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Washington Federal of Seattle is bulking up in Oregon with an agreement to buy South Valley Bancorp of Klamath Falls for up to $72.7 million in cash and stock.
April 5
Washington Federal (WAFD) in Seattle is committing to community development in the Beaver State.
The $13.3 billion-asset thrift said Thursday that it will provide $250 million over the coming five years for community development in Oregon.
The move follows Washington Federal's purchase in October of South Valley Bancorp of Klamath Falls for roughly $44 million in cash and stock.
The company, which has 190 offices in eight western states, has pledged $10 million to build a housing project for senior citizens in La Pine, Ore., that will reserve 10 units to house the homeless.
It also said it would make $50 million in mortgage loans to low- and moderate-income homebuyers as part of a program that will enable them to borrow up to 95% of the purchase price for a home in amounts up to $200,000.
Washington Federal also announced contributions of $102,500 from the company and its foundation to nine charities, including the United Ways of Oregon, the Sanford Pediatric Clinic in Klamath Falls, and Bend Volunteers in Medicine.
"We look forward to increasing our support of the communities served by Washington Federal in Oregon, especially those currently served by South Valley Bank and Trust," Roy Whitehead, Washington Federal's chief executive, said in a news release. "We appreciate the need for healthy, thriving local communities to the success of our business, and this pledge and related programs reinforce our commitment to be 'Invested Here' in the communities we serve in Oregon, side-by-side with our valued clients."
