By Dean Seal
Shares of First Financial Northwest soared after Global Federal Credit Union got the regulatory go-ahead to acquire substantially all of First Financial's assets.
The stock was up 17% at $22.88 in premarket trading. Shares had been down almost 10% year to date when the market closed Wednesday and were trading at $20.57 this time a year ago.
The Renton, Wash.-based holding company for First Financial Northwest Bank said Thursday that the National Credit Union Administration approved the asset sale that was outlined in an agreement from Jan. 10 of last year.
First Financial previously received approvals from the Federal Deposit Insurance Corporation and Washington State Department of Financial Institutions.
The sale is now expected to be completed in the second quarter.
The companies said last year that Global had agreed to buy First Financial's assets and assume its liabilities for $231.2 million in cash. Once the transaction closes, First Financial will wind down and dissolve, with its shareholders entitled to $23.18 to $23.75 a share upon liquidation.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 13, 2025 09:15 ET (13:15 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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