First Electronic Bank

FDIC records give October 5, 2000 as the bank’s opening date. Its original business supported credit-card purchases at Fry’s Electronics. The bank’s April 2026 public file identifies The TAW, LP as its sole owner and says ownership moved from Fry’s Electronics to Fry’s parent, The TAW, LP, in 2019. Fry’s ceased operations in February 2021. [2] [3]

The FDIC’s October 31, 2022 CRA evaluation describes the subsequent model: First Electronic originated installment loans and lines of credit for consumers and small businesses nationwide through third-party strategic partners. It generally sold those receivables to the respective partners within one to five business days, sometimes holding them longer. Individual programs can use different arrangements. [3]

On its current website, First Electronic markets consumer and small-business lending, general-purpose installment loans and financing connected to a purchase or other immediate need. It also advertises card sponsorship, including co-branded and private-label programs. These are the bank’s advertised service categories. [4]

The lender, marketing platform and loan servicer can be different organizations. That distinction matters when a borrower sees First Electronic Bank on paperwork for a product carrying another name. The relevant agreement and disclosures identify the lender for that particular loan; a partner relationship alone does not mean that all of the partner’s customers borrow from First Electronic. [8] [7]

Opportunity Financial: an amendment dated March 13, 2025, filed by OppFi with the SEC, identifies First Electronic as the bank party to a November 1, 2019 Program Marketing and Servicing Agreement. It records a renewal through April 29, 2026 and extends the contractual term through April 29, 2029. The stated term remains subject to the agreement’s termination provisions. [7]

Personify: the platform’s disclosures checked October 20, 2026 identify First Electronic Bank as one possible lender, alongside Personify and participating creditors. They state that lender availability varies by state. Personify is a brand of Applied Data Finance, LLC; it should not be treated as another name for the bank. These examples are a documented selection, not a complete roster of First Electronic’s partners. [8]

The bank’s leadership page, checked October 20, 2026, lists Sherrie Rees as chief executive officer, Justin Crowley as chief financial officer and Arlene Dzurnak as chief compliance officer. Rees’s bank biography says she previously served as First Electronic’s CFO. The March 2025 Opportunity Financial amendment was signed for the bank by Rees as CEO and president. [5] [6] [7]

The latest reporting period returned by the FDIC financial-data query on October 20, 2026 was June 30, 2026. The bank reported total assets of $502.862 million, deposits of $285.634 million, total equity capital of $198.328 million and net loans and leases of $203.192 million. The source reports dollar amounts in thousands; the figures here are converted to millions. [9] [10]

For comparison, the same FDIC series reports $482.146 million in assets, $271.373 million in deposits and $188.614 million in equity at December 31, 2025. These are balance-sheet amounts at specific dates, not revenue or annual lending volume. They cover the insured bank, rather than its parent or its lending partners. A loan-originating bank’s outstanding loan balance also should not be mistaken for the cumulative value of loans it has originated and sold. [9] [3]

The FDIC issued a consent order and restitution order against First Electronic Bank on December 7, 2015. On August 17, 2018, the agency issued a further order terminating both. [11]

A separate FDIC CRA evaluation dated October 31, 2022 rated the bank Satisfactory. The evaluation says Equal Credit Opportunity Act and Federal Trade Commission Act violations identified during its review period reduced the overall rating from Outstanding. It also supplies important context: the ECOA finding was limited to one strategic partner and commercial borrowers; the FTC Act finding was limited to one partner and caused limited consumer harm. Management took prompt corrective action, including restitution where applicable. The findings and corrective response described here are those recorded in that 2022 evaluation. [3]

The bank’s April 2026 public file designates Salt Lake County as its primary CRA assessment area. CRA examines how a bank helps meet community credit needs, including those of low- and moderate-income neighborhoods. The FDIC explicitly cautions that its CRA evaluation is not an assessment of the bank’s financial condition or safety and soundness. Readers should keep that community-service rating separate from the financial snapshot above. [3]