An individual investor signed an agreement to acquire Washington Business Bank (OTCPK:WBZB) for $21.2 million on May 12, 2022. As reported, the investor will seek to acquire 100% of the shares of Washington Business Bank (WBB) through a tender offer to all its shareholders. The investor will offer $30.00 in cash for each share of WBB common stock.

After the investors acquisition of the tendered shares, WBB will continue to operate as Washington Business Bank and Jon M. Jones will remain Chief Executive Officer and President. All other members of WBBs senior management team and staff will remain and continue to support the financial needs of its clients in the same manner. The proposed transaction is subject to tendering of at least 67% of the outstanding shares held by WBB shareholders as well as required regulatory approval and other conditions specified in the agreement. The tender offer commenced on May 19, 2022. The transaction is expected to close in the second half of 2022. The tender offer will expire on August 16, 2022, unless extended. D.A. Davidson & Co. acted as financial advisor and Lane Powell PC acted as legal counsel to WBB. Miller Nash LLP acted as legal counsel to the investor. Georgeson is acting as the information agent for the tender offer.

An individual investor cancelled the acquisition of Washington Business Bank (OTCPK:WBZB) on February 16, 2023. WBB has reached a mutual agreement with the individual investor to terminate the previously-announced acquisition agreement. The regulatory approval process continued longer than WBB expected and the individual investor ultimately withdrew the change in control application under the Change in Bank Control Act, and the agreement has now been terminated.