First Financial Northwest Announces Expected Closing Date for Global Federal Credit Union Acquisition

Global Federal Credit Union and First Financial Northwest Inc. Announce Expected Closing Date for Transaction

LANSING, Mich. and SPOKANE, Wash., March 25, 2023 – Global Federal Credit Union (GFCU) and First Financial Northwest Inc. (FFNW) today announced that they expect to close the previously announced merger transaction on April 15, 2023.

As previously announced, the transaction, which was approved by the members of GFCU and the Board of Directors of FFNW, will result in the merger of GFCU into FFNW. The combined organization will operate as First Federal Community Bank, with headquarters in Spokane, Washington.

"We are excited to take this important step forward and look forward to serving our members and the communities we serve with an even stronger and more comprehensive financial institution," said Michael A. Nealon, President and CEO of GFCU.

"First Financial Northwest is committed to preserving the values and traditions of Global Federal Credit Union, while also bringing the benefits of a larger organization to our combined membership," said Joseph H. Brains, President and CEO of FFNW.

The combined organization will have over $1.3 billion in assets and operate 25 branches across Michigan and Washington. The merger is expected to enhance the financial stability, security, and growth opportunities for the combined membership.

About Global Federal Credit Union Global Federal Credit Union is a not-for-profit financial cooperative headquartered in Lansing, Michigan, with 11 branches across Michigan. GFCU has been serving its members since 1954.

About First Financial Northwest Inc. First Financial Northwest Inc. is a bank holding company headquartered in Spokane, Washington, with a subsidiary bank, First Federal Savings and Loan Association of Washington. FFNW has been serving its customers since 1922.