First Financial Northwest, Inc. announces a $22 per share initial liquidating distribution as part of its dissolution plan.
Quiver AI Summary
First Financial Northwest, Inc. has declared an initial liquidating distribution of $22.00 per share, totaling approximately $203 million, as part of its Plan of Dissolution. This distribution will be paid on April 30, 2025, to shareholders on record as of April 23, 2025. The company has closed its stock transfer books and filed for delisting of its common stock from Nasdaq. It plans to suspend its reporting obligations with the SEC by filing Form 15 around May 1. The total anticipated distributions to shareholders could range from $23.06 to $23.34 per share, depending on various factors, though a timeline for the final distribution remains undetermined.
Potential Positives
- The Board of Directors has declared an initial liquidating distribution of $22.00 per share, totaling approximately $203 million, providing significant immediate returns to shareholders.
- This initial distribution represents approximately 95% of the anticipated total proceeds to be ultimately distributed to shareholders, indicating a structured and planned return on investment.
- The company addresses shareholder returns amid its dissolution process, ensuring that existing and foreseeable liabilities are managed, which reflects fiscal responsibility during the wind-down phase.
- The estimated total distributions to shareholders could range from $23.06 to $23.34 per share, showing potential for additional returns beyond the initial distribution.
Potential Negatives
- The declaration of a liquidating distribution indicates that the company is undergoing a dissolution process, which reflects a significant reduction in ongoing business operations.
- The expected delisting of the company's common stock from the Nasdaq Capital Market may adversely affect shareholder confidence and market perception.
- The lack of a definitive timeline for the final liquidating distribution adds uncertainty for shareholders regarding their investment returns.
FAQ
What is the amount of the initial liquidating distribution?
The initial liquidating distribution is $22.00 per share, approximately $203 million in total.
When will shareholders receive the liquidating distribution?
Shareholders will receive the distribution on April 30, 2025, if they are on record as of April 23, 2025.
What is the company's plan regarding stock delisting?
The company has filed a Form 25 for delisting its common stock from the Nasdaq Capital Market.
What are the estimated total distributions to shareholders?
Total distributions are estimated to be between $23.06 and $23.34 per share, pending various factors.
Who is managing the liquidating distributions?
Computershare is the stock transfer agent acting as the paying agent for the liquidating distributions.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$FFNW Hedge Fund Activity
We have seen 24 institutional investors add shares of $FFNW stock to their portfolio, and 26 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- WESTERN STANDARD LLC added 679,593 shares (+285.1%) to their portfolio in Q4 2024, for an estimated $14,747,168
- STRATEGIC VALUE BANK PARTNERS LLC removed 503,467 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $10,925,233
- ALLIANCEBERNSTEIN L.P. removed 171,054 shares (-81.1%) from their portfolio in Q4 2024, for an estimated $3,711,871
- RENAISSANCE TECHNOLOGIES LLC removed 30,348 shares (-5.8%) from their portfolio in Q4 2024, for an estimated $658,551
- ALLSPRING GLOBAL INVESTMENTS HOLDINGS, LLC added 27,803 shares (+inf%) to their portfolio in Q4 2024, for an estimated $603,325
- BLACK MAPLE CAPITAL MANAGEMENT LP removed 22,784 shares (-20.4%) from their portfolio in Q4 2024, for an estimated $494,412
- BRIDGEWAY CAPITAL MANAGEMENT, LLC removed 22,248 shares (-54.8%) from their portfolio in Q4 2024, for an estimated $482,781
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
RENTON, Wash., April 21, 2025 (GLOBE NEWSWIRE) -- First Financial Northwest, Inc. (NASDAQ GS: FFNW) (the “Company”) today announced that its Board of Directors has declared an initial liquidating distribution pursuant to its previously announced Plan of Dissolution in the amount of $22.00 per share, or approximately $203 million, representing approximately 95% of the anticipated proceeds to ultimately be distributed. The initial liquidating distribution will be payable on April 30, 2025, to shareholders of record as of April 23, 2025. The Company also announced that it has closed its stock transfer books and has filed a Form 25 with the Securities and Exchange Commission (the “SEC”) with respect to delisting the Company’s common stock from trading on the Nasdaq Capital Market. The Company expects to file Form 15 with the SEC on or about May 1 in order to suspend its periodic reporting obligations under the Securities Exchange Act of 1934.
The Company intends to make a final cash distribution to shareholders subject to first completing the wind down of the Company and paying or providing for the Company’s creditors and existing and reasonably foreseeable debts, taxes, liabilities, and obligations in accordance with Washington law and the Plan of Dissolution. Funds remaining, if any, after paying taxes and expenses will result in a subsequent distribution to shareholders. At this time, the Company estimates that total distributions to shareholders (subject to a significant number of variables and assumptions) will potentially be in the $23.06 to $23.34 per share range. We cannot determine at this time when a final liquidating distribution might be made. Computershare, the Company’s stock transfer agent, is acting as paying agent for the liquidating distributions to shareholders pursuant to the Plan of Dissolution.
About First Financial Northwest, Inc.
First Financial Northwest, Inc. is the former parent company of First Financial Northwest Bank, a Washington State-chartered commercial bank headquartered in Renton, Washington. For additional information visit
ffnw.q4ir.com
.
Forward-looking statements:
When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public shareholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events many of which are inherently uncertain and outside of our control. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about, among other things, the delisting, deregistration, wind-down and dissolution of the Company, the remaining expenses to be incurred in such process, and the remaining cash to be distributed to shareholders. These forward-looking statements are based on current management expectations and may, therefore, involve risks and uncertainties. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements made by, or on behalf of, us, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other reports filed with or furnished to the SEC – that are available on our Investor Relations website at
ffnw.q4ir.com
and on the SEC’s website at
sec.gov
.
Any of the forward-looking statements that we make in this press release and in the other public statements are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements
.
Investor Contacts:
Rich Jacobson
Executive Vice President and Chief Financial Officer
jacobsonr@ffnorthwest.com
(206) 573-4973
Karla Evans
Assistant Vice President, Investor Relations
evansk@ffnorthwest.com
(206) 833-1259
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
