Greenlight for Global Credit Union’s Purchase of First Financial Northwest Bank
Photo Credit: Global Credit Union
Global Credit Union is folding Renton, Washington-based First Financial Northwest Bank into its member-owned cooperative. Global received regulatory approval from the National Credit Union Administration (NCUA) to acquire substantially all of the assets and liabilities of the bank, per the terms of a purchase and assumption agreement announced in January 2024. The transaction is structured as an all-cash consideration of $231.2 million.
Looking South to Western Washington
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. First Financial Northwest will wind up its affairs, distribute its remaining net assets (including the remaining net cash proceeds from the purchase) to stockholders, and dissolve under applicable Washington law. First Financial Northwest expects shareholders to receive approximately $23.18 to $23.75 per share upon liquidation.
Current Issue
March 2025
First Financial Northwest Bank customers will become members of Global, and the credit union will operate the bank locations as a separately branded division until brand integration is completed later in 2025. The transaction expands Global’s business and commercial services while also enhancing its branch presence in Western Washington.
“This is an exciting milestone for the members, future members, and employees of our two financial institutions,” says Global CEO and President Geoff Lundfelt. “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.”
First Financial Northwest Bank has served the Puget Sound region for forty years and has fifteen full-service banking offices.
“Both institutions are working to ensure a seamless transition for First Financial Northwest Bank customers as they become members of Global Federal Credit Union,” says Joseph W. Kiley III, president and CEO of the bank’s holding company, 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.”
In addition to NCUA approval on the credit union side, the bank obtained approvals from the Federal Deposit Insurance Corporation and Washington State Department of Financial Institutions.
Formerly known as Alaska USA Federal Credit Union, Global has grown by acquisitions to serve more than 750,000 members through more than seventy branches across Alaska, Washington, Idaho, California, and Arizona, as well as branches on three US military installations in Italy.
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