Sound Credit Union in Tacoma, Wash., has agreed to buy Washington Business Bank in Olympia – the sixth credit union-bank deal announced this year.
The $2.9 billion-asset Sound said in a press release that it will buy the $105 million-asset bank for $34 to $36 a share in cash. The deal is expected to close in the fourth quarter.
“Washington Business Bank has served as a cornerstone for local business owners for more than twenty years,” Don Clark, Sound’s president and CEO, said in the release. “We look forward to providing these new members the same level of excellent service, an expanded suite of products and services, as well as all the benefits membership in a credit union brings to help their businesses and families thrive.”
Sound bought Bank of Washington in Lynnwood in 2019, which was the state’s first credit union purchase of a bank.
Sound was advised by ALM First and Honigman. Washington Business Bank was advised by D.A. Davidson and Lane Powell PC as legal counsel.