First Financial Northwest Inc FFNW shares are trading higher by 49% to $20.40 Thursday morning after the company announced a definitive agreement for Global Federal Credit Union to acquire First Financial Northwest Bank for $231.2 million in an all-cash deal.
What Else?
The boards of both institutions have unanimously approved the agreement. Following the acquisition, First Financial Northwest and its bank intend to wind down and dissolve. Shareholders of First Financial Northwest are expected to receive approximately $23.18 to $23.75 per share upon liquidation, subject to certain adjustments.
The transaction aims to expand Global's business and commercial services, enhance its branch presence in Western Washington, and provide First Financial Northwest Bank customers with access to Global's product offerings.
The deal is set to be completed in the fourth quarter of 2024, pending regulatory approvals and shareholder consent. Until then, both entities will continue business operations as usual.
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According to data from Benzinga Pro, FFNW has a 52-week high of $22.17 and a 52-week low of $9.70.
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