WaFd Bank history

In 1935, the state-charted savings and loan converted to a federal charter and adopted Ballard Federal Savings and Loan Association as its official corporate title.

In June 1958, Ballard Federal Savings and Loan merged with Washington Federal Savings and Loan Association of Bothell, a deal that marked the departure of "Ballard" from the association's corporate title and the adoption of Washington Federal Savings and Loan Association as the new corporate title.

But Washington Federal also expanded through internal means, opening its first downtown Seattle office in April 1961 and another branch office in nearby Rainier Valley two years later.

In 1982, Washington Federal become a public company supported chiefly by its customers who purchased 62 percent of the subscription offering.

In July 1987, the thrift made a bold move into Idaho by acquiring United First Federal and Provident Federal Savings and Loan Association, both of which were headquartered in Boise, Idaho.

Buoyed by its prime location and its concentration on providing low-risk loans, Washington Federal increased its asset total from $705 million following its public offering to $2.2 billion by 1988.

In June 1990, Washington Federal acquired the eight branch offices belonging to Family Federal Savings Association, then merged with Idaho Falls, Idaho-based First Federal Savings and Loan Association and added three more offices to its growing branch network.

Next, on the last day of 1991, Washington Federal concluded an agreement with First Western Savings Association, an Oregon-based Metropolitan Savings Association, to acquire its deposits in Eugene, Oregon, and its deposits and leased buildings in downtown Portland, Oregon.

In 1993, 10 branches were added with the acquisition of First Federal Savings Bank of Salt Lake City, Utah.

In 1994, the Company expanded into Arizona.

In 1995, the stockholders approved a reorganization whereby the Bank became a wholly owned subsidiary of a newly formed holding company, Washington Federal, Inc.

In 1996, the Bank acquired Metropolitan Bancorp of Seattle, adding eight offices in Washington as well as opening four branches in existing markets.

In 2000, the Bank expanded into Las Vegas, opening its first branch in Nevada along with two branches in Arizona.

In 2001, the Bank opened two additional branches in Arizona and its first branch in Texas, with an office in the Park Cities area of Dallas.

In 2002, five branches were opened in existing markets.

In 2005, the Bank consolidated two branches in Mount Vernon, Washington, into one and opened branches in Plano, Texas, and West Bend, Oregon.

In 2006, the Bank opened locations in Klamath Falls and Medford, Oregon, and Richardson, Texas and added another location in Las Vegas, Nevada.

The Bank acquired First Federal Bank of the Southwest, Inc., the holding company for First Federal Bank located in Roswell, New Mexico, on February 13, 2007.

The Bank acquired First Mutual Bancshares, Inc., the holding company for First Mutual Bank, on February 1, 2008.

On October 14, 2011, the Bank acquired six branch locations, four in Albuquerque, New Mexico, and two in Santa Fe, New Mexico, from Charter Bank.

On October 31, 2012, the Bank acquired South Valley Bancorp, Inc., the holding company for South Valley Bank & Trust (“SVBT”) headquartered in Klamath Falls, Oregon.

During 2014, the Bank closed seven branches and opened offices in Hobbs, New Mexico and Dallas, Texas.

In 2019, the bank was rebranded as WaFd Bank.