New bank moving into Bisbee

SEATTLE, WASHINGTON – Washington Federal, Inc., parent company of Washington Federal, has announced that it has entered into an agreement with Bank of America to acquire 23 retail branches located in Arizona and Nevada.

The company will be taking over the branch in Bisbee and the one in Douglas in early May, said Cathy Cooper, senior vice president of public communications, in an interview Friday.

According to Chairman, President & CEO Roy M. Whitehead, “All employees from the acquired branches will be offered employment with Washington Federal and every effort will be made to minimize disruptions to customer banking routines at those locations. We enthusiastically welcome all new employees and customers joining us by virtue of this agreement. When completed, the transaction will represent a significant enhancement of our branch network in Arizona and Nevada.”

Cooper noted that Washington Federal, headquartered in Seattle, Wash., has already purchased 51 Bank of America branches in small communities across the eight states it serves.

She explained that once the deal goes through, Bank of America will notify all the customers of the transition and Washington Federal will have new account numbers and checks for existing customers ready to go so that there is no disruption in service.

The transition is expected to occur at noon May 2 and all the account information will be transferred from Bank of America to Washington Federal over that weekend.

Cooper also stated that the employees will be retained so that a smooth transition can occur.

We want them in place since they know all the customers and the market in the city,” Cooper emphasized.

Washington Federal, with headquarters in Seattle, Washington, has 235 branches in eight western states. Once the transaction is complete the number of branches will increase to 258.

Washington Federal anticipates receiving approximately $610 million of deposits and $4 million of loans from the transaction.

Additional details can be found in a Deposit Acquisition Summary in the Investor Relations section of Washington Federal’s website. Washington Federal uses its website to distribute financial and other material information about the Company, which is routinely posted on and accessible at:

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