FIRST SOUND BANK (WA) - FSWA STOCK NEWS

Welcome to our dedicated page for FIRST SOUND BANK (WA) news (Ticker: FSWA), a resource for investors and traders seeking the latest updates and insights on FIRST SOUND BANK (WA) stock.

First Sound Bank (WA) (symbol: FSWA) is an independent community bank based in Seattle, Washington, with assets approximately worth $175 million. Founded with the mission to serve small to medium-sized businesses, not-for-profit organizations, entrepreneurs, and professional service firms, the bank operates through a single branch located in downtown Seattle. First Sound Bank offers a full suite of commercial and private banking services, catering to the unique financial needs of its clients in the Puget Sound market.

In a significant development, First Sound Bank has entered into a definitive agreement with Harborstone Credit Union for acquisition. The agreement, unanimously approved by the boards of directors of both institutions, entails Harborstone Credit Union acquiring substantially all of First Sound Bank's assets and liabilities. This transaction is expected to be finalized in the first quarter of 2024 after obtaining necessary regulatory approvals and shareholder consent.

This merger marks a historic milestone for First Sound Bank as it transitions its customers to Harborstone Credit Union. Post-acquisition, First Sound Bank will liquidate, dissolve, and distribute its remaining assets to its stockholders, who will receive approximately $6.90-$7.10 in cash per share of common stock, subject to adjustments. Through this acquisition, Harborstone Credit Union, which has assets worth around $2.1 billion and operates 15 branches, will expand its footprint in the Seattle market and enhance its service offerings.

Harborstone Credit Union President and CEO, Geoff Bullock, expressed enthusiasm over the merger, citing strategic growth and enhanced service offerings for both institutions' customers. Marty Steele, President and CEO of First Sound Bank, echoed this sentiment, highlighting the benefits for customers, employees, the community, and shareholders.

The merger is advised by McQueen Financial Advisors, Luse Gorman, PC for Harborstone Credit Union, and D.A. Davidson & Co., Keller Rohrback, L.L.P. for First Sound Bank. Forward-looking statements in the announcement emphasize the anticipated benefits of the merger while acknowledging potential risks and uncertainties.

For more information on First Sound Bank and its operations, please visit www.firstsoundbank.com.

11/15/2023 07:12 PM

News

First Sound Bank Shareholders Approve Acquisition by Harborstone Credit Union

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First Sound Bank (FSWA) Shareholders Approve Purchase and Assumption Agreement with Harborstone Credit Union

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Harborstone Credit Union Announces Agreement to Acquire First Sound Bank

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Harborstone Credit Union has entered into a definitive agreement to acquire First Sound Bank. The transaction is structured as a purchase agreement, with Harborstone Credit Union purchasing all assets and assuming all liabilities of First Sound Bank. The combined institution will have approximately $2.1 billion in assets, $1.5 billion in loans, and $1.8 billion in shares and deposits. First Sound Bank shareholders will receive approximately $6.90-$7.10 in cash for each share of common stock.

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First Sound Bank Announces Termination of BMTX Merger

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First Sound Bank (OTC Pink: FSWA) announced the termination of its merger agreement with BM Technologies, Inc. on December 23, 2022. The decision reflects the Bank's commitment to maintaining its status as an independent community bank focused on serving small businesses, high net worth individuals, and non-profit entities in King, Pierce, and Snohomish Counties. President and CEO Marty Steele emphasized that the protracted regulatory approval process prompted a reassessment of the Bank's strategy, ultimately leading to a focus on growing profitability and maximizing stakeholder value.

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FAQ

What is the current stock price of FIRST SOUND BANK (WA) (FSWA)?

The current stock price of FIRST SOUND BANK (WA) (FSWA) is $6.7 as of May 14, 2024.

What is the market cap of FIRST SOUND BANK (WA) (FSWA)?

The market cap of FIRST SOUND BANK (WA) (FSWA) is approximately 1.5M.

What services does First Sound Bank provide?

First Sound Bank offers commercial and private banking services primarily for small to medium-sized businesses, not-for-profits, entrepreneurs, and professional service firms.

Where is First Sound Bank located?

First Sound Bank operates a single branch in downtown Seattle, Washington.

Who is acquiring First Sound Bank?

First Sound Bank is being acquired by Harborstone Credit Union.

When is the acquisition expected to be completed?

The acquisition is anticipated to be completed in the first quarter of 2024, subject to regulatory approvals and shareholder consent.

What will happen to First Sound Bank after the acquisition?

After the acquisition, First Sound Bank will liquidate and dissolve, distributing its remaining assets to its stockholders.

What will shareholders of First Sound Bank receive from the acquisition?

First Sound Bank shareholders will receive approximately $6.90-$7.10 in cash per share of common stock, subject to adjustments based on the equity value at closing.

What are the benefits of the acquisition for First Sound Bank customers?

Customers of First Sound Bank will gain access to the expansive product and service offerings of Harborstone Credit Union.

Who advised First Sound Bank in the acquisition?

First Sound Bank was advised by D.A. Davidson & Co. as exclusive financial advisor and Keller Rohrback, L.L.P. as legal counsel.

What is Harborstone Credit Union?

Harborstone Credit Union is a Washington-chartered, federally insured credit union headquartered in Lakewood, Washington, with approximately $1.9 billion in total assets.