First Financial Northwest declares initial liquidating distribution

First Financial Northwest (FFNW) 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 $203M, representing approximately 95% of the anticipated proceeds to ultimately be distributed. The initial liquidating distribution will be payable on April 30, to shareholders of record as of April 23. The company also announced that it has closed its stock transfer books and has filed a Form 25 with 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 will potentially be in the $23.06 to $23.34 per share range.