Insurance Companies In Seatle: Essay

1012 words - 5 pages


Washington Federal is a Washington-based financial institution headquartered in Seattle. The Company is insured by Washington Federal, National Association, and conducting its operation as a bank holding company.

Washington Federal was founded in 1917, originally as Ballard Savings and Loan. In 1958, the company merged with Bothell's Washington Federal Savings and Loan, and operated under the unchanged name of Bothell’s. In 1982, WFSL officially split with Bothell’s and the current holding company was running up till now.

History

The business of Washington Federal started from 1917, when a group of local businessmen founded Ballard Savings and Loan Association serving fisherman and ...view middle of the document...

The completion of the deal marked Washington Federal’s first charge into an Asian American financial market. The deal incurred the purchase price of $65 million.

In 2008, WAFED made an acquisition with the First Mutual Bank of Bellevue. Before the merger, Washington Federal was a savings and loan bank with no meaningful presence in the financial residential market sector. While at the time, First Mutual Bank was a highly experienced commercial real estate loan lender, operating a wholesale residential department serving residential construction industry. The transaction was finalized in the beginning of 2008, becoming a watershed event for Washington Federal’s extended commercial lending ability within the residential real estate area.

In 2010, Washington Federal purchased Horizon Bank, a Bellingham-based bank with 18 branch offices. The acquisition occurred when Horizon Bank was bankrupted with assets of 1.3 billion dollars and deposits of 1.2 billion. The failure was caused by Horizon’s speculative lending to commercial real estate purchase in the heat of the real estate market in 2006. When the business collapsed, many of the loans lost their value. The merge from Washington Federal was taken place in this moment, which resulted in Washington Federal’s purchasing of Horizon’s assets at a discounted cost. It was a deal that had caused Washington Federal to absorb 1/5 of the losses from Horizon’s risky loan investment, but made the company a stronger player in the real estate market and accumulated financial capacities for this role.

In 2012 and 2013, Washington Federal continued merge and acquisition moves in purchasing South Valley Bancorp Inc, and more than 50 branches from Bank of America in four states within the country.

Nowadays, Washington Federal has more than 200 branch offices running in 8 western states, and provides products and services from checking, savings, home loan, to retirement accounts and corporate real estate financing.

Operation

Home Loans
Washington Federal is a savings and loan provider. With history of development and evolvement, the company has its specialty and expertise more in residential loan lending. The company recognizes that the home...

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