An investment group has offered to buy FirstBank NW Corp. in Clarkston, Wash., for more than $112 million in cash.
Crescent Capital VI LLC of Bellevue, Wash., said in a letter to FirstBank that it wants to buy all of the thrift company's outstanding 2.94 million shares for $38.15 a share, FirstBank announced Wednesday.
Crescent also said that it had received commitments from investors to fund more than 75% of the acquisition, and that the Bellevue group would finance the balance using trust-preferred securities.
FirstBank said that its board, with the assistance of outside advisors, would evaluate the Crescent proposal, "and other alternatives available to the company." FirstBank is the parent of the $810 million-asset FirstBank Northwest, a state-chartered savings bank founded in 1920.
