First Sound Bank Shareholders Approve Acquisition by Harborstone Credit Union

First Sound Bank (OTCPK: FSWA) today announced that at a special meeting of shareholders held earlier today, its shareholders approved the previously announced purchase and assumption agreement with Harborstone Credit Union whereby Harborstone Credit Union will purchase substantially all assets and assume substantially all liabilities of First Sound Bank. Following the completion of the transaction, First Sound Bank will liquidate and dissolve and distribute its remaining assets to its shareholders. In connection with the transaction, the shareholders of First Sound Bank will receive approximately $6.90-$7.10 in cash for each share of First Sound Bank common stock, subject to adjustment based on the equity value at closing.

The transaction, which is anticipated to be completed in the first half of 2024, remains subject to receiving all regulatory approvals and other customary closing conditions.