March 13, 2024

Sound Credit Union and Washington Business Bank

Sound Credit Union, a not-for-profit financial institution serving Washington State, and Washington Business Bank, a commercial bank headquartered in Olympia, have entered into a definitive agreement in which Sound Credit Union will acquire Washington Business Bank. The transaction is structured as a purchase agreement with Sound Credit Union purchasing substantially all assets and assuming substantially all liabilities of Washington Business Bank. Washington Business Bank customers will become members of Sound Credit Union with full access to all Sound Credit Union's products and services. The transaction has been unanimously approved by the boards of directors of both institutions. Following the completion of the transaction, Washington Business Bank will liquidate and dissolve and distribute its remaining assets to its shareholders. When finalized, the combined institution will have approximately $3.0 billion in assets, $2.3 billion in loans, $2.5 billion in deposits, serve more than 170,000 members, and will have 27 branches throughout King, Pierce, Snohomish, and Thurston Counties. 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. Once complete, Sound Credit Union will continue to operate Washington Business Bank's current location in downtown Olympia at 5th Avenue and Franklin Street. 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 D.A. Davidson & Co. as exclusive financial advisor and Lane Powell as legal counsel.