Global Federal Credit Union and First Financial Northwest, Inc., the holding company for First Financial Northwest Bank, jointly announced today that Global received the required regulatory approval from the National Credit Union Administration for its 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 Bank previously received and has maintained approvals from the Federal Deposit Insurance Corporation and Washington State Department of Financial Institutions.
The Asset Sale is expected to be completed early in the second quarter of 2025, subject to the satisfaction or waiver of the remaining closing conditions set forth in the Agreement. 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. The transaction will expand Global’s business and commercial services to all its member businesses as well as enhance its branch presence in Western Washington, where it first began operations in the Pacific Northwest over 40 years ago. First Financial Northwest Bank customers will become members of Global Federal Credit Union with full access to Global’s extensive product and service offerings.
“This is an exciting milestone for the members, future members, and employees of our two financial institutions,” said Geoff Lundfelt, President and CEO of Global Federal Credit Union. “Our combined commitment to service and community, our commitment towards delivering technology-forward services, and our ability to offer expanded business and commercial financial products is going to be significantly enhanced. I’m really looking forward to showing the customers of First Financial Northwest Bank what it means to have access to the world-class service that Global members currently enjoy.”
Subsequent to 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, to the Company shareholders in multiple distributions; and dissolve under applicable Washington law. An initial distribution to Company shareholders is expected to occur shortly after the completion of the transaction.
“Both institutions are working to ensure a seamless transition for First Financial Northwest Bank customers as they become members of Global Federal Credit Union,” said Joseph W. Kiley III, President and CEO of First Financial Northwest, Inc. “Receiving regulatory approval from the NCUA allows us to take the next step in this strategic alliance that we expect will benefit the financial future of the community.”