Sound Credit Union agreed to acquire Washington Business Bank (OTCPK:WBZB) for $25.65 million on March 11, 2024. In connection with the transaction, the shareholders of Washington Business Bank will receive approximately $34.00 ? $36.00 in cash for each share of Washington Business Bank common stock, subject to certain adjustments at closing.

The transaction has been unanimously approved by the boards of directors of both institutions. The transaction is expected to be completed in the fourth quarter of 2024, subject to receiving all regulatory approvals, Washington Business Bank shareholder approval, and other customary closing conditions. Sound Credit Union was advised in the transaction by ALM First as exclusive financial advisor and Honigman, LLP as legal counsel.

Washington Business Bank was advised by Tom Hayes and Michael Engellant of D.A. Davidson & Co. as exclusive financial advisor and Kenny Haglund of Lane Powell PC as legal counsel.