FDIC-insured mutual bank offering checking, savings, CDs, mortgages, personal loans, and business cash management services with competitive deposit rates.
Editorially reviewed by Harvey Brooks
First Federal Bank & Trust is a mutual bank institution that operates as a community-focused financial services provider. As a mutual bank structure, the organization is owned by its depositors rather than external shareholders, which aligns with their stated mission of operating where "your values meet your financial goals and create lasting impact in our communities." The bank maintains FDIC insurance protection on deposits, backed by the full faith and credit of the U.S. Government.
The bank offers a comprehensive suite of consumer and business financial products. For consumers, these include checking and savings accounts, certificates of deposit (CDs) with tiered APY rates (ranging from 3.00% to 3.30% depending on term length and deposit amount), personal loans for purchases and debt consolidation, and mortgage products featuring current rate relief programs. For business customers, First Federal provides cash management tools, merchant services (Autobooks integration), and trust and estate administration services. The platform includes online and mobile banking with bill pay functionality, check ordering, debit card management, and financial calculators.
The bank distinguishes itself through its mutual ownership structure and emphasis on community impact, positioning this as a differentiator from shareholder-owned institutions. They offer competitive CD rates with no minimum opening deposit on some products ($0 entry point for standard tiers), streamlined account switching via ClickSWITCH technology, and specific mortgage products targeting homebuyers seeking rate relief. The organization actively promotes financial literacy initiatives and maintains physical branch locations alongside digital banking channels.
First Federal Bank & Trust appears to be a legitimate, established financial institution with FDIC protection and standard banking services. However, the website provides limited detail on checking account fees, interest rates for savings accounts, personal loan terms/APRs, or mortgage rate specifics. The company emphasizes their mutual structure but provides minimal transparency on governance or customer ownership benefits. For consumers comparing options, the lack of detailed product terms on the homepage requires contacting the bank directly for pricing information.
Yes. First Federal Bank & Trust is a registered company headquartered in Sheridan, WY, founded in 1935. They hold a rating with the Better Business Bureau.
Account opening typically takes 1-3 business days. Loan decisions vary by product.
CreditDoc Diagnosis
First Federal Bank & Trust is best suited for depositors seeking FDIC-insured savings products with competitive rates, homebuyers exploring mortgage options, and small business owners needing cash management tools from a community-focused mutual bank. The primary caveat is that detailed pricing information (personal loan APRs, mortgage rates, checking fees) is not readily available on their website, requiring direct contact to compare against other banks.
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