Washington Federal has acquired Western National Bank's (WNB) certain assets and liabilities, including loans and deposits.
As of 30 June 2011, WNB, operated three offices in Maricopa County in Arizona, reported total assets of $174m and total deposits of $146m.
Under the terms of the agreement with the Federal Deposit Insurance Corporation, Washington Federal will also acquire an asset discount and no loss sharing or premium on deposits.
Washington Federal chairman president and CEO Roy Whitehead said that WNB branches will open under new ownership otherwise it will be business as usual. Depositors can be rest assured that their funds are not at risk.
Washington Federal, established in 1917, operates 165 offices in US providing residential real estate loans, commercial real estate financing, business loans, and consumer and commercial deposit accounts along with treasury management services.