Who Owns WaFd Bank Company?

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Who Owns WaFd Bank?

Understanding WaFd Bank's ownership is key to grasping its direction and accountability. A significant development was its March 2024 acquisition of Luther Burbank Corporation, which expanded its California footprint and boosted its assets.

WaFd Bank, established in 1917, operates as a community-focused, full-service national bank. Its journey reflects a transformation from a mutual savings and loan to a publicly traded entity, influencing its market standing.

WaFd Bank's ownership structure is primarily held by its public shareholders, with WaFd, Inc. serving as its parent company. As of July 2025, the bank's market capitalization stands at approximately $2.38 billion USD. Key stakeholders include institutional investors, individual shareholders, and the company's management and board of directors. Analyzing its WaFd Bank BCG Matrix can offer insights into its product portfolio's market position.

WaFd Bank's origins trace back to April 24, 1917, as the Ballard Savings and Loan Association. It was founded by local businessmen in Ballard, Washington, with the core mission of providing home financing to the growing community. Initially, it operated as a state-chartered mutual savings and loan association, signifying ownership by its depositors.

Founding Vision

The founders aimed to create a community-focused institution. Their vision was for the bank's interests to be directly aligned with those of its members.

Early Structure

WaFd Bank began as a mutual savings and loan association. This meant it was owned by its depositors, not by shareholders.

Federal Charter

In 1935, the association transitioned to a federal charter. This move also made it a member of the Federal Home Loan Bank system and secured federal deposit insurance.

Merger and Name Change

A significant development occurred in 1958 with the merger of Ballard Federal Savings and Loan and Washington Federal Savings and Loan Association of Bothell. The combined entity adopted the name Washington Federal.

Demutualization

The company maintained its mutual status until November 9, 1982. On this date, it converted into a federal stock association, allowing for public share issuance.

Public Offering

During the initial public offering following demutualization, customers purchased a substantial 62% of the shares. This demonstrated a continued strong community connection.

The current holding company structure, WaFd, Inc., was established in 1995, with the bank operating as its wholly-owned subsidiary. This organizational shift solidified the corporate framework for the institution. Understanding this historical evolution is key to grasping the current WaFd Bank ownership structure and its journey from a community-focused mutual association to a publicly recognized entity. This transition reflects a common path for financial institutions seeking growth and broader market access, as detailed in the Growth Strategy of WaFd Bank.

Key Ownership Milestones

WaFd Bank's ownership structure has evolved significantly since its founding. Key transitions include its mutual status, conversion to a federal charter, and eventual demutualization.

• Founded as Ballard Savings and Loan Association in 1917.
• Operated as a mutual savings and loan association, owned by depositors.
• Converted to a federal charter in 1935.
• Merged with Washington Federal Savings and Loan Association of Bothell in 1958.
• Demutualized and converted to a federal stock association in 1982.
• Established the holding company WaFd, Inc. in 1995.

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The ownership journey of WaFd Bank began with its demutualization and subsequent initial public offering (IPO) in 1982, transitioning it into a publicly traded entity. The establishment of WaFd, Inc. as a holding company in 1995 further cemented its public ownership structure, making it accessible to a broad range of investors.

As of July 15, 2025, WaFd, Inc. is held by 555 institutional owners and shareholders, collectively possessing 87,152,847 shares. Prominent among these are BlackRock, Inc., Vanguard Group Inc, Dimensional Fund Advisors LP, iShares Core S&P Small-Cap ETF (IJR), and State Street Corp. The acquisition of Luther Burbank Corporation in March 2024 was a significant event, adding approximately $7.7 billion in assets and expanding the company's reach into California's substantial deposit market. This strategic move also contributed to a diversification of its loan portfolio. Financially, the company reported total assets of $28.1 billion as of September 30, 2024, which saw a slight decrease to $26.7 billion by June 30, 2025, primarily due to reductions in loans and cash. Total deposits remained stable at $21.4 billion across the same periods, while stockholders' equity stood at $3.0 billion as of both September 30, 2024, and March 31, 2025. Understanding the Brief History of WaFd Bank provides context for its current ownership landscape.

Key Institutional Holders of WaFd Bank

Several major institutions hold significant stakes in WaFd Bank, influencing its shareholder base and market presence.

• BlackRock, Inc. is a major institutional shareholder.
• Vanguard Group Inc also holds a substantial number of shares.
• Dimensional Fund Advisors LP is another key institutional investor.
• iShares Core S&P Small-Cap ETF (IJR) represents a significant portion of institutional ownership.
• State Street Corp is among the top institutional holders.

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The Board of Directors at WaFd, Inc. is instrumental in guiding the company's strategic path and safeguarding shareholder interests. As of early 2025, the board comprises a blend of independent directors and key executives, ensuring diverse perspectives in governance.

WaFd, Inc. operates under a standard one-share-one-vote system, meaning each common share holds equal voting power. This structure ensures that control is distributed proportionally among shareholders, without preferential voting rights. The significant institutional ownership, standing at 81.34% as of July 2025, indicates that large investment firms collectively wield substantial voting influence. Insider ownership accounts for 3.34% of the shares.

Understanding WaFd Bank's Governance

WaFd Bank's commitment to shareholder engagement is evident through its consistent communication practices. The company's structure and policies are designed to align management and shareholder interests.

• WaFd Bank is a publicly traded entity, making it clear that it is not privately held.
• The company's voting power is distributed based on share ownership, with a one-share-one-vote policy.
• Institutional investors hold the majority of voting power, influencing major decisions.
• Insider ownership is relatively low, indicating a broad base of external shareholders.
• The Mission, Vision & Core Values of WaFd Bank guide the company's strategic direction.

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Over the past few years, WaFd Bank has undergone significant strategic shifts and experienced notable ownership trends. These developments have reshaped its operational focus and market position, with institutional investors continuing to play a dominant role in its shareholder structure.

Institutional investors are the primary holders of WaFd, Inc. stock, collectively owning 87,152,847 shares as of July 15, 2025. Key institutional shareholders include BlackRock, Vanguard, and Dimensional Fund Advisors, underscoring their significant influence on the company’s direction. While founder stakes are less prominent due to the company's long public trading history, the collective weight of institutional ownership dictates much of the current shareholder landscape. The company's commitment to shareholder value is further demonstrated through its ongoing share repurchase programs, with 1,662,508 shares bought back in the third fiscal quarter of 2025. This active buyback strategy, alongside a consistent history of quarterly dividends, highlights the company's focus on returning capital to its investors. Understanding these dynamics is crucial for grasping the current WaFd Bank ownership structure and its implications for the Revenue Streams & Business Model of WaFd Bank.

Institutional Dominance

Institutional investors hold a substantial majority of WaFd, Inc. stock. Major firms like BlackRock and Vanguard are key shareholders, influencing corporate strategy.

Strategic Business Pivot

WaFd Bank is exiting its century-old mortgage lending business. The focus is shifting to small business and commercial lending to navigate regulatory challenges and improve profitability.

Shareholder Returns

The company actively engages in share repurchases, having bought back over 1.6 million shares in Q3 2025. WaFd Bank also maintains a consistent record of quarterly cash dividends.

Acquisition Impact

The acquisition of Luther Burbank Corporation in March 2024 significantly expanded WaFd Bank's asset base and geographic reach. Subsequent loan portfolio adjustments followed this integration.

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