SOURCE: Washington Federal

Washington Federal

January 10, 2013 08:00 ET

Washington Federal Pledges $250 Million in Community Development Funding in the State of Oregon

SEATTLE, WA--(Marketwire - Jan 10, 2013) - Washington Federal, Inc. (NASDAQ: WAFD) today announced a pledge to provide $250 million in community development funding over the next five years in the state of Oregon. Contributing to the pledge goal will be activities such as loans for affordable housing, economic development financing, revitalization projects, small business and farm loans, employee volunteer time, and donations to charitable organizations.

To kick off the community development pledge, the Company announced multiple steps toward the goal:

  •  A $10 million investment with Enterprise Housing Partners for the construction of a housing project for seniors in La Pine, Oregon. The facility will set aside 10 units for homeless members of that community. The funds will also be used to rehabilitate a project serving elderly and disabled residents in downtown Portland, Oregon.
  • $50 million in mortgage loans to assist low-moderate income buyers to take advantage of historically low home prices. The program will allow qualified applicants to borrow up to 95% of the purchase price in loan amounts up to $200,000. Applications will be accepted beginning on January 15, 2013.
  • Gifts from the Company and the Washington Federal Foundation to the following Oregon charities were also announced: Klamath Falls Rotary First Harvest ($2,500), Klamath Falls Gospel Mission ($5,000), Bend Volunteers in Medicine ($5,000), Food Bank of Josephine County ($5,000), Family Resource Center in Bend ($2,500), Bend Area Habitat for Humanity ($2,500), Access Community Action Agency of Jackson County ($5,000), the Sanford Pediatric Clinic in Klamath Falls ($50,000 over 5 years), and The United Ways of Oregon ($25,000).

The Washington Federal Foundation supports programs and causes that help provide affordable housing for low and moderate income individuals; provides support for social and human service agencies which serve the needs of low income senior residents; and donates to other charitable organizations supported by our employees who serve as volunteers or board members. For example, Washington Federal is also making a pledge to continue to provide volunteers to support the Klamath Fair and 4-H auction as South Valley Bank has done in past years.

Roy Whitehead, Washington Federal's Chairman, President and CEO said, "We look forward to increasing our support of the communities served by Washington Federal in Oregon, especially those currently served by South Valley Bank and Trust. We appreciate the need for healthy, thriving local communities to the success of our business, and this pledge and related programs reinforce our commitment to be 'Invested Here' in the communities we serve in Oregon, side-by-side with our valued clients."

Bill Castle, Senior Vice President, Business Banking Manager in Oregon and the former CEO of South Valley Bank, echoed Whitehead's comments. "South Valley has a proud heritage of giving back to the communities we serve through investment in businesses, charitable organizations, and the people we stand shoulder-to-shoulder with every day. Today, we are proud to be a part of Washington Federal where we will continue a heritage of giving at an increased level that will be even more beneficial and impactful to our communities and the people we serve."

About Washington Federal

Washington Federal, with headquarters in Seattle, Washington, has 190 offices in eight western states. To find out more about the Company, please visit our website. The Company uses its website to distribute financial and other material information about the Company, which is routinely posted on and accessible at