The second credit union-bank deal of 2024 is a doozy.
Global Federal Credit Union in Anchorage, Alaska, agreed to buy First Financial Northwest Bank in Renton, Wash., for $231.2 million in cash. The deal is expected to close in the fourth quarter.
First Financial is the bank unit of the $1.5 billion-asset First Financial Northwest. It has 15 branches and $1.2 billion of deposits. If the deal closes, First Financial would be the biggest-ever bank sold to a credit union.
“We are enthusiastic about combining two financially sound institutions that share a strong commitment to service and community engagement,” Geoff Lundfelt, the $11 billion-asset Global Federal’s president and CEO, said in the release.
“This combination will continue to enhance service delivery and growth in a market that the credit union has been operating in for over four decades, adding numerous branches,” Lundfelt added. First Financial’s “branch network has a technology-forward design, accelerating the transformation to an environment with a structure and atmosphere more suited to conducting business in the future.”
Global was advised by McQueen Financial Advisors and Honigman. First Financial Northwest was advised by Janney Montgomery Scott and Fenimore Kay Harrison.