First Financial Northwest (FFNW) said the National Credit Union Administration approved the sale of the company's subsidiary, First Financial Northwest Bank, to Global Federal Credit Union.
Global Federal will acquire substantially all assets and liabilities of Northwest Bank in line with an agreement reached on Jan. 10, the company said late Wednesday.
It expects the acquisition to expand Global's business and commercial services while enhancing its branch presence in western Washington, where it began operations in the Pacific Northwest more than 40 years ago.
The asset sale will likely be complete in Q2, and the systems and brand integration "later" this year.
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