First Northwest Bancorp announces purchase of Bellevue, WA
PORT ANGELES, Washington, March 22, 2021 (GLOBE NEWSWIRE) – First Northwest Bancorp (NASDAQ: FNWB) (the “Company”), the holding company of the First Federal Savings and Loan Association of Port Angeles (“First Fed”), announced today that First Fed has entered into an agreement with Sterling Bank and Trust of Southfield, Michigan (“SBT”) to purchase its Bellevue, Washington branch, subject to applicable regulatory approvals and other customary closing conditions. The agreement includes the purchase of approximately $ 77.7 million in deposits as of the date of the announcement and all SBT furniture, fixtures and fittings at this location, as well as the assumption of the lease obligations of SBT relating to the branch. The parties plan to complete the transaction by the end of the second quarter of 2021 pending the standard regulatory approval process.
Matt Deines, President and CEO, said, “On behalf of the Board of Directors and the management team, we are delighted with this opportunity to expand our presence in the dynamic King County market as we continue to develop our footprint in the northwest. We are also delighted to welcome SBT branch team members to the First Fed team.
About the company
First Northwest Bancorp, a Washington company, is the banking holding company for the First Fed Savings and Loan Association of Port Angeles. First Fed is a Washington State chartered savings bank primarily serving communities in western Washington State with eleven bank branches – six located in Clallam and Jefferson Counties, two in County of Kitsap, two in Whatcom County and one loan center in King County.
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate, among other things, to the expectations regarding the closing of the transaction in question and the business environment in which we operate, any projections of future performance, perceived market opportunities, potential future experience with credit or deposit retention, and statements regarding our mission and vision. These forward-looking statements are based on management’s current expectations and may, therefore, involve risks and uncertainties. Our actual results, performance or achievements may differ materially from those suggested, expressed or implied by forward-looking statements due to a wide variety or range of factors, including, but not limited to: pressures increased competition; changes in the interest rate environment; credit risks from lending activities; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; and other factors described in the Company’s latest annual report on Form 10-K and other documents filed with the Securities and Exchange Commission (“SEC”) – which are available on our website at www .ourfirstfed.com and on the SEC’s website at www. sec.gov.
Any forward-looking statements we make in this press release and other public statements we make may prove to be incorrect due to inaccurate assumptions we may make, due to the factors illustrated above, or due to other factors that we cannot predict. As a result of these and other uncertainties, our actual future results may be materially different from those expressed or implied in forward-looking statements made by us or on our behalf and the operational and stock market performance of the Company may be adversely affected. Therefore, these factors should be taken into account in evaluating forward-looking statements, and one should not place undue reliance on such statements. We do not undertake and specifically disclaim any obligation to revise forward-looking statements to reflect the occurrence of anticipated or unforeseen events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2021 and beyond to differ materially from those expressed in any forward-looking statements we make and could have a negative impact on the Company’s operations and share price performance. .
|CONTACT:||MATTHEW P. DEINES|
|PRESIDENT AND CEO|