“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 35 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 $675 million in assets, and a 113-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.”
In 2018 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 $450,000 in financial support and thousands of hours of volunteer service supporting approximately 300 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
360.754.3400 or 800.865.3470