Washington Federal is headquartered in Seattle and is the largest bank in the state of Washington. It is also the 88th largest bank in the nation. It was established in 1917 and as of March of 2014, it had grown to 1,846 employees at 238 locations. Washington Federal has a A health rating.
I only used Washington Federal because Bank of America was bought out by this company last year. I don't know how they managed it but they ended up being even worse than BoA. Their website is horrible and very clunky. I think I'd rather keep my money beneath my mattress than continue to use Washington Federal. The only upside were the BoA people that continued working for Washington Federal once they were bought out. The drive through people are extremely friendly and the tellers inside helped me with the many problems the horrible company caused. Can't blame the low level workers for the car wreck of a company they work for when they are doing their best. Only use Washington Federal if you hard up and there are no other options.
We were long time customers of South Valley Bank & Trust, which was acquired by Washington Federal last year. When the account merging took place in April 2013, problems started. The first thing we noticed was that many of the employees that had been with South Valley for years and years had been laid off and replaced with Washington Federal employees, and later the ones that were not laid off, left due to poor treatment by the management. The next thing that immediately caught our attention was how many fees Washington Federal charged! Our business and personal accounts had been free for years, and suddenly we were told that we would start being charged if we had over 15 deposits a month, wrote over 100 checks, or deposited over 10,000 a month in cash to our business accounts. They were not small business friendly at all.... We left and took our accounts to Rogue Credit Union, where we have not been charged a single fee to date.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Washington Federal had $179.97 million in non-current loans and owned real-estate with $2.08 billion in equity and loan loss allowances on hand to cover it. This gives Washington Federal a Texas Ratio of 8.64% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Washington Federal decreased slightly from 12.27% as of March 31, 2013 to 8.64% as of March 31, 2014, resulting in a positive change of 29.59%.This indicates that the balance sheet and financial strength for Washington Federal has improved slightly in recent periods.
In the past year, Washington Federal has increased its total deposits by $1.15 billion, resulting in 12.54% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Washington Federal has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Washington Federal has $14.37 billion in assets with $2.08 billion in equity, resulting in a capitalization level of 14.49%, which is excellent.
|FDIC Certificate #||28088|
|Assets and Liabilities|
|Equity Capital||$1.97 billion|
|Loan Loss Allowance||$117.00 million|
|Unbacked Noncurrent Loans||$99.84 million|
|Real Estate Owned||$80.14 million|
|Historic Data - March 2013|
|Equity Capital||$1.89 billion|
|Loan Loss Allowance||$122.88 million|
|Unbacked Noncurrent Loans||$99.84 million|
|Real Estate Owned||$97.89 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.1%|
|Return on Assets||1.08%|
|Return on Equity||8.01%|
|Interest Income||$133.35 million|
Always verify rates and promotions with the bank or credit union. We are not Washington Federal, we are a rate comparison website and can not provide official rates or promotions.
|0.10%||-||-||Passbook Savings for Minors|
|0.10%||-||-||Statement Savings for Minors|
|0.20%||$90k||$250k||Business Money Market|
|0.10%||$10k||$250k||Business Stellar Interest Checking|
|1.55%||$90k||$250k||60 Month CD|
|1.55%||$90k||$250k||Business 60 Month CD|
|1.40%||$90k||$250k||48 - 59 Month CD|
|1.40%||$90k||$250k||Business 48 - 59 Month CD|
|1.05%||$90k||$250k||36 - 47 Month CD|
|1.05%||$90k||$250k||Business 36 - 47 Month CD|
|0.75%||$90k||$250k||24 - 35 Month CD|
|0.75%||$90k||$250k||Business 24 - 35 Month CD|
|0.50%||$90k||$250k||18 - 23 Month CD|
|0.50%||$90k||$250k||Business 18 - 23 Month CD|
|0.45%||$1k||-||18 Month Boost Rate CD Special|
|0.40%||$90k||$250k||12 - 17 Month CD|
|0.40%||$90k||$250k||Business 12 - 17 Month CD|
|0.30%||$90k||$250k||6 - 11 Month CD|
|0.30%||$90k||$250k||Business 6 - 11 Month CD|
|0.20%||$90k||$250k||3 Month CD|
|0.20%||$90k||$250k||4 - 5 Month CD|
|0.20%||$90k||$250k||Business 3 Month CD|
|0.20%||$90k||$250k||Business 4 - 5 Month CD|
|0.10%||$90k||$250k||14 Day - 2 Month CD|
|0.10%||$90k||$250k||Business 14 Day - 2 Month CD|