First Financial Northwest, Inc. (FFNW): Business Model Canvas [Dec-2025 Updated]

You're looking at the final chapter for a financial institution, and honestly, it's a masterclass in corporate winding-down, not growth. As an analyst who's seen plenty of M&A activity, what's interesting about First Financial Northwest, Inc. (FFNW) now isn't its future products, but its clean exit: they sold the bank for $228.7 million and are now focused solely on distributing that cash. This Business Model Canvas reflects a company whose sole value proposition is delivering a final, clean return of $23.30 per share to its common stock shareholders by executing a strict plan of dissolution, which is defintely a unique, albeit final, strategic focus. Dive in below to see the precise key activities and cost structure required to finalize this exit by December 2025.

First Financial Northwest, Inc. (FFNW) - Canvas Business Model: Key Partnerships

You're looking at the final stages of First Financial Northwest, Inc. (FFNW) as a standalone entity, so the Key Partnerships reflect the wind-down and asset sale structure, not ongoing operational alliances. These relationships are transactional, focused on completing the Plan of Dissolution following the bank sale.

The most significant partnership was the acquisition of the bank subsidiary by Global Federal Credit Union. This transaction closed on April 11, 2025. Global Federal Credit Union acquired substantially all assets and assumed substantially all liabilities of First Financial Northwest Bank. The cash consideration received by FFNW, the holding company, was $228.7 million. Following this, FFNW began distributing the net proceeds to its shareholders.

The distribution process heavily involved Computershare, acting as the stock transfer agent and paying agent. They managed the mechanics for returning capital to the owners. The total cash returned to shareholders is set at $23.30 per share, totaling approximately $215 million.

Here's a breakdown of the shareholder distributions managed through Computershare and its affiliate, Georgeson LLC:

• Initial distribution: $22.00 per share, paid on April 30, 2025.
• This initial payment represented approximately 95% of the anticipated total proceeds.
• Final distribution: $1.30 per share, payable on December 12, 2025.
• The record date for eligibility for all distributions was April 23, 2025.

The final distribution amount was contingent on settling all remaining obligations, which included creditor settlements, taxes, and operational wind-down costs. The initial distribution of $203 million was calculated after retaining amounts for these liabilities.

The remaining obligations, including settling prior borrowing with the Federal Home Loan Bank (FHLB) and fees for legal and accounting firms advising on the dissolution, were covered by the difference between the $228.7 million purchase price and the total distributed to shareholders (approximately $215 million), plus any retained working capital.

The table below summarizes the key financial outcomes tied to these partnerships as of the late 2025 final distribution announcement:

The total estimated payout range to shareholders was projected between $23.06 and $23.34 per share, with the final amount depending on the exact costs of the wind-down, including settling all creditors like the FHLB and professional service fees. The final declared amount settled at the high end of that range at $23.30 per share.

Finance: finalize reconciliation of retained funds vs. final $1.30 distribution by December 10.

First Financial Northwest, Inc. (FFNW) - Canvas Business Model: Key Activities

You're managing the final wind-down of First Financial Northwest, Inc. following the sale of the Bank. The key activities now are purely administrative and focused on final cash repatriation to shareholders under the Plan of Dissolution, executed under Washington law.

The core activity centers on the final cash distribution. The Board declared a final cash liquidation distribution of $1.30 per share, payable on December 12, 2025, to shareholders of record as of April 23, 2025. This follows the initial distribution paid on April 30, 2025.

Winding down all remaining corporate affairs and operations is essentially complete following the sale of First Financial Northwest Bank to Global Federal Credit Union on April 11, 2025. The company filed Form 25 with the Securities and Exchange Commission, delisting its common stock from the Nasdaq Capital Market, with stock transfer books closing effective April 21, 2025.

Managing and preserving the remaining cash assets is directly tied to executing the final distribution. The total cash returned to shareholders under the Plan of Dissolution is $23.30 per share, representing approximately $215 million returned in total. These distributions represent all payments to be made to shareholders under the Plan.

Executing the Plan of Dissolution under Washington law involves specific administrative steps for shareholders:

• Shareholders holding physical stock certificates must convert them to book-entry accounts to receive payment.
• Georgeson LLC, an affiliate of Computershare, was retained to assist in locating shareholders who have not responded.
• Shareholders with book-entry accounts at Computershare receive mailed checks or direct deposits.
• Shareholders holding shares through a broker receive distributions through their brokerage accounts.

Filing final regulatory and tax documentation is the last step for the corporate entity. The cash liquidation distributions for 2025 will be reported to shareholders on Form 1099-DIV for tax year 2025. The company also filed Form 25 on April 21, 2025, and planned to file Form 15 by May 1, 2025, to suspend periodic reporting obligations.

First Financial Northwest, Inc. (FFNW) - Canvas Business Model: Key Resources

You're looking at the core assets First Financial Northwest, Inc. (FFNW) has left now that the bank is sold and the dissolution is underway. Honestly, the key resources aren't about branches or loan portfolios anymore; they are purely about managing the remaining capital and the legal structure to get the final money to shareholders.

The most significant resource is the capital injection from the asset sale. First Financial Northwest, Inc. received $228.7 million in cash when Global Federal Credit Union closed the acquisition of substantially all the assets and liabilities of First Financial Northwest Bank on April 11, 2025. This cash is the primary engine for the liquidation process.

The immediate use of this cash was the initial shareholder return, which was a major milestone in the wind-down. The company retained only what it estimated was necessary to cover taxes and wind-down expenses before making that first big payout. Here's the quick math on the distributions declared:

What this estimate hides is the variance; the total projected payout was initially estimated to range between $23.06 and $23.34 per share, showing that the cash retained for taxes and wind-down expenses was subject to final settlement of obligations. The final $1.30 per share distribution, declared in November 2025, finalized the payments under the Plan of Dissolution.

The next critical resource is the corporate shell itself. First Financial Northwest, Inc. remains the legal entity-the corporate shell-required to manage the final stages of the dissolution under applicable Washington law. This entity is the vehicle that holds the cash retained after the initial distribution and settles the last remaining liabilities before it is formally dissolved. This process included filing Form 25 to delist from Nasdaq, effective April 21, 2025, and planning to file Form 15 around May 1, 2025, to suspend periodic SEC reporting obligations.

Finally, you have the human capital managing this defintely complex dissolution. The key resource here is the experienced executive team and supporting administrative functions tasked with this wind-down. Their function is to manage the remaining liabilities, coordinate with the transfer agent, Computershare, to ensure all shareholders are paid, and finalize all tax obligations. This team is responsible for:

• Finalizing creditor settlements and tax assessments.
• Coordinating the $1.30 per share final distribution payable on December 12, 2025.
• Assisting shareholders, especially those holding physical stock certificates, to convert to book-entry form.
• Retaining Georgeson LLC to help locate unpaid holders.

Finance: draft 13-week cash view by Friday.

First Financial Northwest, Inc. (FFNW) - Canvas Business Model: Value Propositions

You're looking at the final chapter for First Financial Northwest, Inc. (FFNW) shareholders, where the value proposition isn't future growth, but the crystallized cash return from the dissolution following the April 11, 2025, sale of the bank to Global Federal Credit Union. The entire model pivots on the execution of the Plan of Dissolution.

Final, clean cash return to common stock shareholders is the singular focus now. This return is defined by the total cash paid out following the wind-down of all liabilities. You need to know the final figure that closes the books on your investment.

The Total liquidating distribution of $23.30 per share for investors is the confirmed final amount. This total return is the sum of two distinct payments made in 2025, marking the complete return of capital under the Plan of Dissolution. Here is the breakdown of that final value:

This structure provided an Efficient, defined exit strategy with a clear timeline, at least for the bulk of the capital. The initial payout of $22.00 per share, totaling approximately $203 million, was delivered quickly after the sale closed, with payment scheduled for April 30, 2025, to shareholders of record as of April 23, 2025. The final $1.30 per share payment followed later in December 2025, completing the process.

The core benefit here is the Elimination of future operational risk for investors. By completing the sale of the bank and initiating the dissolution, the company removed itself from ongoing commercial banking risks, including credit risk, interest rate risk, and regulatory compliance burdens associated with operating a bank holding company. The company's common stock was delisted from the Nasdaq Capital Market effective April 21, 2025, which is the ultimate signal of this transition away from an operating entity.

The value proposition is encapsulated by these key actions and outcomes:

• Sale of $1.425 billion in total assets completed on April 11, 2025.
• Total cash returned to shareholders: approximately $215 million.
• Stock transfer books closed effective April 21, 2025.
• Suspension of SEC periodic reporting obligations planned around May 1, 2025, via Form 15 filing.
• Final distributions reported on Form 1099-DIV for the 2025 tax year.

For you, the investor, the value was the certainty of a large, immediate cash return, $22.00 per share, followed by the final settlement of $1.30 per share, all outside the uncertainty of future bank performance. Finance: confirm the final tax reporting structure with Georgeson LLC by next Tuesday.

First Financial Northwest, Inc. (FFNW) - Canvas Business Model: Customer Relationships

You're looking at the relationship First Financial Northwest, Inc. maintains with its stakeholders as of late 2025, which is almost entirely defined by its Plan of Dissolution following the sale of the Bank on April 11, 2025.

Transactional relationship with shareholders for cash payouts

The relationship with shareholders is strictly transactional, focused on the distribution of cash proceeds from the sale of First Financial Northwest Bank to Global Federal Credit Union. This is not a typical ongoing banking relationship; it's a winding-down process.

The key financial milestones defining this relationship include:

• Initial liquidating distribution declared at $22.00 per share.
• Initial distribution totaled approximately $203 million.
• Initial payment date was April 30, 2025.
• Final cash liquidation distribution declared at $1.30 per share.
• Final distribution payable on December 12, 2025.
• Total paid to shareholders is $23.30 per share, or approximately $215 million.

Here's the quick math on the total cash returned to the shareholder base:

Shareholders holding physical stock certificates were required to convert them to book-entry accounts with Computershare to receive payment, showing a clear procedural requirement for the cash transaction.

Formal communication via SEC filings and transfer agent mailings

Communication is highly formalized, driven by regulatory requirements and the dissolution process. The relationship is managed through official channels, not day-to-day service interactions.

The formal communication cadence involved several key regulatory actions:

• Stock transfer books were closed effective April 21, 2025.
• Form 25 was filed with the Securities and Exchange Commission (SEC) for delisting from Nasdaq.
• Form 15 was expected to be filed on or about May 1, 2025, to suspend periodic reporting obligations.
• Distributions to shareholders are reported on Form 1099-DIV for tax year 2025.

The transfer agent, Computershare, acts as the paying agent for the distributions. Furthermore, Georgeson LLC, an affiliate of the transfer agent, was retained to assist in locating shareholders who had not responded to previous communications, indicating a final outreach effort.

Minimal, passive relationship; no ongoing service or product support

For First Financial Northwest, Inc. as the holding company, the relationship is defintely minimal and passive because its primary operating asset, First Financial Northwest Bank, was sold. There is no ongoing service or product support provided by the holding company itself.

The nature of this relationship is characterized by:

• Cessation of trading: Common stock ceased trading on Nasdaq after April 21, 2025.
• Focus on final obligations: All remaining activity centers on settling creditors, taxes, and making the final distribution.
• No banking services: The actual banking services relationship transferred to Global Federal Credit Union.

Shareholders holding shares in book entry accounts at Computershare receive mailed checks or direct deposits, while those holding shares through a broker receive their cash distribution through that nominee. This process is entirely administrative, not supportive.

First Financial Northwest, Inc. (FFNW) - Canvas Business Model: Channels

You're looking at the final operational channels for First Financial Northwest, Inc. (FFNW) as it completes its Plan of Dissolution following the sale of its bank on April 11, 2025. The channels now are strictly focused on distributing the remaining cash proceeds to the shareholder base, which is a very different setup than when the bank was operating.

The key distribution events define the current channel usage:

• The initial liquidating distribution of $22.00 per share, totaling approximately $203 million, was paid on April 30, 2025.
• The final cash liquidation distribution of $1.30 per share is payable on December 12, 2025.
• The total cash returned to shareholders under the Plan of Dissolution is $23.30 per share, amounting to approximately $215 million.

Here's how the different shareholder types accessed those funds, which represents the current state of the Channels block:

Official regulatory filings serve as the formal communication channel for the milestones of this wind-down process. These are not for ongoing business operations, but for final compliance and notification.

• SEC Form 25: Filed to officially delist the common stock from the Nasdaq Capital Market.
• SEC Form 15: Expected filing around May 1, 2025, to suspend periodic reporting obligations.
• SEC Form 8-K: Used for material events, such as the announcement of the initial liquidating distribution on April 21, 2025.

The corporate website served as the repository for the official press releases detailing these final steps. You could find the investor relations updates, such as the initial distribution announcement, at the URL ffnw.q4ir.com. Honestly, by late 2025, this channel is effectively read-only, pointing to the finality of the dissolution plan.

Finance: confirm all remaining book-entry holders have been processed for the December 12, 2025, final payment by year-end.

First Financial Northwest, Inc. (FFNW) - Canvas Business Model: Customer Segments

The Business Model Canvas for First Financial Northwest, Inc. as of late 2025 is defined entirely by the wind-down process following the acquisition by Global Federal Credit Union on April 11, 2025, and the subsequent delisting from Nasdaq on April 22, 2025.

Common stock shareholders: The sole remaining segment.

The only active customer segment remaining for First Financial Northwest, Inc. is the body of common stock shareholders, who are now recipients of the liquidation proceeds under the Plan of Dissolution. These shareholders are categorized by how they held their shares, which dictates the mechanism for receiving their final cash distributions. The company closed its stock transfer books effective April 21, 2025.

The total expected payout to this segment is now finalized:

The initial distribution represented approximately 95% of the anticipated total proceeds. The final projected range before the final declaration was $23.06 to $23.34 per share.

Retail and institutional investors: Holders of the delisted FFNW stock.

This segment is differentiated by the administrative process required to receive the final cash distributions declared for shareholders of record as of April 23, 2025.

• Shareholders holding shares in book-entry accounts at Computershare receive mailed checks or direct deposits.
• Shareholders holding shares through a broker or other DTC registered nominee receive distributions through their brokerage accounts.
• Shareholders with physical stock certificates must convert them to book-entry accounts to receive payment.

Prior to the final dissolution steps, the institutional ownership base included 73 institutional owners and shareholders filing with the SEC, holding a total of 493,080 shares based on the latest available filings before the delisting process. For example, BlackRock, Inc. filed a 13G/A on April 28, 2025, reporting a holding of 410,850 shares, representing 4.50% ownership.

First Financial Northwest, Inc. (FFNW) - Canvas Business Model: Cost Structure

You're looking at the final, critical cost structure for First Financial Northwest, Inc. (FFNW) as it executes its Plan of Dissolution following the asset sale of First Financial Northwest Bank. This isn't about ongoing operational costs; it's about the expenses required to wind down the holding company after the April 11, 2025, transaction with Global Federal Credit Union.

The total cash inflow from the asset sale was $228.7 million. After all distributions to shareholders, the total cash paid out was approximately $215 million, representing a total of $23.30 per share returned across two payments. This leaves a residual pool of approximately $13.7 million ($228.7 million minus $215 million) to cover all remaining liabilities, including the specific costs outlined below.

Liquidation and Dissolution Expenses

The costs associated with the legal, accounting, and administrative wind-down are drawn from the residual proceeds after the initial shareholder distribution. These expenses, along with taxes and creditor settlements, determine the final per-share amount.

The total estimated final distribution range was projected to be between $23.06 and $23.34 per share, meaning the retained amount for these final obligations was between $1.06 and $1.34 per share on the initial distribution date.

The following table summarizes the known distribution milestones which define the scale of the wind-down:

Employee Compensation and Benefit Plan Termination Costs

Costs related to employee separation were settled prior to the bank acquisition closing on April 11, 2025. Specifically, executive employment and severance agreements were terminated in exchange for lump sum cash payments made immediately before the closing date.

The agreements settled included Supplemental Executive Retirement Plan (SERP) provisions, which would have provided benefits upon reaching normal retirement age (age 69 for Mr. Kiley, age 65 for Mr. Jacobson) or upon involuntary termination following a change in control.

• Executive employment or severance agreements were terminated as of the business day preceding the April 11, 2025, Closing Date.
• Lump sum cash payments were made to executives upon signing and non-revocation of Acknowledgement and Release Agreements on March 26, 2025.
• The Release Agreements covered all benefit plans of First Financial Northwest, Inc. and its subsidiaries.

Corporate Level Taxation on the Asset Sale

The actual corporate-level tax expense resulting from the asset sale and subsequent liquidation is a component of the funds retained from the $228.7 million sale proceeds, which were not distributed to shareholders.

The final distribution of $1.30 per share was explicitly stated to be subject to the payment of taxes and other obligations.

For tax year 2025, the cash liquidation distributions to shareholders will be reported on Form 1099-DIV.

Transfer Agent Fees for Managing the Initial and Final Distributions

The management of the liquidating distributions involved specific third-party entities whose fees constitute a cost of dissolution.

Computershare acted as the Company's stock transfer agent and the paying agent for the liquidating distributions.

Georgeson LLC, an affiliate of Computershare, was retained to assist in locating shareholders who had not responded to previous communications to ensure they received their distributions.

• Shareholders with physical stock certificates were required to convert them to book-entry accounts with Computershare to receive payment.
• Shareholders holding shares through a broker received distributions through their brokerage accounts.
• Georgeson LLC contact for locating shareholders: Tel: (866) 219-9661; Website: Georgesonclaims.com.

Finance: draft 13-week cash view by Friday.

First Financial Northwest, Inc. (FFNW) - Canvas Business Model: Revenue Streams

You're looking at the final chapter for First Financial Northwest, Inc. (FFNW) as a going concern, so the revenue streams for late 2025 aren't about banking operations anymore; they are purely about asset realization and distribution. The core financial event driving all revenue recognition for the holding company was the sale of the bank.

The primary, one-time inflow that funded all subsequent shareholder returns came from the asset sale itself. This was the source of capital that the holding company used to pay down obligations and return the remainder to you, the shareholder.

• Cash proceeds from the sale of the Bank: $\$228.7$ million one-time inflow received on April 11, 2025, from Global Federal Credit Union.

The focus shifts entirely to the execution of the Plan of Dissolution. Any interest earned on the cash held between receiving the sale proceeds and making the final distributions is minimal residual income, a small tail on the main event.

The actual cash returned to shareholders, which represents the final realization of value from the business's assets, is detailed below. This is the aggregate of the initial and final liquidating distributions.

The interest income stream is best described by the prompt's context, as we don't have a specific, reportable dollar amount for the residual interest earned on the cash held prior to the final payout. It was minimal compared to the principal return.

• Interest income: Minimal residual income on cash held pre-distribution.

The final cash liquidation distribution represents the completion of the company's purpose post-acquisition. This final amount is the definitive return on your investment capital.

The entire revenue structure for First Financial Northwest, Inc. in late 2025 is defined by these liquidation events, not by the historical interest income from its loan portfolio, which ceased generating revenue upon the asset sale on April 11, 2025.

Finance: confirm the final tax reporting schedule for the December 12, 2025 distribution by next Tuesday.