First Federal names Schaefer president and CEO

Riley to retire this year

Ed Schaefer
Ed Schaefer

Waukesha-based First Federal Bank of Wisconsin has named Edward Schaefer president and chief executive officer.


Gary Riley, 70, who currently fills the roles, will retire by the end of the year. No exact date has been set. Riley will transition to the role of chairman.

Schaefer is currently president and CEO of Eau Claire-based Citizens Community Bancorp, a job he has held since 2009. Citizens has 21 branches in Wisconsin, Minnesota and Michigan and $700 million in assets. He will remain in that role until July 29.

He previously was president and CEO of Silver Spring Foods Inc., a horseradish grower and processor in Eau Claire. In the ’90s, Schaefer served as president of Norwest Bank and market president of Wells Fargo.

First Federal has 38 employees at five locations. It has three Waukesha branches, a Brookfield branch and a branch in Milwaukee’s Bay View neighborhood. It has about $250 million in assets.

“I’m excited about the opportunity to help build the First Federal franchise,” Schaefer said. “Under Gary’s leadership, First Federal is well-positioned for continued profitable growth both organically and through acquisition, with great branch locations in Waukesha, Bay View and Brookfield and a solid banking team.”

“We’re delighted to have Ed join the team at First Federal Bank,” Riley said. “His many leadership roles and experience in the banking industry well suits him for his new position. As a community banker, Ed understands how important the bank’s role is in the cities and towns where we do business. In his new role, Ed will continue to build the First Federal brand in the communities we serve now and hope to serve in the future.”

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Molly Dill, former BizTimes Milwaukee managing editor.

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