From our President and CEO
From our President and CEO Washington Federal Bank, a federally-insured Washington state chartered commercial bank dba WaFd Bank (the “Bank” or “WaFd Bank”), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing lending, depository, insurance and other banking services to consumers, mid-sized to large businesses, and owners and developers of commercial real estate. Ever since our start in 1917, we've been helping to build healthy, thriving communities. We're linked together as a team across eight western states serving clients and communities to fuel economic growth and support personal and business financial health. Equally important as our banking reputation is our commitment to community and social responsibility. We're issuing this report to outline the activities and initiatives WaFd bankers are focused on, the investments we're making, and our goals for making a difference in the communities we serve.
Banking today looks different than when we started 105 years ago. Yet, one thing has remained the same—we are here to make the best choices on any given day, for our clients, our employees, our communities and our shareholders, in good times and bad. During the past two years, as the world struggled with the effects of the Covid-19 pandemic, we relied upon our corporate values to guide us: Integrity, Teamwork, Simplicity, Service, Discipline and Ownership. We were also guided by our vision to be the most trusted and highly recommended bank in the markets we serve.
We want our families and friends to be proud that we work at WaFd Bank. More than anything, I'm personally humbled to work alongside colleagues who clearly love what they do and are here to make a difference in their communities.
Every year for as long as any of us can remember, the company has supported United Way during their corporate giving campaign. We match, dollar-for-dollar, the donations our employees make to the United Way to provide a community safety net. We also ask that our bankers volunteer in their communities, whether it's acting as an instructor for Junior Achievement at the local high school, or packaging nutritious meals at the community food bank.
During the past year, we took the next step in our Diversity & Inclusion journey by bringing in an expert to advise us and by establishing 11 regional councils plus a corporate council to work specifically toward improving the diversity of our workforce. Each of these councils will be made up of 5-10 volunteers who will enhance our efforts to recruit, hire and retain employees that broadly reflect the communities we serve. We also made broad adjustments to our compensation philosophy with an eye toward equity and transparency that better aligns with the needs and values of our employees and today's competitive labor market.
It's imperative that our teams cultivate enduring relationships with clients, communities, and colleagues. As we continue to grow, we endeavor to stand apart from our competitors, and be thoughtful about shaping the neighborhoods around us. We believe banking should be an empowering experience, not an intimidating one. Therefore, we focus on personal progress rather than restrictions, and always strive to see things from our clients' points of view. That's how we live our company motto: “Love what you do and make a difference.”
Our hope is you will find this report to be engaging, helpful, and informative.
President & Chief Executive Officer
WaFd invests in the following literacy programs
Save at School program
Our Save at Schools program helps middle and elementary school students learn the habit of saving by making deposits during our “bank days.” We match the initial $5 opening deposit and students can earn 5% on their first $100 deposit. Email firstname.lastname@example.org to launch a Save at Schools program in your area.
We aspire to help young people succeed and positively impact the communities we serve. That's why we partner with Junior Achievement to provide financial support and employee volunteers to help youth learn financial wellness and build the skills they need to launch successful futures.
We partner with Banzai, an award-winning, interactive financial content platform to provide free financial literacy and education to Title One schools across out eight-state footprint. We help all ages from 8 to 88 learn to create a budget, get out of debt, buy a home, save for college, learn about inflation, save for retirement, build credit, navigate online security and more! We also offer Banzai to our non-profit partners through the Washington Federal Foundation ensuring the communities we support have the tools they need for a brighter future. If your school or non-profit is looking to include this curriculum in your organization, please contact us!
A career at WaFd Bank
At WaFd Bank, we've taken the same long-term perspective as we have with our clients. We value our employees by investing in a healthy work/life balance, competitive compensation packages, a vibrant team-oriented environment centered on professional service, and 360-degree, open communication with your colleagues.
A Career at WaFd Bank Offers:
- Paid time off and sick days
- Health benefits
- Stock options
- Bonus program
- 11% 401(k) match
- Life and AD&D insurance
- Long-term disability
- Employee assistance program
- Pre-tax health and dependent-care spending plans
We love coming to work and it shows!
In 2022, WaFd Bank was recognized as one of America's Best Employers by Forbes. We're proud of our employees and all that they do.
In 2021, we invested over $192,721,890 towards community development lending and affordable housing investments. In addition, we invested in 47 loans to support affordable home ownership for low-income borrowers, $1.5M in loans to small business development and $3.3M in loans to organizations providing medical and dental services to low-and moderate-income individuals.
In 2020 we created the Small Business Flex Fund that aided 365 small businesses with lifeline loans totaling $12,500,000 to ensure these business owners could bridge the gap between the beginning of the pandemic and when government assistance became available.
The Board is made up of members with a wealth of experience and knowledge from a variety of industries including finance, technology, real estate, investments, and risk management. Our Board is committed to independence and the majority of Board members are independent pursuant to the listing requirements of the Nasdaq Stock Market. WaFd Bank Leadership Team
We maintain a variety of corporate governance documents and policies which can be found on our website.
Gender of Directors
- 20% Female
- 80% male
Ethnicity of Directors
- 30% People of Color
- 70% other
Tenure of Directors
- 10% 0-4 years
- 30% 5-10 years
- 60% Over 10 years
Age of Directors
- 30% Up to 55
- 30% 55-65
- 40% over 65
Washington Federal Foundation
As a bank dedicated to promoting home ownership, the focuses on programs and causes that help provide affordable housing for low-and-moderate-income individuals. The Foundation also provides support for social agencies and nonprofits that serve the needs in our communities, including seniors, youth organizations, and low income families.
We direct giving to the following areas:
- Housing and community development
- Social services and basic needs for seniors, youth and low-income families
- Financial literacy
Average grants range from $1,000-$5,000
Since its inception, the Foundation has given nearly $6.5M to local charities across our eight-state footprint.
Please visit our Foundation page for more information.
WaFd Bank matches employee contributions made to United Way agencies in all eight states: For fiscal 2021, total pledges from colleagues amounted to $383,682 in charitable giving. We matched $318,514 in donations to United Way agencies for a total of $702,196.
We believe diversity inclusion enhances our collective understanding by exposing us to new ways of engaging with the communities we serve and with one another. We augment our ability to identify opportunities to make our organization and the communities we serve better. We are invested in attracting the best talent who inspire and aspire to make a positive difference. We believe a diverse WaFd Bank is a stronger WaFd Bank.
2,082 Team Members
- 70% Female
- 31% Non-White
- 4% Differently Abled
- 30% Male
- 7.74% US Veteran
We are a team dedicated to helping put a stop to cancer!
Some of us are avid cyclists, some haven't ridden a bike in years. Some of us ride, some walk. Some of us are cancer survivors, some have lost loved ones, some just want to make a difference.
We each have our own personal reasons for doing the Obliteride, but this year, we as a team are dedicating our efforts to Chris Hooper, our colleague who passed away in May after a long battle with cancer.
This amazing event showcases the strength our WaFd community has and how we can make a big impact in the fight against cancer!
We support the RAVE Foundation and their efforts to create opportunities for free play, where we all work together to use soccer as a vehicle to foster wellness, inspire learning and strengthen connection to community. We also donate to “Saves for Youth” by committing $250 for every Sounders FC save to the RAVE Foundation. So far we've donated nearly $20,000 with 80 saves.
We have joined the Seattle Kraken as a Founding Partner as both organizations share the fundamentals of integrity, hard work, and innovation. We are excited to help bring hockey back to Seattle and give back through their One Roof Foundation in efforts to continue to build the most diverse and inclusive hockey culture in the country, if not the world.
Through all our interactions, WaFd Bank will:
- Carry out its banking activities in a responsible manner, placing the financial needs of its clients and economic health of its communities at the core of its strategic focus.
- Maximize the creation of sustainable and shared value for its shareholders, employees and stakeholders, including contributing to the broader benefit of society.
We acknowledge the impact of climate change, which may lead to new regulations as well as financial and reputational risks. We also realize there are new opportunities to find ways to mitigate those risks and open new doors to offsetting carbon footprints. We will embrace these opportunities add seek out new ways to invest in change to a lower carbon economy and a better future for us all.
WaFd strives to focus on efficiency and long-term sustainability in our business processes through prudent use of resources, including renewable energy and waste reduction efforts. We also offer the following services and benefits to employees at our corporate headquarters in downtown Seattle:
- Free transit passes for all employees to encourage mass transit, including train, ferry, bus and light rail.
- Secure, onsite bike storage and shower facilities for our biking community.
- Improved air quality through bi-polar ionization in our HVAC system to remove bacteria, viruses and pollutants.
- Flexible work policies that allow for a hybrid approach between office hoteling and work-from-home, reducing physical commutes and carbon footprints.
Seawolves Lot Cleanup (Washington)
Project Homeless Connect (Utah)
Hospice of Yuma (Arizona)
Habitat for Humanity (Oregon)
Gallup (New Mexico)
Winnemucca Color the Mucc Race (Nevada)
Builders of Hope (Texas)
The COVID 19 pandemic forced many changes on society. WaFd was no stranger to adaptation. We changed how we operated to ensure our employees were able to continue working while managing new stressors in their personal lives. We created a COVID Response Team that continues to meet weekly to support rapid responses to executive orders, new federal and state regulations and changing CDC and OSHA guidelines (Center for Disease Control / Occupational Safety and Health Administration). This team also monitors case counts throughout all eight states, reports on operational disruptions, and gauges employee morale.