News Column

WASHINGTON FEDERAL INC FILES (8-K) Disclosing Other Events

May 7, 2014



Item 8.01 Other Items

Upon the receipt of regulatory approvals and the completion of closing conditions, on May 2, 2014, Washington Federal, Inc.'s wholly owned subsidiary, Washington Federal, National Association, completed its previously announced acquisition of 23 branches, located in Arizona and Nevada, from Bank of America, National Association.

The 98,000 deposit accounts acquired totaled $539 million, which is $71 million less than the $610 million that was forecasted. As a result of the decrease in deposits prior to closing, the purchase and sale contract reduced the deposit premium to .50% of deposits. The deposit premium paid amounted to $2.7 million. The acquisition also provided $5 million of loans, $11 million in branch properties and $523 million in cash.

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Source: Edgar Glimpses


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