Sound Credit Union (Tacoma, WA) announced that it will acquire Washington Bancorp, Inc. (Lynnwood, WA), the holding company for the Bank of Washington.
The transaction will be structured with Sound Credit Union purchasing substantially all of the assets and assuming substantially all of the liabilities of the Bank of Washington.
The transaction has been unanimously approved by the boards of directors of both institutions and is subject to regulatory approval, approval by the shareholders of Washington Bancorp, Inc. and other customary approvals.
The transaction is anticipated to be completed in the first quarter of 2019. It is anticipated that shareholders of Washington Bancorp will receive approximately $6.40 in cash per share.
Sound CU has $1.5 billion in assets. Bank of Washington has $195 million in assets.
This is the first transaction of this kind in Washington State.
Read the announcement.
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