Washington Federal said Sunday it will receive a $200 million capital infusion through the U.S. Treasury's new program to buy shares in regional banks.
Washington Federal said Sunday it will receive a $200 million capital infusion through the U.S. Treasury’s new program to buy shares in regional banks.
The program extends to smaller banks the kind of government support first provided two weeks ago to Bank of America, JPMorgan Chase and seven other top banks.
The Seattle-based thrift would sell the government senior preferred shares, along with warrants to purchase up to $30 million in common stock. The transaction is expected to close within 30 days.
Chairman and Chief Executive Roy M. Whitehead said “Washington Federal was selected as one of the first regional institutions deemed strong enough to participate in this voluntary program, which is designed to promote confidence in the banking system and to invigorate lending.”
Most Read Business Stories
- The penthouse atop Smith Tower is on the rental market for the first time
- Downtowns will be back, but Seattle has choices to make
- Boutique cruise line Windstar will move its Seattle headquarters to Miami
- Zillow’s price estimates are now cash offers in homebuying push
- US advisers endorse single-shot COVID-19 vaccine from J&J
Washington Federal has 148 offices in eight Western states. It recently reported its first quarterly loss in more than two decades, largely due to losses on Freddie Mac and Fannie Mae stock.