Washington Federal has officially changed its name to Washington Federal Bank, the first time in its 102-year history that the organization has branded itself as a bank. It has revamped its logo to reflect the new name, colloquially referring to itself as WaFd Bank. The logo pays homage to their longtime nickname, and will soon appear on their credit cards, statements, and advertisements.
The new name is meant to better reflect the business it provides, while remaining clearly recognizable in its markets, according to the Washington Federal Bank website. The company also stated in a press release that it’s working on creating a digital-first bank.
All this change comes on the back of notable growth the company has experienced in recent years. Washington Federal Bank continued to experience growth in 2019 after its parent company, Washington Federal Inc., announced record quarterly earnings of $53.9 million, or 67 cents per diluted share. The fiscal quarter, which ended June 30, marked a 10 percent increase from the previous year’s $51.4 million reported earnings.
“We are optimistic as our primary markets continue to experience net immigration and robust job growth,” President and CEO Brent J. Beardall said in a prepared statement. “As we transform over the next few years into a digital-first bank, we see significant potential to improve our digital platforms with the objective of increasing deposit market share.”