First Financial: Closes Acquisition by Global Federal Credit Union
Deal News | Apr 11, 2025 | Globenewswire
First Financial Northwest, Inc. announced the closing of its acquisition by Global Federal Credit Union, effective April 11, 2025. This transaction involves Global acquiring almost all assets and liabilities of First Financial Northwest Bank. The company will delist its shares from the Nasdaq Stock Market on April 21, 2025, and plans to distribute its remaining assets to shareholders after taxes and expenses are settled. The company is undergoing wind-down and dissolution processes and has notified shareholders to convert their physical certificates to book-entry. Forward-looking statements caution that projected plans are subject to uncertainties, which could lead to outcomes differing materially from expectations. These statements address delisting and asset distribution related to the company's dissolution.
Sectors
- Banking
- Finance
Geography
- United States – First Financial Northwest, Inc. is headquartered in Renton, Washington, and Global Federal Credit Union is based in Anchorage, Alaska, indicating U.S. geographical relevance.
Industry
- Banking – The article involves First Financial Northwest Bank, a Washington State-chartered commercial bank, and Global Federal Credit Union, highlighting transactions within the banking sector.
- Finance – Discussion of asset acquisition by Global Federal Credit Union and related financial transactions fall under the finance industry.
Financials
- $228.7 million – Purchase price received by First Financial Northwest, Inc. via the acquisition agreement.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| First Financial Northwest, Inc. | Target Company | Company | Former holding company of First Financial Northwest Bank, undergoing acquisition by Global Federal Credit Union. |
| Global Federal Credit Union | Bidding Company | Company | Anchorage-based credit union acquiring First Financial Northwest Bank. |
| First Financial Northwest Bank | Target Company | Company | Washington State-chartered commercial bank subject to acquisition. |
| Rich Jacobson | Executive Vice President and Chief Financial Officer | People | Executive contact for investor relations at First Financial Northwest, Inc. |
| Karla Evans | Assistant Vice President, Investor Relations | People | Investor relations contact at First Financial Northwest, Inc. |