Karen McCormick retired from her position as President and CEO of First Federal in 2009. She was employed with the bank for thirty-two years, having begun as a Teller and advanced to CEO in 1997. In 2000 McCormick was appointed to the Federal Reserve Board’s Thrift Industry Advisory Council, serving as its chairman in 2003. She is past chairman of the Washington Financial League and the Mutual Institutions Committee of American Banker’s Association. McCormick was a founding board member and four-term chairman of the Washington Community Reinvestment Association. In October 2003, McCormick was named one of “The 25 Most Powerful Women in Banking” by U.S. Banker Magazine. She has been involved in numerous local business and civic organizations.