Washington Federal Announces the Acquisition of 23 Branches in Arizona and
Washington Federal, Inc. today announced that it has entered into an agreement
with Bank of America to acquire 23 retail branches located in Arizona and
SEATTLE, Wash., Jan. 23, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Washington
Federal, Inc. (Nasdaq: WAFD), parent company of Washington Federal, today
announced that Washington Federal has entered into an agreement with Bank of
America to acquire 23 retail branches located in Arizona and Nevada.
Washington Federal anticipates receiving approximately $610 million of
deposits and $4 million of loans from the transaction. Subject to regulatory
approval from the Office of the Comptroller of the Currency (OCC) and the
satisfaction of customary closing conditions, the transaction is expected to
close in the second calendar quarter of 2014. Additional details can be found
in a Deposit Acquisition Summary in the Investor Relations section of
Washington Federal's website at http://www.washingtonfederal.com.
Chairman, President & CEO Roy M. Whitehead commented, "We enthusiastically
welcome all new employees and customers joining us by virtue of this
agreement. When completed, the transaction will represent a significant
enhancement of our branch network in Arizona and Nevada. All employees from
the acquired branches will be offered employment with Washington Federal and
every effort will be made to minimize disruptions to customer banking routines
at those locations. Existing clients will benefit from the added convenience
of 23 new banking locations. This transaction will improve the Company's
deposit mix and reduce overall funding costs."
Washington Federal, with headquarters in Seattle, Washington, has 235 branches
in eight western states. Once the transaction is complete the number of
branches will increase to 258.
To find out more about Washington Federal, please visit our website.
Washington Federal uses its website to distribute financial and other material
information about the Company, which is routinely posted on and accessible at
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Washington Federal, Inc.
425 Pike Street, Seattle, WA 98101
Cathy Cooper, SVP Marketing Communications
Lane Public Relations
503-546-7877 or 971-275-2311 (mobile)
This article was originally distributed on PRWeb. For the original version
including any supplementary images or video, visit
CONTACT: Washington Federal
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