Washington Business Bank in Olympia no longer plans to sell itself to an individual investor.
The $97.5 million-asset bank said in a press release that the proposed sale, which was announced in May 2022, has been terminated.
“The regulatory approval process continued longer than we expected and the individual investor ultimately withdrew the change-in-control application … and our agreement has now been terminated,” Jon Jones, the bank’s president and CEO, said in the release.
The bank said that the investor will not buy any of its shares and that all stock previously tendered – and not validly withdrawn – will be returned to tendering shareholders.