Washington Federal (WFSL) Acquires Assets, Deposits of Western National Bank
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Washington Federal, Inc. (Nasdaq: WFSL), announced its acquisition of certain assets and liabilities, including most of the loans and deposits, of Western National Bank (WNB), headquartered in Phoenix, Arizona. As of June 30, 2011, WNB reported total assets of $174 million and total deposits of $146 million. WNB operated three offices in Maricopa County in Arizona.
Under terms of the Purchase and Assumption agreement with the Federal Deposit Insurance Corporation (FDIC), Washington Federal agreed to an asset discount and no loss sharing or premium on deposits. The Company anticipates that this transaction will be accretive to earnings beginning immediately; although, the impact is not expected to be material given the relatively small size of the transaction.
Under terms of the Purchase and Assumption agreement with the Federal Deposit Insurance Corporation (FDIC), Washington Federal agreed to an asset discount and no loss sharing or premium on deposits. The Company anticipates that this transaction will be accretive to earnings beginning immediately; although, the impact is not expected to be material given the relatively small size of the transaction.
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