From our President and CEO
Founded on April 24, 1917 in Ballard, Washington, Washington Federal Bank, a federally insured Washington state chartered commercial bank dba WaFd Bank (the "Bank" or "WaFd Bank"), 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 106 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. 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 Bank 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 their community food bank.
During the past fiscal year, our 11 regional Diversity and Inclusion councils, made up of volunteers, worked to enhance employment and recruitment diversity, participated in local activities supporting our community, and formed five different affinity groups to support inclusion and celebrate one another in the workplace.
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 Bank 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 email@example.com 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!
In Housing and Community Development
2022, WaFd Bank devoted $203,425,455 toward community development lending. In addition, $102,100,000 in housing tax credits were provided along with $61,800,000 in investments made to other affordable housing projects, totaling $367,325,455.
In 2021, over $289,000,000 was invested toward community development lending and affordable housing investments. This resulted in 47 loans totaling $165,000,000 to support affordable home ownership for low-income borrowers within our eight states.
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.
Our mission statement is “We are committed to building diverse teams and creating a culture of inclusion, empowerment, and belonging.” To achieve this, we've moved from the current single DEI council structure and replaced it with a DEI council consisting of 5 to 10 people in each region with each Regional President as the executive sponsor. Additionally, we've included a DEI council for our corporate support areas, with our Chief Consumer Banker and Chief Operations Officer as executive sponsors. This will help ensure our efforts are reflected across all eight states in which we reside.
- Partnering with a DEI Consultant to grow inclusive mind sets and help build stronger programs with sustainable strategies.
- Focusing on enhancing our approach to recruiting, hiring, and retention. As WaFd's mission statement says, “diversity, equity and inclusion drive innovation and productivity, and allow WaFd to better serve our communities and each other.”
Adding employee resource groups to support efforts across the Bank, with four to start:
- Black, Indigenous, People of Color (BIPOC)
- Emerging Leaders
- Working Parents
The Global Diversity and Inclusion Advisory Council is a commitment by senior executives to support the Regional and Corporate Support Councils to ensure that there is an enterprise-wide focus on diversity and inclusion. The Advisory Council:
- Provides strategic guidance for business and regional councils, as well as the broader D&I program.
- Facilitates D&I cross functional and enterprise-wide strategies.
- Ensures support is provided to the regional and back-office support D&I program strategies.
- Defines requirements for council membership (appointed and volunteer).
2,082 Team Members
- 31% Non-White
- 7.74% US Veteran
- 4% Differently Abled
- 70% Female
- 30% Male
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.
|Board Diversity Matrix
|Total Number of Directors: 10
|Part I: Gender Identity
|Part II: Demographic Background
|African American or Black
|Hispanic or Latinx
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 2022, total pledges from colleagues amounted to $402,109 in charitable giving. We matched $327,375 in donations to United Way agencies for a total of $729,484.
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.
WaFd and the Seattle Storm will launch Fit Futures together, a community initiative that provides kids with equal access to physical activity and financial education, set to begin in the fall of 2023. Three Title 1 schools will receive $5,000 each towards the purchase of new PE equipment and supplies in a celebratory ceremony to include the presence of Storm mascot Doppler and a Storm VIP guest. Each of these three schools will also receive 300 tickets to a regular season Storm game for kids and their families. Additionally, WaFd sponsors a half court shootaround challenge with Storm players benefitting a local BIPOC non-profit.
A career at WaFd Bank
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
- Generous 401(k) match
- Life and AD&D insurance
- Long-term disability
- Employee assistance program
- Pre-tax health and dependent-care spending plans
- Four weeks parental leave
- $5,000 per year in tuition reimbursement, up to $40,000 total
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.