ANCHORAGE, Alaska–Global Credit Union said it has received regulatory approval from NCUA to close on its acquisition of Renton, Wash.-based First Financial Northwest, the holding company for First Financial Northwest Bank.

The $11.4-billion credit union and bank had entered into a purchase and assumption agreement, dated as of January 10, 2024. The $1.5-billion bank, which has 15 branches, had previously received and has maintained approvals from the Federal Deposit Insurance Corporation and Washington State Department of Financial Institutions.

According to Global, the asset sale is expected to be completed early in the second quarter of 2025, subject to the satisfaction or waiver of the remaining closing conditions set forth in the agreement. Global said it will operate the locations of the bank as a separately branded division of Global until the system and brand integration is completed later in 2025. 

Expansion in Western Washington

Global CU said the transaction will expand its business and commercial services to all its member businesses as well as enhance its branch presence in Western Washington, where it first began operations in the Pacific Northwest more than 40 years ago. 

Then Spokane, Wash.-based Global CU merged with Alaska USA FCU in 2022.

“This is an exciting milestone for the members, future members, and employees of our two financial institutions,” GFCU President and CEO Geoff Lundfelt, said in a statement. “Our combined commitment to service and community, our commitment towards delivering technology-forward services, and our ability to offer expanded business and commercial financial products is going to be significantly enhanced. I’m really looking forward to showing the customers of First Financial Northwest Bank what it means to have access to the world-class service that Global members currently enjoy.”

Global Credit Union has more than 750,000 members.