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, Inc. (FFNW) announced a stock repurchase plan to buy back up to 5.0% of its outstanding common stock, totaling approximately 509,000 shares, starting July 30, 2020, for a duration of six months. This follows the repurchase of 214,845 shares at an average price of $11.13 per share under a previous plan. The decision reflects the company's strategic initiative to enhance shareholder value, although the actual number of shares repurchased will depend on market conditions.
First Financial Northwest announced its 2020 annual meeting will occur on June 10, 2020, via remote communication due to the COVID-19 pandemic and Washington State's emergency order. Shareholders cannot attend in person. Registration for the remote meeting is required by June 9, 2020. The formal business outlined in the proxy statement will be conducted, but no operational updates will be provided. Shareholders are encouraged to vote through the provided proxy materials, with instructions to register and submit questions in advance to ensure their participation.
First Financial Northwest, Inc. (NASDAQ: FFNW) announced a quarterly cash dividend of $0.10 per share on May 18, 2020. The dividend is payable on June 19, 2020, to shareholders of record as of June 5, 2020. The company, headquartered in Renton, Washington, operates First Financial Northwest Bank, which has 13 branches in the Puget Sound Region. Additionally, they have received regulatory approval to open a new office in Gig Harbor, Washington, further expanding their banking services.
First Financial Northwest Bank completed its '#30nonprofitsin30days' fundraising campaign, raising $50,820 for 30 nonprofits in King, Snohomish, and Pierce Counties. Employees participated by wearing jeans daily during work hours, supporting local nonprofits affected by COVID-19. Management matched donations dollar for dollar, emphasizing the need for community support during the pandemic. Donations will assist various organizations, including food banks and shelters, to alleviate economic impacts. Checks are scheduled for delivery the week of May 11, 2020.