Regulatory delays force Global FCU to delay First Financial closing

Global Federal Credit Union in Anchorage, Alaska, has pushed back the timeline for buying First Financial Bank Northwest in Renton, Wash., as they continue to wait for regulatory approval.

Global agreed to buy the bank in January for about $231.2 million. The credit union said at the time that it expected to close the deal in the fourth quarter.

In an update sent to First Financial’s shareholders, the bank said the deal is now expected to close in the first quarter. “At this time, the necessary regulatory approvals from FFNWB’s banking regulators have been received,” the document said.

Global, meanwhile, still needs approval from the National Credit Union Administration.

First Financial also warned its shareholders that the pricing of the deal will now be near the lower end of the $23.06-$23.59 a share range disclosed ahen the deal was announced. The bank pointed to the delayed closing and “changes to certain other estimates” used to determine the expected range.

“Sshareholders should not assume that the ultimate per share distribution to shareholders will be equal to or greater than $23.06 per share,” the document said.