrative office in Novato, serving individual consumers, seniors, youth and families, small businesses, and Bay Area real estate investors with multifamily and commercial property holdings. As California's only remaining mutual savings institution headquartered in the state, the company is owned by its depositors and borrowers rather than external shareholders, with no parent organization and no public listing.

The institution offers a comprehensive retail banking product suite including personal checking accounts (Simply Free, Advantage 55, Performance+ with 3.00% APY), business checking tiers (Simply Free, Business Interest, Smart Money up to 1.50% APY), a Savings Account, the Spectrum Money Market with tiered rates up to 0.80% APY, Youth Savings Accounts with annual $20 birthday gifts, Retirement Accounts (Traditional/Roth/SEP/Advantage IRA at 0.50%-0.75% APY), and Certificates of Deposit with terms from 3 months to 6 years. Real estate lending targets locally underwritten and portfolio-retained loans on multifamily (5+ units), mixed-use, and commercial properties. Credit cards are issued through a white-label arrangement with Elan Financial Services.

The digital platform is built on a Bankjoy white-label mobile banking app (iOS and Android) supporting mobile deposits up to $10,000 daily, online banking, eStatements, bill pay, and SavvyMoney-integrated credit score monitoring. Revenue derives primarily from net interest spread on real estate loans retained in portfolio and the deposit book, supplemented by service charges on Business Interest and Smart Money Business Checking accounts, NSF and overdraft fees, and ancillary referral income from third-party partners such as Paige (estate planning) and Elan (credit cards). The institution holds a 5-Star BauerFinancial rating, is FDIC-insured, registered with NMLS (#474535), and supervised by the OCC Western District.

Name

First Federal Savings & Loan of San Rafael

Legal name

First Federal Savings and Loan Association of San Rafael

Website

https://ffsavings.com

Company type

Private

Founded year

1963

Operating status

Operating

Headcount range

11–50 employees

Short description

First Federal Savings and Loan of San Rafael is a mutual community bank founded in 1963, operating four Bay Area branches and serving consumers, small businesses, and real estate investors with deposit products, real estate lending, and partner-enabled digital services.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Senior Secured Direct Lending (FSANADAA)

Keywords

• Retail banking services
• Community banking
• Commercial real estate lending
• Deposit accounts
• Mutual savings institution

Headquarters

HQ city

San Rafael

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Real Estate Loans: Primary revenue stream from originating and servicing real estate loans for multifamily properties (5+ units), mixed-use, and commercial properties. Loans are underwritten locally and retained in portfolio throughout the term.
2. Deposit Account Fees and Service Charges: Revenue from monthly service charges on certain account types (Business Interest Checking charges $10 if balance falls below $5,000; Smart Money Business Checking charges $35 if requirements not met), NSF fees, overdraft fees, and other standard banking fees.
3. Interest Spread on Deposits: Traditional bank interest spread revenue - paying depositors lower interest rates while earning higher rates on loans extended. Includes interest on savings accounts, CDs, money market accounts, and retirement accounts.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

First Federal Savings and Loan Association of San Rafael is a mutual community bank that gathers deposits and extends real estate loans. Its core offerings include personal and business checking accounts, savings, money market, youth, and retirement (IRA) deposit products, certificates of deposit, credit cards, and locally underwritten real estate loans for multifamily (5+ units), mixed-use, and commercial properties retained in portfolio. Banking is delivered through four Bay Area branches, an administrative office, online banking, and a Bankjoy-powered mobile app.

Product overview

First Federal Savings & Loan Association of San Rafael is a mutual community bank offering a comprehensive suite of deposit and lending products. The core banking products include personal and business checking accounts (Simply Free, Advantage 55, Performance+, and Smart Money variants), savings accounts, Spectrum Money Market accounts, Youth Savings accounts, Retirement Accounts (Traditional IRA, Roth IRA, SEP, Advantage IRA), and Certificates of Deposit. The bank also provides real estate loans for multifamily and commercial properties. Digital services are delivered through online banking, mobile banking (via Bankjoy white-label platform), eStatements, Bill Pay, and integrated third-party tools including SavvyMoney for credit monitoring and Paige for estate planning. Credit card services are provided through Elan Financial Services. The bank operates as California’s only remaining mutual savings institution, emphasizing community-focused banking with local underwriting and servicing.

Differentiator

Problem solved

Functional benefit

Products and services

• Simply Free Checking No-minimum-balance, no-monthly-service-charge personal checking account for individual consumers; includes free mobile and online banking, bill pay, eStatements, MasterCard debit card, and ATM surcharge refunds nationwide. $50 minimum opening deposit.
• Advantage 55 Checking Interest-bearing personal checking account for customers aged 55 and better, featuring free first order of checks (up to $50) and competitive interest rates. $50 minimum opening deposit.
• Performance+ Checking High-yield personal checking account that earns 3.00% APY when requirements are met (eStatements enrollment, at least one direct deposit per statement cycle, and debit card use 8 times per statement cycle). No monthly service fee; $50 minimum opening deposit.
• Simply Free Business Checking Free business checking account for small businesses with less than 1,000 items per month and less than $10,000 in monthly currency deposits; includes free eStatements with online check images and no monthly service charge.
• Business Interest Checking Interest-bearing business checking account for small businesses; $10 monthly service charge if balance falls below $5,000, otherwise waived. Requires less than 1,000 items per month and less than $10,000 in monthly currency deposits.
• Smart Money Business Checking Business checking that earns 1.50% APY on balances up to $50,000 and 0.03% APY above $50,000. $35 monthly service charge waived with $5,000+ direct deposits monthly, $5,000 daily balance, or eStatements enrollment.
• Savings Account Basic personal savings account with no monthly service charge, free mobile and online banking, automatic deposit options, and FDIC insurance; $50 minimum opening deposit.
• Spectrum Money Market Account Tiered-rate money market account paying 0.25%–0.80% APY depending on balance ($2,500 up to $500,000+); no monthly service charge, unlimited nationwide ATM rebates, and limited check-writing privileges. $1,000 minimum opening deposit.
• Youth Savings Account Custodial savings account for children and teens with no minimum balance, no monthly service fee, $10 minimum to open, free online/mobile inquire-only access, and a $20 annual birthday gift deposited until age 18.
• Educational Savings Account Tax-advantaged education savings account allowing tax-free withdrawals for qualified elementary, secondary, or college expenses; can be held in CD or savings form with flexible deposits.
• Retirement Accounts (Traditional IRA, Roth IRA, SEP, Advantage IRA) Retirement account options including Traditional IRA, Roth IRA, SEP Plan for employers, and Advantage IRA (0.50%–0.75% APY). Funds can be held in CDs or savings accounts with flexible deposits; $50 minimum opening balance and $2,500 minimum to earn APY on Advantage IRA.
• Certificates of Deposit (CDs) CDs with terms from 3 months to 6 years; $1,000 minimum deposit; option to withdraw interest before term ends, subject to early withdrawal penalties.
• Credit Cards (Personal and Business, via Elan Financial Services) Personal and business credit card programs issued through Elan Financial Services, including MasterCard debit cards with chip technology; account access and support provided through MyAccountAccess.com.
• Real Estate Loans Commercial real estate loans for multifamily (5+ units), mixed-use, and commercial properties, including term loans and lines of credit; adjustable and hybrid-rate mortgages available; locally underwritten, approved, and retained in portfolio with same servicing team throughout the loan term; no fees until approval.
• Online Banking Self-service online banking platform for account management, transfers, check ordering, account alerts, direct deposit management, bill pay, and stop-payment requests, available 24/7.
• Mobile Banking (Bankjoy-powered app) Bankjoy white-label mobile banking app available on iOS App Store and Google Play; features balance review, transfers, bill payments, mobile deposits (up to $10,000 daily limit), branch locator, and credit score access.
• Early Direct Deposit Direct deposit service that posts qualifying ACH deposits (payroll and government benefits) up to 2 days early; easy enrollment through online/mobile banking with automatic deposit management.
• eStatements Electronic statement delivery with on-demand secure viewing and earlier delivery than mail; enrollment contributes to the Redwood Program tree planting initiative with the Redwood Forest Foundation.
• Bill Pay Free online and mobile bill payment service with quick setup, automatic recurring payments, and electronic delivery alerts.
• SavvyMoney Credit Score Monitoring Free credit monitoring tool integrated into online and mobile banking that provides daily credit scores, real-time alerts, a credit score simulator, personalized credit reports, and educational resources using soft inquiry with no impact on credit score.
• Paige Estate Planning Platform Third-party secure estate planning platform offering step-by-step will creation, document organization, password management, legacy messages, and memory recording. Available to First Federal customers at one month free then $1.99/month.

Quantifiable outcome

• Earn 3.00% APY on Performance+ Checking account
• +5 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Redwood Forest FoundationcoreStrategic or Co-development PartnerFirst Federal partners with the Redwood Forest Foundation (RFFI) to plant coastal redwoods in Northern California. For each customer who enrolls in eStatements, First Federal pays to have a redwood tree planted. This partnership supports forest preservation, biodiversity, and regional economic vitality in the Redwood Region.
• Operation Hope - Banking on Our Future ProgramcoreStrategic or Co-development PartnerFirst Federal collaborates with Operation Hope's Banking on Our Future Program to teach financial literacy to at-risk youth. The program focuses on preventing cycles of poverty by teaching basic financial literacy, empowerment, responsibility, and hope. The program has received the U.S. Treasury Department's John Sherman Award and Oprah's Angel Network's Use Your Life Award.
• ShelterBox USAminorOthersJim Carriere, Executive Vice President and Chief Operating Officer of First Federal, is a volunteer fundraiser for ShelterBox USA, an international disaster relief charity. He has raised over $700,000 for the organization, making him their top all-time fundraiser. He served on ShelterBox USA's Board from 2010-2018, including as Board Chairman in 2017 and 2018.
• Rotary Clubs of Mission San Rafael, San Rafael, Novato, and IgnaciocoreStrategic or Co-development PartnerFirst Federal maintains active partnerships with multiple Rotary Clubs in the Bay Area. ShelterBox is the official Project Partner of Rotary International in disaster relief, and Rotarians often serve as first point of contact for ShelterBox Response Teams.
• SavvyMoneycoreTechnology or IntegrationSavvyMoney is integrated into First Federal's online banking platform to provide free credit score monitoring, daily score updates, real-time credit monitoring alerts, credit score simulator, personalized credit reports, and educational resources for customers.
• PaigeminorGTM or Marketing PartnerPaige is a secure estate planning platform partnered with First Federal to offer customers one month free, then $1.99/month (special rate for First Federal customers). Provides will creation, document organization, and legacy planning services.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• Radius Bank / LendingClub Bank: Digital-first challenger bank offering high-yield deposit products and online banking nationwide. Competes for rate-sensitive Bay Area deposit customers who might otherwise choose First Federal's deposit products.
• Self-Help Federal Credit Union: California-based credit union focused on community development, affordable housing, and financial inclusion. Comparable values-driven mission and Bay Area presence; competes for similar community-oriented deposit customers.

Direct peers

• Bank of Marin Bancorp: Community bank headquartered in Novato, California serving the Bay Area with deposit and small business/commercial real estate lending products. Directly comparable geography, customer base, and product mix to First Federal.
• Beneficial State Bank: Community-oriented bank serving California with personal, business, and nonprofit banking, similar in values-driven, mission-focused approach and Bay Area presence. Comparable deposit products and small business banking focus.
• Luther Burbank Savings: California-based savings institution offering residential and commercial real estate loans, multifamily lending, and deposit products. Similar thrift-style lending focus and California geography make it a close comparable to First Federal's lending business.

Regional players

• Mechanics Bank: California-focused community bank offering personal, business, and commercial real estate banking across the state. Comparable product set with similar focus on local relationship banking and CRE lending, though larger in scale.
• Bay Federal Credit Union: Bay Area credit union serving Monterey, Santa Cruz, and San Benito counties. Competes for the same Bay Area consumer deposit and personal banking relationships, though structured as a credit union rather than mutual savings institution.
• Metropolitan Bank (CA): California-based commercial bank with focus on commercial real estate, multifamily, and small business lending. Comparable CRE and multifamily loan products and similar California geography.

Broad incumbents

• Pacific Premier Bancorp: Large California-based community bank with a strong commercial real estate and multifamily lending franchise alongside comprehensive deposit products. Operates broadly across the Western US but is a key competitor in the same CRE lending space.

Others

• Alliant Credit Union: Large US digital credit union serving members nationwide with competitive deposit rates and fee-free banking. Represents the broader digital/online banking competitive set for Bay Area deposit customers evaluating First Federal's offerings.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/firstfedbayarea
• Instagraminstagram.com/firstfedbayarea
• LinkedInlinkedin.com/company/firstfedbayarea

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

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 Savings & Loan of San Rafael