Every day looks a little different for the new Chief Financial Officer at Olympia Federal Savings (OlyFed), but one thing stays the same: his unwavering commitment to financial stewardship and community impact. Before joining OlyFed in June 2024, James Vanderholm spent more than a decade gaining financial management experience. Responsible for everything from financial strategic direction and budgeting and forecasting, to ensuring financial stability and compliance, Vanderholm proves that being a successful CFO is about more than just numbers – it’s about making a lasting impact.
Vanderholm dedicates his time and talents to causes close to his heart. In Spokane he served on the Board of Directors for Spokane Sister Cities Association, the Northwest Museum of Arts and Culture and the Spokane Chapter of the Washington State CPA Society. Since moving to Thurston County, he’s added to that, recently joining the Senior Services for South Sound and Enterprise for Equity Boards of Directors. Whether he’s working behind the scenes to make crucial financial decisions or out in the community, his dedication to both is unwavering.
We spent a day with Vanderholm to see what it’s like to be the CFO of Olympia’s iconic community bank. Here’s how the day went:
6 a.m.
The day starts with an early workout accompanied by financial-industry podcasts to stay up-to-date on the latest trends and important topics. Today it’s The Community Bank Podcast. Then it’s time to get ready for his day.
8:30 a.m.
After arriving at the office, the workday begins with an assessment of OlyFed’s current financial position and a review of Asset Liability Committee (ALCO) materials for an upcoming meeting, including an analysis of potential opportunities for balance sheet positioning in the future.
9 a.m.
Vanderholm missed today’s OlyFed executive team call due to a finance committee meeting with Senior Services for South Sound. “One of the biggest things that drew me to OlyFed was our philanthropic giving and employee volunteerism. Nobody gives back to the community the way OlyFed does, and I knew I wanted to get involved right away,” he says.
After the passing of his grandfather years ago, Vanderholm and his sisters stepped up as caregivers for his grandmother. But he realized that often, the quality of care was disappointing. “I developed a passion, both for her sake and for seniors in general, for making sure that seniors get the proper care, attention and respect they deserve.” Vanderholm hopes that as part of the Board, he can make a meaningful difference for those who need it most.
10:30 a.m.
Now it’s time for the weekly Rate Committee meeting. This is exactly what it sounds like: a review of published loan and deposit rates for all OlyFed offerings. “We look at local and national economic indicators, our current balance sheet composition, upcoming loan or deposit maturities and published peer rates and offerings, to ensure that our rates are attractive and competitive to meet the needs of our customers and community,” says Vanderholm. “We always discuss how we can be the best local resource possible for our customers and what strategies we can implement to solve problems and be a staple for good in our area.”
Noon
After picking up Miso for lunch with Ryan Betz, OlyFed’s chief strategy and marketing officer, they virtually join the Washington Community Reinvestment Association (WCRA) annual meeting. OlyFed is a WCRA member and has made significant investments with them towards housing affordability in our state.
1 p.m.
Then it’s time for a little mentorship, thanks to OlyFed’s Trailblazer Track. Vanderholm has been matched with Sierra, and they meet monthly to catch up, discuss her career goals and identify ways to develop both her skills and professional network.
“Providing our employees with professional development opportunities is a priority here at OlyFed and this is just one of the programs we have implemented to leverage the knowledge and expertise we have within our employees to create growth opportunities for our next generation of leaders,” Vanderholm explains.
2 p.m.
With the new fiscal year starting April 1, it’s time to finalize the budget. Current fiscal year’s information is utilized as a baseline to create projections for the next fiscal year, which include balance sheet growth, income and expense projections, expected financial metrics and the institution’s planned strategic initiatives.
One of the major initiatives built into the budget for OlyFed’s next fiscal year is expansion into Lewis County, along with all that opening a new branch requires. Final numbers will be presented to the Board for approval. “Budgets reflect an organization’s values in action. At OlyFed it is gratifying to see all the ways we help our community, from our philanthropic gifts and affordable home loan program to financial education classes and volunteerism. We invest significantly in the well-being of our employees, customers and community is so many meaningful and tangible ways, that all are reflected in the final budget that our Board supports.”
3:30 p.m.
It’s then on to a Board meeting for Enterprise for Equity. This is a nonprofit helping limited income individuals start small businesses. They provide training, support and financial resources.
“As a CPA and a former business owner, I take a keen interest in entrepreneurial ventures and the growth of local small businesses. I believe in providing helpful resources, training and important insights to those trying to start their own business and those who need it most,” says Vanderholm. “With my background as a finance and accounting professional, I try to use the knowledge and experience I’ve gained to educate and assist those just starting out on their entrepreneurial journey.”
6 p.m.
This evening, Vanderholm meets a friend for dinner at downtown’s Uptown Grill before heading to the Saint Martin’s University men’s basketball game. A superfan who grew up playing sports, Vanderholm loves attending local games when he can.
“I am also super excited about the launch of our School Affinity Card program later this year,” he says. “OlyFed will offer branded debit cards for all the local area high schools and colleges, one of which is SMU. Every time someone uses the SMU debit card, OlyFed will donate to the school’s foundation to help with scholarships.”
10 p.m.
The night ends with watching a few SportsCenter highlights and reading a good economics book before bed. Because going above and beyond can really wear you out.
To learn more about any of the OlyFed products and services here, call 360.754.3400 or visit the OlyFed website or a nearby branch.
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