Global Credit Union to Acquire First Financial Northwest Bank: Deal Set for April 11th

Global Federal Credit Union is set to acquire First Financial Northwest Bank in a move that will significantly expand its reach.

The deal, finalized in a Purchase and Assumption Agreement back in January 2024, is expected to close on April 11, 2025, pending the fulfillment of the remaining conditions.

This acquisition will see Global taking over substantially all of the bank’s assets and liabilities.

What Happens Next?

Following the acquisition, First Financial Northwest, Inc., the bank’s holding company, will wind down its operations.

This includes distributing its remaining assets, primarily the cash proceeds from the sale, to its shareholders.

An initial distribution is expected shortly after the deal’s completion.

Global Credit Union will initially operate the acquired bank locations as a separate, branded division until a full system and brand integration is completed later in 2025.

About the Companies

Global Federal Credit Union, founded in 1948, is a member-owned financial cooperative with over 750,000 members and branches across several states, including Alaska, Washington, and California, as well as international locations.

First Financial Northwest Bank, headquartered in Renton, Washington, serves the Puget Sound Region with 15 branches.

Forward-Looking Statements and Market Risks: companies have included forward-looking statements regarding the transaction, acknowledging the inherent uncertainties and risks involved. These statements are based on current management expectations and are subject to various factors that could cause actual results to differ. These factors include but are not limited to, regulatory approvals, economic conditions, and market competition. For a detailed list of these factors, refer to the company’s filings with the SEC, available on their website and at sec.gov.

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