Anchorage, Renton, AL, WA (March 17, 2025) |
Global Federal Credit Union (“Global”) and First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), jointly announced today they have set the expected closing date for Global’s acquisition of substantially all of the assets and assumption of substantially all of the liabilities (including deposit liabilities) of the Bank (the “Asset Sale”), on the terms and subject to the conditions of the Purchase and Assumption Agreement, dated as of January 10, 2024, by and among the Company, the Bank and Global (the “Agreement”). The Asset Sale is expected to be completed on April 11, 2025, subject to the satisfaction or waiver of the remaining closing conditions set forth in the Agreement.
Following the Asset Sale, the Company will take all necessary action to wind up its affairs, distribute its remaining net assets, including the remaining net cash proceeds from the purchase price paid by Global in the asset sale, to the shareholders of the Company, and dissolve under applicable Washington law. The cash consideration to Company shareholders is expected to be paid out in multiple distributions. An initial distribution to Company shareholders is expected to occur as soon as practicable after the completion of the transaction.
Global will operate the locations of the Bank as a separately branded division of Global until the system and brand integration is completed later in 2025.