News & Events zu First Financial Northwest Inc (FFNW)FFNWFirst Financial Northwest Inc

First Financial Northwest declares initial liquidating distribution

First Financial Northwest announced that its board of directors has declared an initial liquidating distribution pursuant to its previously announced plan of dissolution in the amount of $22.00 per share, or approximately $203M, representing approximately 95% of the anticipated proceeds to ultimately be distributed. The initial liquidating distribution will be payable on April 30, to shareholders of record as of April 23. The company also announced that it has closed its stock transfer books and has filed a Form 25 with the SEC with respect to delisting the company's common stock from trading on the Nasdaq Capital Market. The company expects to file Form 15 with the SEC on or about May 1 in order to suspend its periodic reporting obligations under the Securities Exchange Act of 1934. The company intends to make a final cash distribution to shareholders subject to first completing the wind down of the company and paying or providing for the company's creditors and existing and reasonably foreseeable debts, taxes, liabilities, and obligations in accordance with Washington law and the plan of dissolution. Funds remaining, if any, after paying taxes and expenses will result in a subsequent distribution to shareholders. At this time, the company estimates that total distributions to shareholders will potentially be in the $23.06 to $23.34 per share range.

Global Federal Credit Union receives approval for First Financial Northwest deal

Global Federal Credit Union and First Financial Northwest, jointly announced 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 of the bank, on the terms and subject to the conditions of the purchase and assumption agreement, dated as of January 10, 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.

Global Federal Credit Union receives approval for First Financial Northwest deal

Global Federal Credit Union and First Financial Northwest, jointly announced 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 of the bank, on the terms and subject to the conditions of the purchase and assumption agreement, dated as of January 10, 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.