Washington Federal, Inc. operates as the holding company for Washington Federal, National Association that provides various banking products and services. The company has 182 branches located in Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico, and Texas. Through its subsidiaries, the company is also engaged in real estate investment and insurance brokerage activities. Lending Activities The company’s lending activity is concentrated in the origination of loans secured by real estate, including long-term fixed-rate and adjustable-rate mortgage loans, adjustable-rate construction loans, adjustable-rate land development loans, fixed-rate and adjustable rate multi-family loans, and fixed-rate and adjustable rate business loans. Single-family Residential Loans: The company primarily originates 30 year fixed-rate loans secured by single-family residences. Construction Loans: The company originates construction loans to finance construction of single-family and multi-family residences, as well as commercial properties. These loans to builders are indexed to the ‘prime rate’ and normally have maturities of two years or less. Loans made to individuals for construction of their home are 30 year fixed rate loans. Land Loans: The company's land development loans are of a short-term nature and are made for 75% or less of the appraised value of the unimproved property. The company's permanent land loans (also called consumer lot loans) are made on improved land, with the intent of building a primary or secondary residence. Multi-family Residential Loans: Multi-family residential (five or more dwelling units) loans are secured by multi-family rental properties, such as apartment buildings. Commercial and Industrial Loans: The company makes various types of business loans to customers in its market area for working capital, acquiring real estate, equipment or other business purposes, such as acquisitions. The terms of these loans range from approximately 1 year to a maximum of 10 years. Consumer Loans: Majority of these loans are primarily home improvement loans made through third party originators that bear interest at rates of 10% and higher. Home Equity Loans: The company extends revolving lines of credit to consumers that are secured by a first or second mortgage on a single family residence. Investment Activities As of September 30, 2013, the company’s investment portfolio included U.S. government and agency obligations; mutual fund investments; corporate bonds; state and political subdivisions; and agency mortgage-backed securities. Deposits The company relies on a mix of deposit types, including business and personal checking accounts, term certificates of deposit, and other savings deposit alternatives that have no fixed term, such as money market accounts and passbook savings accounts. The company offers various consumer checking account products, both interest bearing and non-interest bearing. Subsidiaries WAFD Insurance Group, Inc., a wholly owned subsidiary, is an insurance agency that offers a line of individual and business insurance policies to customers of the company, as well as to the general public. Statewide Mortgage Services Company, a wholly owned subsidiary, holds and markets real estate held for investment. Washington Services, Inc., a wholly owned subsidiary, holds certain branch properties and equipment, and also acts as a trustee under deeds of trust as to which the bank is beneficiary. First Mutual Sales Finance, Inc., a wholly owned subsidiary, services consumer loans. Regulation The company is registered as a bank holding company and is subject to the Board of Governors of the Federal Reserve System regulation, examination, supervision, and reporting requirements. The bank is subject to extensive regulation, supervision, and examination by the Office of the Comptroller of the Currency, its primary federal regulator; the Bureau of Consumer Financial Protection; and the Federal Deposit Insurance Corporation, which insures its deposits up to applicable limits. The bank is a member of the Federal Deposit Insurance Corporation and its deposits are insured up to applicable limits of the Depository Insurance Fund, which is administered by the Federal Deposit Insurance Corporation. As a national bank, the bank is required to be a member of the Board of Governors of the Federal Reserve System. The bank is a member of the Federal Home Loan Bank of Seattle. History Washington Federal, Inc. was founded in 1917.
washington federal inc (WAFD:NASDAQ GS)
425 Pike Street
Seattle, WA 98101
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