Illinois Valley News, Cave Junction, Ore. Wednesday, April 19, 2017
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Washington Federal celebrates 100
Judy Hoyle
IVN Contributing Writer
0108
Washington Federal celebrates 100
years of serving local communities this
month.
The Cave Junction bank branch is
inviting area businesses and residents to
visit the bank at 135 S. Redwood Hwy,
April 24 from 10 a.m. to 3 p.m. for a
complimentary centennial celebration.
During the celebration, branch staff
will be serving cupcakes and punch. The
event will also feature a drawing for a
spring basket.
“We’re excited to celebrate
Washington Federal’s first 100 years
in banking with our Illinois Valley
neighbors,” said Dawn LeGaux, Cave
Junction branch manager. “This event
is our chance to say ‘thank you’ to the
community for their support and trust.”
LeGaux also said, “Throughout
changing economies, Washington Federal
has been committed to offering sound
and safe banking. My team and I are
honored to help continue to make the
Illinois Valley a great place to live and do
business.”
South Valley Bank took over the
failing Home Valley Bank in 2010,
during the recession and then Washington
Federal took over South Valley in 2013.
Many staff members, including LeGaux,
have remained with the Cave Junction
branch throughout these transitions.
According to a press release,
Washington Federal is a national
bank that operates 238 branches in
Washington, Oregon, Idaho, Utah,
Arizona, Texas, Nevada and New
Mexico.
Established in 1917, the bank
provides consumer and commercial
deposit accounts, financing for small to
middle market businesses, commercial
real estate and residential real estate
loans, including consumer mortgages,
home equity lines of credit and insurance
products through a subsidiary.
As of the end of 2016, Washington
Federal reported $14.9 billion in assets,
$10.6 billion in deposits and $2 billion in
stockholders’ equity.
Washington Federal first started in
Seattle’s Ballard neighborhood, not far
from today’s headquarters. Two local
brothers, the Keans, wanted to help
better the community by offering steady,
practical loans to help their neighbors
achieve the American dream of owning
their own home.
With the Kean brothers’ initial
investment, the bank started making
small loans to the community. Deposits
were accepted from local businesses and
residents, and then the funds were loaned
for home construction financing and
mortgages.
During the Great Depression,
the bank helped clients maintain their
homeowner status.
After former chairman Harold
Kean’s death, his widow found a thank-
you note from a borrower who was
making his final loan payment. The
borrower had expressed gratitude for
helping him make it through “those dark
days when America about lost its soul.”
One hundred years after its
founding, Washington Federal is one of
the nation’s strongest banks and one of
the areas few “portfolio” lenders.
All loans remain with the bank and
are not sold to middlemen, insurance
firms or other banks.
This business model ensures
that Washington Federal takes a long-
term approach to community banking.
Deposits from the community are
reinvested back into the area to help
local businesses and residents prosper. In
other words, the bank succeeds when the
community thrives.
This long-term approach to banking
has allowed Washington Federal to
continue to serve communities during
catastrophic economic events like the
recession of 2008-2010.
Washington Federal CEO Brent
Beardall stated, “While our 100 year
anniversary is a celebration, it’s also
more than that. It’s a chance to show our
gratitude and appreciation to our clients
and communities for the continued
chance to be a part of their lives. Most
importantly, it’s our commitment that
they can continue to count on us to
provide stable, common sense banking
for years to come.”
A few future
firefighters
take a break
during the
Prepare Fair
held Saturday,
April 15 in the
commons at
IVHS. More
than 100 peo-
ple attended
the first fair
that plans to
be an annual
event. The
fair is part of
the IVCDO’s
20/20 Commu-
nity Strategic
Plan.
(Photo by Birdy for the
Illinois Valley News)
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