Seattle skyline with the Space Needle. Seattle skyline. Credit/Shutterstock

The $1.9 billion Harborstone Credit Union in Lakewood, Wash., said it expects to complete its purchase of the $174 million First Sound Bank (FSB) in Seattle for approximately $22 million in cash by next year’s first quarter, pending regulatory and shareholder approvals.

According to the definitive agreement announced Tuesday, FSB will receive approximately $6.90-$7.10 in cash for each share of FSB common stock. At the end of the first quarter, the bank recorded 3,150,000 shares outstanding, according to its FDIC Call Report for the first quarter of the year.


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Peter Strozniak

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