WAFD Completes AmericanWest Bank Acquisition

TL;DR

WAFD just bought AmericanWest Bank for ~11.4M shares. Big move for them.

AI Summary

WAFD, Inc. (WAFD) announced the completion of its acquisition of AmericanWest Bank on June 21, 2024. The transaction involved the exchange of approximately 11.4 million shares of WAFD common stock for all outstanding shares of AmericanWest Bank. This strategic move is expected to enhance WAFD's market position and expand its reach.

Why It Matters

This acquisition signifies a significant expansion for WAFD, potentially leading to increased market share and a broader customer base in the banking sector.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent integration risks and potential challenges in realizing expected synergies, which could impact financial performance.

Key Numbers

• 11.4 million — Shares Exchanged (Represents the number of WAFD common stock shares exchanged for AmericanWest Bank shares.)

Key Players & Entities

• WAFD, INC. (company) — Registrant
• AmericanWest Bank (company) — Acquired Entity
• June 21, 2024 (date) — Completion Date of Acquisition
• 11.4 million (dollar_amount) — Shares exchanged in acquisition

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value per share WAFD NASDAQ Stock M
• $2.6 b — regate purchase price for the Loans was $2.6 billion, which represents 91.96% of the $
• $2.8 billion — billion, which represents 91.96% of the $2.8 billion aggregate unpaid principal balance of t

Filing Documents

• wfsl-20240621.htm (8-K) — 35KB
• wafdbankmulti-familyloan.htm (EX-99.1) — 7KB
• wafdbankmulti-familyloan001.jpg (GRAPHIC) — 157KB
• wafdbankmulti-familyloan002.jpg (GRAPHIC) — 156KB
• wafdbankmulti-familyloan003.jpg (GRAPHIC) — 160KB
• 0000936528-24-000092.txt ( ) — 859KB
• wfsl-20240621.xsd (EX-101.SCH) — 2KB
• wfsl-20240621_def.xml (EX-101.DEF) — 15KB
• wfsl-20240621_lab.xml (EX-101.LAB) — 27KB
• wfsl-20240621_pre.xml (EX-101.PRE) — 16KB
• wfsl-20240621_htm.xml (XML) — 4KB

01 Completion of Acquisition of Disposition of Assets

Item 2.01 Completion of Acquisition of Disposition of Assets On June 21, 2024, Washington Federal Bank, dba WaFd Bank, a wholly owned subsidiary of WaFd, Inc. (the "Company") finalized the previously announced sale to Bank of America, N.A. (the "Purchaser") of approximately 1,800 commercial multi-family real estate loans (the "Loans") pursuant to an Agreement for Purchase and Sale of Loans dated May 14, 2024 (the "Purchase Agreement"). The aggregate purchase price for the Loans was $2.6 billion, which represents 91.96% of the $2.8 billion aggregate unpaid principal balance of the Loans purchased as of the closing date. There are no relationships, other than with respect to the Purchase Agreement, between the Company or its Affiliates and the Purchaser.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure A copy of the press release issued on June 21, 2024 regarding this event is furnished as Exhibit 99.1 to this report. The information provided pursuant to this Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filing or other document filed by the Company pursuant to the Exchange Act or the Securities Act except as shall be expressly set forth by specific reference in such filing or document. The information provided pursuant to this Item 7.01 shall instead be deemed "furnished."

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) The following exhibits are being furnished herewith: Exhibit 99.1 WaFd Bank press release dated June 21 , 2024 Exhibit 104 Cover Page Interactive Data File (embedded within with Inline XBRL) Important Cautionary Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report on Form 8-K that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation statements related to the Company's ability to close or timely close on the proposed sale described above. These statements are based on management's current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For important factors that could cause actual results to differ materially from the forward-looking statements in this Current Report on Form 8-K, please see the risks and uncertainties identified under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended September 30, 2023, and our other reports filed with the SEC and which are available on the SEC website at www.sec.gov. All forward-looking statements reflect the Company's beliefs and assumptions only as of the date of this Current Report on Form 8-K. The Company undertakes no obligation to update forward-looking statements to reflect future events or circumstances. 3

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. June 21, 2024 WAFD, INC. By: /s/ KELLI J. HOLZ Kelli J. Holz Executive Vice President and Chief Financial Officer 4

View Full Filing

View this 8-K filing on SEC EDGAR