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A bond rating agency has given Global Federal Credit Union of Anchorage, Alaska its version of a blessing in its plan to spend $231.2 million to buy a $1.5 billion Seattle-area bank later this year.
A report released Tuesday by the Kroll Bond Rating Agency (KBRA) said the all-cash purchase of First Financial Northwest Bank at a price that is 1.37 times its tangible book value would not affect KBRA's debt ratings of Global ($11.8 billion in assets, 753,791 members). If regulators approve the deal, it is expected to close in the fourth quarter.
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