Washington Business Bank Announces Termination of Acquisition Agreement

OLYMPIA, WASHINGTON, February 16, 2023 – Washington Business Bank (WBB or the Bank) (OTCPK: WBZB) announced today that it has reached a mutual agreement with an individual investor to terminate the previously-announced acquisition agreement. The Bank will remain a locally owned, independent community bank, providing custom commercial banking services to clients in Western Washington.
Jon Jones, President and CEO of the Bank, commented on the termination. “In May of last year, we announced an opportunity for our shareholders to sell shares to a highly capable individual investor. The regulatory approval process continued longer than we expected and the individual investor ultimately withdrew the change in control application under the Change in Bank Control Act, and our agreement has now been terminated.”
As a result of the termination of the acquisition agreement, the investor’s offer to purchase shares of common stock of WBB is terminated. No shares of common stock of WBB will be purchased by the investor and all shares previously tendered (and not validly withdrawn) will be returned promptly to tendering shareholders.
About Washington Business Bank
Washington Business Bank was founded in 2002 and is one of Washington’s premier community-owned financial institutions. The bank was voted “Best Bank” in The Olympian’s “Best of South Sound” contest for the sixth year in a row and is rated “5 Stars” by Bauer Financial. Headquartered in Olympia, Washington, Washington Business Bank’s mission is to provide financial services that enable their clients to become more successful. The bank is located at 223 5th Ave. SE (corner of 5th and Franklin) in downtown Olympia. Phone 360-754-1945. Fax 360-456-0252. www.wabizbank.com. Member FDIC, Equal Housing Lender.

Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this communication that address activities, events, conditions or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements give our current expectations and projections and these statements are not guarantees of future activities, events, conditions or developments. Forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These forward-looking statements are expressed in good faith, and WBB believes there is a reasonable basis for them. However, there can be no assurance that events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and WBB is not under any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, except as required by law.

Posted in