Insurance Companies in Seatle: Essay

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Washington Federal is a Washington-based financial institution headquartered in Seattle. The Company is insured by Washington Federal, National Association, and conducting its operation as a bank holding company. Washington Federal was founded in 1917, originally as Ballard Savings and Loan. In 1958, the company merged with Bothell's Washington Federal Savings and Loan, and operated under the unchanged name of Bothell’s. In 1982, WFSL officially split with Bothell’s and the current holding company was running up till now.

History

The business of Washington Federal started from 1917, when a group of local businessmen founded Ballard Savings and Loan Association serving fisherman and lumber industry in north of Seattle. In the century
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The completion of the deal marked Washington Federal’s first charge into an Asian American financial market. The deal incurred the purchase price of $65 million.

In 2008, WAFED made an acquisition with the First Mutual Bank of Bellevue. Before the merger, Washington Federal was a savings and loan bank with no meaningful presence in the financial residential market sector. While at the time, First Mutual Bank was a highly experienced commercial real estate loan lender, operating a wholesale residential department serving residential construction industry. The transaction was finalized in the beginning of 2008, becoming a watershed event for Washington Federal’s extended commercial lending ability within the residential real estate area.

In 2010, Washington Federal purchased Horizon Bank, a Bellingham-based bank with 18 branch offices. The acquisition occurred when Horizon Bank was bankrupted with assets of 1.3 billion dollars and deposits of 1.2 billion. The failure was caused by Horizon’s speculative lending to commercial real estate purchase in the heat of the real estate market in 2006. When the business collapsed, many of the loans lost their value. The merge from Washington Federal was taken place in this moment, which resulted in Washington Federal’s purchasing of Horizon’s assets at a discounted cost. It was a deal that had caused

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