John Valaas

JOHN VALAAS, President and CEO of First Mutual Bancshares, Inc.,
joined First Mutual Bank as President and Chief Executive Officer
in February 1992. Prior to that, he was Senior Vice President and
Manager of the Commercial Financial Services Division of Seattle
First National Bank. Mr. Valaas transferred to Seafirst from Bank
of America in November of 1983, as Manager of the Offshore
Regions in the International Division. In July 1984, he became
Senior Vice President and Manager of the International Division.
In October 1984, he became Senior Vice President and Manager of
the Corporate Banking Division. In September 1988, Mr. Valaas
then became Senior Vice President and Manager of the National
Division/International Division. In January 1990, Mr. Valaas
became Senior Vice President and Manager of the Commercial
Financial Services Division. Mr. Valaas spent the early part of
his career with Bank of America, beginning in 1971. His positions
with Bank of America included Investment Officer in the European
Division, five years in the London Branch of the World Banking
Division, four years in the Corporate Strategic Planning Group,
and eight months as Vice President and Manager of both the
Seattle Loan Production Office and the Seattle Edge Act Branch.
He received his BA in Economics from Whitman College, Walla
Walla, Washington, in 1966. He then received his MBA in Finance
from the University of Chicago in 1968.