OlyFed: Heroes Here for You Every Day

For some businesses and organizations, their mission statements or slogans are catchy phrases they use for marketing.  At Olympia Federal Savings (OlyFed), though, they take it one step further as they live up to their motto, “Here for You.  Here for Good.” every day through their actions and deeds. 

Under the direction of President and CEO Lori Drummond, OlyFed tackled the issues of the pandemic in a two-pronged approach.  First, as a financial institution, OlyFed jumped into the work of assisting local small businesses with Paycheck Protection Program (PPP) loans that were part of the national relief package.  All eight OlyFed branches in Thurston and Mason counties worked with small businesses and nonprofits in their counties to obtain over $4.3 million in loans, helping these operations retain more than 520 jobs right here in our community.   

“A little over a year ago, private sector jobs surpassed public sector jobs as the main providers of income in Thurston County,” Drummond said. “We recognize small businesses are essential to the success of our local economy and the health of our community, so helping neighborhood entrepreneurs is the right thing to do to keep us moving in a positive direction.” 

Next, as one of the leading philanthropic businesses in the South Sound, OlyFed stepped up to help its neighbors with $15,000 in donations to the Thurston County COVID-19 Response Fund and the South Puget Sound Habitat For Humanity Emergency Family Needs Fund. 

“As a mutual bank, accountable to our customers, not corporate shareholders, we dedicate approximately 10% to 15% of our profits to the community every year,” Drummond said. “In response to the pandemic, we thought it was vital to help our area’s most vulnerable individuals and families to ensure they get the help they need to stay healthy and safe.” When faced with this challenge, OlyFed shows that they truly live up to their slogan “Here for You. Here for Good.” 

For more information visit their site at olyfed.com or call 360.754.3400. 

Oly Fed CEO is ‘Here for You, Here for Good

“I believe every team member plays a critical role and everybody contributes to our success,” says Lori Drummond, president and CEO of Olympia Federal Savings, or Oly Fed for short. She should know. She has the unique perspective of starting as a receptionist and working her way through several positions during her 37 years with the company. “It’s given me insight into how every role in our organization is vital to creating an exceptional customer experience.”

After graduating from Washington State University with a degree in business, Drummond was encouraged by her father to apply for employment at Oly Fed. Initially, she says, she wasn’t excited about a receptionist position because she felt that it didn’t put her degree to work. But her dad, who was a banker, told her she’d be fortunate to work at a bank like Oly Fed. She got hired.

Drummond now oversees eight branches in Thurston and Mason counties, 120 employees, more than $770 million in assets, and a 114-year mutual savings and loan tradition. She explained that a mutual institution promotes thrift, homeownership and community involvement. There are no stockholders—“no one looking over our shoulder asking for a return on their investment,” she says. “Instead, we are accountable to employees, customers and our communities.”

Culture and reputation have always been paramount to Oly Fed. “When our culture is healthy and alive,” says Drummond, “our customers feel it and business thrives. We build a culture of entrepreneurship so that our employees take personal ownership for our business and growing it in meaningful ways. When our business grows, so do our community contributions.”

Recently, Oly Fed won the Business Philanthropy Award from South Sound Partners for Philanthropy. Under Drummond’s guidance, Oly Fed’s charitable giving ranges from 10% to 20% of profits. Last year, that equaled nearly $400,000 in financial support and thousands of hours of volunteer service supporting hundreds of local organizations.

It seems that under the direction of Lori Drummond, Oly Fed is living up to its community motto: “Here for You, Here for Good.”

For Additional Information
Olympia Federal
360.754.3400 or 800.865.3470
olyfed.com

BY EMILY HAPPY