Washington Federal Bank, NA Agrees Civil Fine for AML / BSA Consent Order | National company

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SEATTLE – (BUSINESS WIRE) – Sep 30, 2021–

Washington Federal Bank, NA, dba WaFd Bank, (“WaFd Bank”), a subsidiary of Washington Federal, Inc. (NASDAQ: WAFD) (“Washington Federal”) today announced that it has entered into an agreement with the Office of the Comptroller of the Currency (“OCC”) to pay a civil fine of $ 2.5 million associated with its previously disclosed consent order of February 2018, for loopholes in the anti-money laundering and bank secrecy law (“AML / BSA”) (“Consent Order”). Coupled with the improvements already made to its AML / BSA program, WaFd Bank sees the payment of the civil fine as an important step towards the resolution of the consent order, which remains in place.

“The WaFd Bank is committed to building and maintaining an effective AML / BSA program and appreciates the opportunity to continue working with OCC to achieve this goal,” said Brent Beardall, President and CEO of WaFd Bank.

About Washington Federal, Inc.

Washington Federal, Inc. is the parent company of WaFd Bank, a national bank primarily engaged in accepting deposits from the general public and investing those funds in loans of various types, including first mortgages on single-family housing, construction loans, land acquisition and development loans, loans on apartment buildings, commercial real estate and other income-generating properties, home equity loans and business loans. WaFd Bank also invests in certain United States government and agency bonds and other investments permitted by applicable laws and regulations. As of September 30, 2021, WaFd Bank had 219 branches located in Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico and Texas. Washington Federal is also engaged in insurance brokerage activities through subsidiaries of WaFd Bank.

Forward-looking statements and factors that may affect future results

The foregoing information should be read in conjunction with the financial statements, notes, and other information contained in the Washington Federal 2020 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8 -K. This press release contains statements about the future of the federal government in Washington that are not statements of historical fact. These statements are “forward-looking statements” for the purposes of applicable securities laws and are based on current information and / or management’s good faith belief about future events. The words “estimate”, “believe”, “expect”, “anticipate”, “project” and similar expressions mean forward-looking statements. Forward-looking statements should not be interpreted as a guarantee of future performance. By their nature, forward-looking statements involve inherent risks and uncertainties, which change over time; and actual performance could differ materially from that anticipated by forward-looking statements. In particular, any forward-looking statement is subject to risks and uncertainties associated with the COVID-19 pandemic and the resulting governmental and societal responses. Washington Federal assumes no obligation to update or revise any forward-looking statement.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210930005916/en/

CONTACT: Washington Federal, Inc.

425 Pike Street, Seattle, WA 98101

Brad Goode, Senior Vice President, Chief Marketing Officer

206-626-8178

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA IDAHO OREGON WASHINGTON UTAH NEW MEXICO TEXAS ARIZONA NEVADA

INDUSTRY KEYWORD: SMALL BUSINESS BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: Washington Federal Bank, NA

Copyright Business Wire 2021.

PUB: 09/30/2021 4:30 PM / DISC: 09/30 // 2021 4:32 PM

http://www.businesswire.com/news/home/20210930005916/en

Copyright Business Wire 2021.


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