Core Viewpoint - Global Federal Credit Union is set to acquire substantially all assets and liabilities of First Financial Northwest Bank, with the transaction expected to close on April 11, 2025 [1][2]. Group 1: Acquisition Details - The acquisition involves Global assuming substantially all liabilities, including deposit liabilities, of First Financial Northwest Bank as per the Purchase and Assumption Agreement dated January 10, 2024 [1]. - Following the asset sale, First Financial Northwest will wind up its affairs, distribute remaining net assets to shareholders, and dissolve under Washington law [2]. - The cash consideration for shareholders is expected to be distributed in multiple payments, with an initial distribution occurring soon after the transaction's completion [2]. Group 2: Operational Changes - Global will operate the Bank's locations as a separately branded division until the integration of systems and branding is completed later in 2025 [3]. Group 3: Company Backgrounds - Global Federal Credit Union, founded in 1948, serves over 750,000 members across multiple states and military installations [4]. - First Financial Northwest, Inc. is the parent company of an FDIC-insured commercial bank headquartered in Renton, Washington, serving the Puget Sound Region [5].
Global Federal Credit Union and First Financial Northwest, Inc. Announce Expected Closing Date for Transaction