Final Cash Liquidation Distribution Declared
First Financial Northwest, Inc. has announced a significant update regarding its financial proceedings. The Board of Directors has declared a final cash liquidation distribution of $1.30 per share as part of its ongoing Plan of Dissolution. This distribution marks an important step in the company’s transition following its decision to dissolve.
Details of the Liquidation Distribution
The final cash liquidation distribution is set to be payable, marking a milestone in the company's plans, which began with an initial distribution of $22.00 per share earlier in the process. Including this latest distribution, shareholders will have received a cumulative total of $23.30 per share, equating to approximately $215 million in total payouts. This move aligns with the company's commitment to fulfill its obligations to shareholders and complete the dissolution process efficiently.
Important Steps for Shareholders
For shareholders who hold physical stock certificates, it’s crucial to convert these certificates to book-entry accounts. To assist with this process, First Financial Northwest has engaged Georgeson LLC. They are dedicated to reaching out to shareholders who may need assistance regarding their stock certificates and liquidation distributions. Anyone with questions can reach out to them for support.
Georgeson LLC Contact Information
Shareholders can contact Georgeson LLC at the following address: 150 Royal Street, Suite 101, Canton, MA 02021. They can also call at (866) 219-9661 or visit their website for more information about the liquidation process.
Receiving Cash Distributions
Shareholders holding shares in book-entry accounts at Computershare will receive their liquidation distributions either through mailed checks or direct deposits. Those who hold shares via a broker or DTC registered nominee can expect their distributions to come via their broker accounts. This streamlined process ensures that shareholders have convenient access to their payouts.
Tax Implications of Liquidation Distributions
It’s important for U.S. shareholders to note that cash liquidation distributions will be reported on Form 1099-DIV for the relevant tax year, marking their significance not only financially but also with regards to tax implications. Shareholders should be aware they may have to report gains or losses based on the difference between the cash received and their adjusted tax basis in the company’s stock. Understanding these details will help shareholders make informed decisions in this transition.
Seeking Tax Advice
The intricate details of dealing with capital gains and losses can often be complex. Therefore, First Financial Northwest encourages its shareholders to consult with their independent tax advisors to navigate the implications that may arise during this liquidation process. This advisory note aims to provide clarity as shareholders approach these distributions.
Company Overview
First Financial Northwest, Inc. is recognized as the previous holding entity for First Financial Northwest Bank. In a pivotal move, the company completed the sale of the bank to Global Federal Credit Union. This step was part of a broader strategy that led to the filing of Form 25 with the Securities and Exchange Commission to delist its common stock from the Nasdaq Capital Market (NASDAQ: FFNW). Moreover, the company closed its stock transfer books to prepare for its voluntary dissolution.
Contact Information for Investors
For further inquiries, investors can reach out to Rich Jacobson, Executive Vice President, at (206) 573-4973 or email jacobsonr@ffnorthwest.com. Additionally, Karla Evans, from Investor Relations, is available at (206) 833-1259 or through evansk@ffnorthwest.com.
Frequently Asked Questions
What is the final cash liquidation distribution amount?
The final cash liquidation distribution is set at $1.30 per share.
When will the distribution be paid?
The distribution is scheduled to be paid on December 12, 2025.
Who do I contact for more information about my shares?
Shareholders can contact Georgeson LLC at (866) 219-9661 for assistance regarding their shares.
How will shareholders receive their payments?
Payments will be made via mailed checks or direct deposits for shareholders in book-entry accounts.
What should shareholders do regarding tax implications?
Shareholders are encouraged to consult their independent tax advisors for guidance on the tax consequences of their liquidation distributions.
