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 bank shareholders will receive approximately $6.40 in cash per share, based on the outstanding shares as of the date of the purchase agreement. The combined company will have $1.7 billion in assets, $1.3 billion in loans, $1.5 billion in deposits and operate 29 branches throughout King, Pierce, Snohomish and Thurston counties.
Don Clark, Sound Credit Union’s President and CEO commented, “We are excited to announce the acquisition of Bank of Washington’s assets. This combination will help us further expand our footprint in Snohomish and King Counties, accelerate our business and mortgage lending efforts, and add great employees. We feel the value and cultures of both companies are very similar with a strong commitment to customers and the communities in which we serve.”