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First Financial Northwest Bank to acquire 4 branches from another bank

Renton, Wash.-based First Financial Northwest Inc. announced April 10 that it agreed to acquire four branches in Snohomish and King Counties, Wash., from another bank.

A First Financial Northwest spokesperson said the selling bank is confidential at the moment.

First Financial Northwest unit First Financial Northwest Bank will assume around $102 million in deposits associated with the branches, based on deposits as of Dec. 31, 2016, for a deposit premium of 3.125%, which is based on deposit balances when the deal closes. First Financial Northwest Bank will not acquire any loans in connection with the deal, according to the company's press release.

Under the deal, First Financial Northwest Bank will assume certain liabilities, including checking, savings, individual retirement accounts and CDs of local households and small-business customers. Of the four branches, First Financial will own one branch property, while the other properties will be leased by the bank.

The deal, which is subject to regulatory approvals, is expected to close in the third quarter.