Sound Credit Union's acquisition of the $205 million Bank of Washington in Lynwood is expected to close at the end of the year, according to a joint statement released last week.
The $1.5 billion Tacoma-based credit union will reportedly pay about $30 million to purchase the bank, according to The Seattle Times. Traded on the OTC Markets, the Bank of Washington's shares increased four percent, ending Friday at $6.08 per share. The bank's shareholders will receive $6.40 in cash per share, based on the outstanding shares as of the date of the purchase agreement.
Founded in 1996, BOW operates five branches, serves 2,300 clients, manages $169 million in deposits and holds more than $19 million in capital, according to the FDIC. The commercial bank posted a net income of $477,000 and an ROA of 0.48% at the end of June. BOW recorded $160 million in real estate loans, $7.1 million in commercial loans and $1.3 million in individual loans, according to the FDIC.
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