Shares of First Financial Northwest, Inc. (FFNW) are up 42% on Thursday after the company announced that Global Federal Credit Union will acquire its wholly-owned subsidiary, First Financial Northwest Bank, for $231.2 million in an all-cash purchase and assumption agreement.
FFNW is trading on the Nasdaq at $19.50, up 42.54% or $5.82 per share. It has traded between $9.70 and $22.17 in the past 52-week period.
After the transaction, First Financial Northwest and its subsidiary intend to wind down and dissolve, with shareholders expected to receive approximately $23.18 to $23.75 per share upon liquidation.
Global Federal Credit Union will take over First Financial Northwest Bank's customers and provide them with full access to its extensive product and service offerings.
The acquisition is subject to regulatory approvals and is expected to be completed in the fourth quarter of 2024.
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