Welcome to our dedicated page for First Financial Northwest news (Ticker: FFNW), a resource for investors and traders seeking the latest updates and insights on First Financial Northwest stock.
First Financial Northwest, Inc. (FFNW) generated a series of significant corporate developments that are reflected in its news history. The Company served as the holding company for First Financial Northwest Bank, an FDIC‑insured Washington State‑chartered commercial bank headquartered in Renton, Washington and serving the Puget Sound Region through 15 full‑service banking offices. News coverage traces the Company’s transition from an operating bank holding company to a dissolving entity following the sale of its banking business.
Key news items include announcements of quarterly and annual financial results, where the Company reported net income or net loss, trends in net loans receivable, deposit composition, Federal Home Loan Bank advances, credit quality metrics such as nonaccrual loans and allowance for credit losses, and net interest margin. These releases provide detailed insight into the Bank’s loan portfolio, deposit base, and funding structure over time.
Another major category of FFNW news relates to its strategic transaction with Global Federal Credit Union. Press releases document regulatory approvals from the Washington State Department of Financial Institutions, the Federal Deposit Insurance Corporation and the National Credit Union Administration for Global to acquire substantially all of the assets and assume substantially all of the liabilities of First Financial Northwest Bank. Additional news items report shareholder approval of the asset sale and the Company’s Plan of Dissolution, the closing of the asset sale, and the subsequent steps toward delisting and liquidation.
Later news focuses on the declaration of an initial liquidating distribution and a final cash liquidation distribution under the Plan of Dissolution, as well as the closing of the Company’s stock transfer books and the filing of a Form 25 to delist its common stock from Nasdaq. Together, these articles form a historical record of FFNW’s financial performance, regulatory milestones, asset sale to Global Federal Credit Union, and the winding up of the Company.
Investors, researchers and former shareholders can use this news feed as an archive of FFNW’s transition from an active bank holding company to a dissolving entity and to understand how its banking operations were transferred to Global Federal Credit Union.
First Financial Northwest (NASDAQ:FFNW) declared a final cash liquidation distribution of $1.30 per share payable on December 12, 2025 to shareholders of record as of April 23, 2025. Combined with the prior $22.00 initial distribution paid April 30, 2025, total cash returned will be $23.30 per share, approximately $215 million, completing payments under the company’s Plan of Dissolution.
Shareholders holding physical stock certificates must convert them to book-entry accounts to receive payment. Computershare/Georgeson will assist in locating unpaid holders. Distributions will be reported on Form 1099-DIV for 2025; U.S. holders generally recognize capital gain or loss equal to cash received minus tax basis.
First Financial Northwest (NASDAQ: FFNW) has declared an initial liquidating distribution of $22.00 per share, totaling approximately $203 million, as part of its Plan of Dissolution. This represents about 95% of the anticipated total distribution to shareholders.
The distribution will be paid on April 30, 2025, to shareholders of record as of April 23, 2025. The company has closed its stock transfer books and filed Form 25 with the SEC to delist from Nasdaq Capital Market. FFNW expects to file Form 15 around May 1 to suspend periodic reporting obligations.
The company estimates total distributions to shareholders will potentially range between $23.06 to $23.34 per share, subject to various factors including payment of creditors, taxes, and other obligations. A final distribution date remains undetermined. Computershare will serve as the paying agent for these liquidating distributions.
First Financial Northwest (NASDAQ: FFNW) has announced the successful closing of its previously announced acquisition by Global Federal Credit Union on April 11, 2025. The transaction involved Global acquiring substantially all assets and liabilities of First Financial Northwest Bank for $228.7 million in cash.
Following the acquisition, FFNW will delist from the Nasdaq Global Select Market effective April 21, 2025, and close its stock transfer books. The company plans to distribute its remaining assets to shareholders through multiple distributions, with an initial distribution scheduled for April 30, 2025. Shareholders holding physical certificates must convert them to book-entry format with Computershare to receive their pro-rata portions. After completing all distributions, the company will proceed with dissolution under Washington law.
Global Federal Credit Union and First Financial Northwest, Inc. (NASDAQ: FFNW) have announced April 11, 2025, as the expected closing date for Global's acquisition of substantially all assets and liabilities of First Financial Northwest Bank. The transaction, initially agreed upon on January 10, 2024, will proceed subject to remaining closing conditions.
Following the asset sale, First Financial Northwest will:
- Wind up its affairs
- Distribute remaining net assets to shareholders
- Dissolve under Washington law
Shareholders will receive cash consideration through multiple distributions, with an initial payout expected shortly after transaction completion. Global will maintain First Financial Northwest Bank locations as a separate branded division until completing system and brand integration later in 2025.
Global Federal Credit Union and First Financial Northwest (NASDAQ: FFNW) announced receiving final regulatory approval from the National Credit Union Administration for Global's acquisition of First Financial Northwest Bank's assets and liabilities. The transaction, initially agreed upon on January 10, 2024, is expected to complete in early Q2 2025.
The deal will expand Global's commercial services and branch presence in Western Washington. First Financial Northwest Bank customers will become Global members, accessing their product and service offerings. Following the acquisition, First Financial Northwest Inc. will wind up operations and distribute remaining assets to shareholders, with initial distribution planned shortly after deal completion.
Global will operate First Financial's locations as a separate branded division until completing system and brand integration later in 2025. The Bank has maintained previous approvals from the Federal Deposit Insurance and Washington State Department of Financial Institutions.
First Financial Northwest (FFNW) reported Q4 2024 net income of $1.2 million ($0.13 per diluted share), a significant improvement from Q3 2024's net loss of $608,000. The full year 2024 saw net income of $1.1 million ($0.12 per diluted share), down from $6.3 million in 2023.
The improved quarterly performance was primarily due to a $1.3 million recapture of provision for credit losses. Net loans receivable increased by $14.0 million to $1.14 billion, with strong credit quality showing only $842,000 in nonaccrual loans (0.07% of total portfolio). Total deposits decreased to $1.13 billion, down $36.0 million from Q3 2024.
The company's net interest margin was 2.50% for Q4 2024, compared to 2.46% in Q3 2024. The Bank maintains strong capital ratios with Tier 1 leverage at 11.2% and total capital ratio at 16.7%. The company continues to prepare for its pending sale to Global Federal Credit Union.
First Financial Northwest (NASDAQ: FFNW) reported a net loss of $608,000, or $(0.07) per diluted share, for Q3 2024, compared to net income of $1.6 million in Q2 2024. The loss was primarily due to a $1.6 million provision for credit losses related to two participation loans totaling $6.0 million. Net loans receivable totaled $1.13 billion, down $8.9 million from the previous quarter. Deposits increased to $1.17 billion from $1.09 billion in Q2 2024, while net interest margin decreased to 2.46% from 2.66% in the previous quarter.
First Financial Northwest, Inc. (NASDAQ GS: FFNW) has announced that it received FDIC approval for Global Federal Credit Union to acquire substantially all assets and assume liabilities of First Financial Northwest Bank. This approval is a important step in the Asset Sale agreement dated January 10, 2024. The company has already obtained approval from the Washington State Department of Financial Institutions and shareholder approval on July 19, 2024.
However, the transaction still requires regulatory approval from the NCUA, which has not yet been obtained. The company cannot guarantee when or if this final approval will be received, or if there will be any burdensome conditions attached. First Financial Northwest Bank currently operates 15 full-service banking offices in the Puget Sound Region.
First Financial Northwest (NASDAQ: FFNW) reported net income of $1.6 million, or $0.17 per diluted share, for Q2 2024. This marks a significant improvement from a net loss of $1.1 million in Q1 2024. The company's financial results were positively impacted by the successful modification of over $130 million in loans related to the pending sale of the Bank to Global Federal Credit Union. Despite a $4.5 million increase in nonaccrual loans, overall credit quality remained strong. The company maintained a strong capital position with the Bank's Tier 1 leverage and total capital ratios at 10.9% and 16.6%, respectively. Total deposits decreased to $1.09 billion, down from $1.17 billion in the previous quarter, primarily due to a strategic reduction in higher-cost deposits.
First Financial Northwest, Inc. (NASDAQ GS: FFNW) announced that its shareholders have approved the Purchase and Assumption Agreement with Global Federal Credit Union for the acquisition of substantially all assets and liabilities of First Financial Northwest Bank. Shareholders also approved the voluntary dissolution of the company and the distribution of net assets following the asset sale. The transaction has received approval from the Washington State Department of Financial Institutions but still requires regulatory approvals from the FDIC and NCUA.
The company cautioned that there is no assurance of obtaining these final approvals or whether there will be unacceptably burdensome conditions attached. First Financial Northwest Bank currently operates 15 full-service banking offices in the Puget Sound Region.