Washington Federal

Last updated
Washington Federal, Inc.
WaFd Bank
Company type Public
Nasdaq:  WAFD
S&P 600 component
Industry Financial services
FoundedJanuary 1, 1917;107 years ago (1917-01-01)
Headquarters Seattle, Washington, United States
Number of locations
200+
Area served
Washington, Oregon, Arizona, Idaho, Nevada, Utah, New Mexico, California, Texas
Key people
Brent J. Beardall (CEO) [1]
Products Consumer Banking, Corporate Banking, Insurance, Investment Banking, Mortgage loans, Private Banking, Private equity, Wealth management, Credit cards, Financial Analysis
RevenueDecrease2.svg US$ 621.265 million (2020) [2]
Decrease2.svg US$ 219.186 million (2020) [2]
Decrease2.svg US$ 173.438 million (2020) [2]
Total assets Increase2.svg US$ $18.794 billion (2020) [2]
Total equity Decrease2.svg US$ $2.014 billion (2020) [2]
Number of employees
1,877 (2018)
Website www.wafdbank.com
Footnotes /references
[3]

Washington Federal, Inc., (stylized as WaFd Bank), is an American bank based in Seattle, Washington. It operates over 200 branches throughout Washington, Oregon, Idaho, Nevada, Utah, Arizona, New Mexico, California, and Texas. [4]

Contents

WaFd Bank is the 63rd largest bank in the United States. [5]

Products

WaFd specializes in both personal and business banking and offers a wide-range of services in both. WaFd also has specialized divisions in Government, Agribusiness, and Senior Housing. [6]

Executives

History

Washington Federal's old logo prior to WaFd Bank rebranding in 2021 Washington Federal Logo.png
Washington Federal's old logo prior to WaFd Bank rebranding in 2021

The bank was founded on April 24, 1917 in Ballard, Washington as Ballard Savings and Loan by a group of businessmen. In 1958, it merged with Washington Federal Savings and Loan Association of Bothell. The bank took the name Washington Federal for "wider geographical acceptance". [8]

The bank demutualized in 1982 and the present holding company structure was adopted in 1995.

In 2019, the bank was rebranded as WaFd Bank (pronounced Wah-Fed), a long-used nickname for the bank. [9]

Mergers and acquisitions

Related Research Articles

Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank, which was the largest savings and loan association in the United States until its collapse in 2008.

East West Bank, the primary subsidiary of East West Bancorp, Inc., is the largest publicly traded bank headquartered in Southern California, United States. It was founded in 1973 in Los Angeles to serve the Chinese American community in Southern California. In 2023, East West expanded its footprint in Asia with the opening of a representative office in Singapore. Forbes magazine has recognized East West Bank as one of "America's Best Banks" since 2010. East West earned the number one spot in S&P Global Market Intelligence's 2022 Ranking of U.S. Public Banks by Financial Performance.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. As of 2019, it had 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. In 2023 it ranked 149th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

Bank of the West was an American financial institution headquartered in San Francisco, California, United States. It had more than 600 branches and offices in the Midwest and Western United States.

Security Pacific National Bank (SPNB) was a large U.S. bank headquartered in Los Angeles, California. It was acquired by Bank of America in 1992.

<span class="mw-page-title-main">National Bank of Detroit</span> Defunct American commercial bank

The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

<span class="mw-page-title-main">KeyBank</span> American regional bank headquartered in Cleveland, Ohio

KeyBank, the primary subsidiary of KeyCorp, is an American regional bank headquartered in Cleveland, Ohio. Key ranked 449th on the 2022 Fortune 500 list based on its 2021 revenue. It is 25th on the list of largest banks in the United States.

H.F. Ahmanson & Co. was a California holding company named after Howard F. Ahmanson Sr. It was best known as the parent of Home Savings of America, once one of the largest savings and loan associations in the United States.

California Federal Bank, known as CalFed, was a savings bank headquartered in Los Angeles, California, at 5670 Wilshire Boulevard. It operated 352 branches, most of which were in California. In 2002, the bank was acquired by Citigroup.

<span class="mw-page-title-main">Umpqua Holdings Corporation</span> American bank

Umpqua Holdings Corporation, d.b.a. Umpqua Bank, is a financial holding company based in downtown Portland, Oregon, United States. Headquarters are in the Umpqua Bank Plaza, formerly the headquarters of Benj. Franklin Savings and Loan. The firm has two principal operating subsidiaries: Umpqua Bank and Umpqua Investments.

<span class="mw-page-title-main">Zions Bancorporation</span> U.S. financial services company

Zions Bancorporation is a national bank headquartered in Salt Lake City, Utah. It operates as a national bank rather than as a bank holding company and does business under the following seven brands: Zions Bank, Amegy Bank of Texas, California Bank and Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and the Commerce Bank of Washington. It has 416 branches and over 1 million customers. It was founded by the Church of Jesus Christ of Latter-day Saints in 1873, although the church divested its interest in the bank in 1960.

Hudson City Bancorp, Inc., based in Paramus, in the U.S. state of New Jersey, was a bank-holding company for Hudson City Savings Bank, its only subsidiary, then the largest savings bank in New Jersey and one of the oldest banks in the United States, with US$50 billion in assets. It is now a fully publicly held entity and a member S&P 500 stock market Index. In 2005, its US$3.93 billion secondary offering of common stock was the largest in United States banking history. At the time, it was also the seventh largest domestic public offering in United States history The bank avoided the excesses of the housing boom and was labeled "best bank of 2007" by Forbes. M&T Bank agreed to acquire Hudson City on August 27, 2012.

<span class="mw-page-title-main">Old Stone Bank</span>

Old Stone Bank was a popular Rhode Island banking institution that was founded in Providence in 1819 as a mutual savings bank that was called Providence Institution for Savings.

<span class="mw-page-title-main">Rainier Bancorp</span>

Rainier Bancorporation was the Seattle-based parent corporation of Rainier National Bank, a Washington state bank with branches throughout the state. Rainier traced its roots back to the National Bank of Commerce, which was founded by Richard Holyoke in 1889. The name Rainier National Bank was adopted in 1974. Rainier Bancorp expanded into Alaska with the purchase of Anchorage's People's Bank & Trust in 1983 and into Oregon with the purchase of Gresham's Mount Hood Security Bank in 1986, expanding further in Oregon in 1986 with the government-assisted purchase of Portland's failed Lincoln Savings & Loan Association.

<span class="mw-page-title-main">Northwest Bank</span> Pennsylvania Bank

Northwest Bank is a bank headquartered in Warren, Pennsylvania. It is the leading subsidiary of Northwest Bancshares, Inc., a bank holding company, and operates 170 branches in central and Western Pennsylvania, Western New York, Northeast Ohio, Appalachian Ohio, and Indiana.

<span class="mw-page-title-main">Dime Savings Bank of New York</span> Former bank in Brooklyn, New York (1859–2002)

The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. It operated from 1859 to 2002.

Bank United Corporation, headquartered in Houston, Texas, was a broad-based financial services provider and the largest publicly traded depository institution headquartered in Texas before its merger with Washington Mutual in 2001. Bank United Corp. conducted its business through its wholly owned subsidiary, Bank United, a federally chartered savings bank. The company operated a 155-branch community banking network in Texas, including 77 in the Dallas/Fort Worth Metroplex, 66 in the greater Houston area, five in Midland, four in Austin, and three in San Antonio; operated 19 SBA lending offices in 14 states; was a national middle market commercial bank with 23 regional offices in 16 states; originated mortgage loans through 11 wholesale offices in 10 states; operated a national mortgage servicing business serving approximately 324,000 customers, and managed an investment portfolio. As of June 30, 2000, Bank United Corp. had assets of $18.2 billion, deposits of $8.8 billion, and stockholder's equity of $823 million.

<span class="mw-page-title-main">First Bank System</span> American regional bank holding company

First Bank System was a Minneapolis, Minnesota-based regional bank holding company that operated from 1864 to 1997. What was once First Bank forms the core of today's U.S. Bancorp; First Bank merged with the old U.S. Bancorp in 1997 and took the U.S. Bancorp name.

<span class="mw-page-title-main">Glacier Bancorp</span> U.S. banking company

Glacier Bancorp, Inc. is a regional multi-bank holding company headquartered in Kalispell, Montana, United States. It is a successor corporation to the Delaware corporation originally incorporated in 1990. The company provides personal and commercial banking services from 221 locations in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, and, Nevada.

Investors Bank was a publicly traded, full-service bank that was based in Short Hills, New Jersey, USA. The bank operated over 150 branches across New Jersey and New York.

References

  1. "Meet our Banking Executives". WaFd Bank. Retrieved 2021-03-04.
  2. 1 2 3 4 5 "Washington Federal 2020 Form 10-K". United States Securities and Exchange Commission. 2020-11-23. Retrieved 2021-03-04.
  3. "Washington Federal, Inc. 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  4. "Bank Accounts, Home Loans, and Commercial Financing | WaFd Bank". wafdbank. Retrieved 2024-05-29.
  5. "FRB: Large Commercial Banks-- March 31, 2024". www.federalreserve.gov. Retrieved 2024-05-29.
  6. "WaFd Bank - Specialized Industries". wafdbank. Retrieved 2023-10-14.
  7. 1 2 3 4 5 6 "Meet Our Banking Executives". wafdbank. Retrieved 2023-10-14.
  8. "Company History". wafdbank. Retrieved 2023-10-14.
  9. "Our Company - Our Promise, Difference & Values". wafdbank. Retrieved 2023-10-14.
  10. "Washington Federal to buy Metropolitan Bancorp". Kitsap Sun . July 16, 1996.
  11. "WASHINGTON FEDERAL TO BUY UNITED SAVINGS AND LOAN" . The New York Times . Reuters. May 21, 2003.
  12. "Washington Federal, Inc. to Acquire First Mutual Bancshares, Inc" (Press release). Globe Newswire. July 2, 2007.
  13. "FDIC Failed Bank Information for Horizon Bank, Bellingham, WA". Federal Deposit Insurance Corporation .
  14. GALLAGHER, DAVE; STARK, JOHN (January 8, 2010). "Regulators shut down Horizon Bank; Washington Federal takes over". The Bellingham Herald .
  15. "Washington Federal buys Charter Bank". American City Business Journals . 2011-06-09. Archived from the original on 2011-08-13.
  16. Kish, Matthew (April 5, 2012). "South Valley Bank sold to Washington Federal". American City Business Journals .
  17. Gallen, Tim (January 24, 2014). "Washington Federal buys 23 retail branches in Arizona, Nevada from Bank of America". American City Business Journals .
  18. https://www.northbaybusinessjournal.com/article/industrynews/new-signs-erected-at-former-luther-burbank-savings-in-santa-rosa-marking-wa/