Washington Federal Responds to Tax Reform with Accelerated Investments in Employees, Technology and Community Development
December 20 2017 - 5:53PM
Business Wire
Washington Federal, Inc. (NASDAQ: WAFD) today announced with the
signing of tax reform legislation, the Bank will accelerate
strategic investments in its employees, client service capabilities
and community development funding. Specifically, effective when the
bill becomes law all Washington Federal employees in good standing
and earning less than $100,000 per year will receive a 5% increase
on top of their normal merit increase. In addition, a substantial
investment will be made in the training and development of all
employees, enabling them to upgrade their skills to more
effectively compete in today’s rapidly changing business
environment. The training will focus on leadership, technology, and
client service skills.
Additionally, Washington Federal will accelerate its planned
investment in technology infrastructure to improve the client
experience and create efficiencies that will keep the overall cost
of our products and services low. Important upgrades to the Bank’s
online consumer and commercial banking platforms will be undertaken
and, consistent with the changing ways our clients transact
business, new investments will also include the establishment of a
second technology hub in Boise, Idaho and an increase in technology
staff of 25%.
Finally, the bank will contribute an additional $5 million
dollars over the next five years to the Washington Federal
Foundation. The objective of the foundation is to support low and
moderate-income individuals in our communities through direct
contributions to not-for-profits focused on housing, senior care
and improving financial literacy.
Washington Federal President & CEO Brent Beardall commented,
“We have argued for years that our tax system is unfair and heavily
biased towards non tax-paying competitors such as credit unions and
governmental entities. We feel it is our responsibility in this
moment to do our part to spur economic growth and strengthen our
communities. While the imbalance remains, the new tax law does
provide relief that will allow Washington Federal to more
aggressively pursue capital investments such as those outlined
above with ongoing benefits for employees, clients and shareholders
alike.”
Washington Federal is a national bank holding company that
operates 237 branches in Washington, Oregon, Idaho, Utah, Arizona,
Texas, Nevada and New Mexico. It has been servicing customers for
over 100 years, been publicly traded since 1982 and is in its 139th
consecutive quarter of paying dividends. The bank provides consumer
and commercial deposit accounts, financing for small to middle
market businesses, commercial real estate and residential real
estate, including consumer mortgages, home equity lines of credit
and insurance products through a subsidiary. As of September 30,
2017, the Company reported $15.3 billion in assets, $10.8 billion
in deposits and $2 billion in stockholders’ equity.
Important Cautionary
Statements
The foregoing information should be read in conjunction with the
financial statements, notes and other information contained in the
Company’s 2017 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 Company’s
future that are not statements of historical fact. These statements
are “forward-looking statements” for purposes of applicable
securities laws, and are based on current information and/or
management's good faith belief as to future events. The words
“believe,” “expect,” “anticipate,” “project,” “plan” and similar
expressions signify forward-looking statements. Forward-looking
statements should not be read as a guarantee of future performance
or financial condition. By their nature, forward-looking statements
involve inherent risk and uncertainties, which change over time;
and actual performance, could differ materially from those
anticipated by any forward-looking statements. The Company
undertakes no obligation to update or revise any forward-looking
statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20171220006150/en/
Washington Federal, Inc.Brad Goode,
206-626-8178Brad.Goode@wafd.com
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