Sound Credit Union Agrees to Acquire Washington Business Bank for $25.9 Million

Sound Credit Union announced on 11 March 2024 that it had agreed to acquire Washington Business Bank for $25.9 million, a transaction that carries a deal value-to-tangible common equity ratio of 165.8%.

At 165.8% of tangible common equity, the $25.9 million price places the transaction among the more richly priced recent US bank deals.

APPROVALS AND NEXT STEPS

Sound Credit Union, based in Tacoma, is acquiring substantially all the assets and liabilities of Olympia-based Washington Business Bank.

The transaction is subject to customary regulatory approvals. Once closed, the acquisition will expand Sound Credit Union's commercial banking footprint and add Washington Business Bank's client relationships and deposit base to its business banking services.