WaFd Bank (NASDAQ: WAFD) conducted its annual shareholder meeting virtually, where shareholders reaffirmed their commitment to the bank’s leadership by reelecting directors, endorsing executive compensation, and approving the appointment of Deloitte as the auditor. Chairman Stephen Graham opened the session, marking it as the bank’s 44th annual meeting since its public listing in 1982, and noted that the institution is celebrating its 109th anniversary since its founding in 1917.
During his opening remarks, Graham described the past fiscal year as both “challenging and rewarding.” He provided details on meeting procedures, including the voting process and how shareholders could submit questions.
Director Election and Board Responsibilities
Vice Chairman Brent Beardall emphasized the importance of the director elections, stating that the board plays a critical role in monitoring management and overseeing the bank’s overall health and reputation. The board convened five times in the previous year, alongside various committee meetings. Four directors were up for reelection to three-year terms ending in 2029.
Corporate Secretary Cathy Cooper reported that out of 76.4 million shares entitled to vote, 67.3 million were represented at the meeting, both in person and by proxy, ensuring a quorum was established. She confirmed that legal notices had been sent to shareholders of record as of November 30, 2025.
Beardall explained the voting standards for director elections, noting that while the bylaws require a plurality, a board policy enacted in 2014 mandates that any director failing to secure a majority of votes must tender their resignation for board consideration.
Addressing Shareholder Questions
During the question-and-answer segment, a shareholder inquired about how WaFd balances physical branch presence with its digital and artificial intelligence initiatives. Cooper responded by affirming the bank’s commitment to small businesses, highlighting the necessity of physical locations for personal banking experiences. She acknowledged that customers expect robust digital services and confirmed ongoing investments in digital tools for both commercial and consumer banking.
Another shareholder raised concerns regarding competition from private equity firms encroaching on WaFd’s loan business. Beardall acknowledged this competition and noted challenges posed by national and local banks, as well as credit unions, which he described as creating an “unlevel playing field” due to their differing tax obligations. He expressed confidence in WaFd’s ability to compete effectively against private equity, questioning their long-term sustainability in varying credit cycles.
A shareholder also inquired whether there had been interest from other organizations in acquiring WaFd. Beardall reiterated the bank’s strategic focus on delivering value to shareholders while serving its customers and communities. He stated that while the board would consider any acquisition proposals in accordance with their fiduciary duties, WaFd has “no intention” of marketing itself for sale. Beardall expressed a preference for WaFd to be an acquirer rather than an acquiree, emphasizing the need to generate returns to secure that position.
Preliminary voting results indicated that over 70 million votes had been cast by proxy, representing 92.8% of outstanding shares, although final results were still pending. The meeting concluded with management encouraging shareholders to engage with WaFd Bank and assured them that final vote totals would be available on the virtual meeting site and the company’s website by the end of the week.
About WaFd Bank
Founded in 1917 as Ballard Savings & Loan in Seattle, WaFd Bank provides a variety of banking and financial services to individuals and businesses across the Western United States. The bank offers an extensive range of deposit accounts and lending products, catering to both consumer and commercial clients. As a publicly traded bank holding company, WaFd operates with a commitment to growth and stability in the financial sector.
