ANCHORAGE, Alaska–Global FCU is reporting it has officially begun managing the operations of Renton, Wash.-based First Financial Northwest Bank, which it acquired earlier this year.

The purchase was a cash transaction for $229-million, according to several sources.

Global FCU said it will operate the locations of the bank as a separately branded division named “First Financial Northwest Operated by Global Federal Credit Union,” until system and brand integrations are completed later in 2025. Global’s chief strategy officer, Jason Sasena, has been named acting president of the division, the credit union reported.

According to Global FCU, the acquisition will expand its business and commercial services to all its member businesses in the five states in which it operates and bring full access to Global’s extensive product and service offerings to former First Financial Northwest Bank customers.

“This is the next step on this journey to offer enhanced business and commercial products, while growing our presence in Western Washington,” GFCU President and CEO Geoff Lundfelt said in a statement.