Washington Federal Bank Announces Completion of Conversion to Washington State Chartered Commercial Bank
February 04 2022 - 4:00PM
Business Wire
Washington Federal Bank, the wholly owned subsidiary of
Washington Federal, Inc. (Nasdaq: WAFD) (the "Company"), today
announced the successful completion of its conversion from a
national bank charter, supervised by the Office of the Comptroller
of the Currency, to a Washington state chartered commercial bank.
Going forward primary supervision of the bank will be by the
Washington State Department of Financial Institutions and the
Federal Deposit Insurance Corporation (“FDIC”). As part of this
conversion, the legal name of the bank has been changed from
“Washington Federal Bank, National Association” to “Washington
Federal Bank”. The bank will continue to do business as WaFd
Bank.
Vice-Chairman, President and Chief Executive Officer Brent J.
Beardall commented, "We are pleased to move forward as a commercial
bank chartered here in the state of Washington, giving us the
benefit of having our primary regulator nearby. We believe that a
local regulator with a direct understanding of many of our
communities will be a pro-active partner in supporting the economic
vitality of those communities. Our history has taught us that a
bank can and should be a force for good in its communities and
deliver a reasonable return for its shareholders. Additionally, we
expect moving to a state charter will save the bank approximately
$500,000 of operating expenses per year. This change will not
materially impact our daily activities of serving clients’
depository and credit needs.”
WaFd Bank is headquartered in Seattle, Washington, and has 219
branches in eight western states. To find out more about WaFd Bank,
please visit our website www.wafdbank.com. The Company uses its website to
distribute financial and other material information about the
Company.
Important Cautionary
Statements
The foregoing information should be read in conjunction with the
financial statements, notes and other information contained in the
Company’s 2021 Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K.
This press release contains statements about the Company’s
future that are not statements of historical fact. These statements
are “forward-looking statements” for purposes of applicable
securities laws, and are based on current information and/or
management's good faith belief as to future events. The words
“believe,” “expect,” “anticipate,” and similar expressions signify
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance. By their nature,
forward-looking statements involve inherent risk and uncertainties,
which change over time; and actual performance could differ
materially from those anticipated by any forward-looking
statements. In particular, any forward-looking statements are
subject to risks and uncertainties related to the COVID-19 pandemic
and the resulting governmental and societal responses. The Company
undertakes no obligation to update or revise any forward-looking
statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20220204005426/en/
Washington Federal, Inc. 425 Pike Street, Seattle, WA 98101 Brad
Goode, SVP, Chief Marketing Officer 206-626-8178
brad.goode@wafd.com
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