WaFd Bank Hires Veteran Banker Mark Borrecco as Regional President for California

Rhea-AI Summary

Washington Federal, Inc. (WAFD) has appointed Mark Borrecco as the new Regional President for California, bringing over 27 years of banking experience. Borrecco, previously President and CEO of Great Western Bank and Rabobank, is set to join WaFd as the bank prepares to acquire Luther Burbank Savings. His familiarity with California banking is expected to aid WaFd in establishing a presence in the state for the first time in its 105-year history. Both Borrecco and WaFd's CEO, Brent Beardall, expressed optimism about the future and the cultural fit of Borrecco's leadership within the company.

Positive

• Appointment of Mark Borrecco as Regional President for California enhances leadership.
• Borrecco's extensive experience in commercial banking is expected to support WaFd's expansion efforts.
• Acquisition of Luther Burbank Savings anticipated to strengthen regional presence.

Negative

• None.

SEATTLE--(BUSINESS WIRE)-- Washington Federal, Inc. (Nasdaq: WAFD) (the “Company”), parent company of Washington Federal Bank, (“WaFd Bank”) today announced veteran banker and former President and Chief Executive Officer at Great Western Bank, Mark Borrecco, will join the WaFd team as the new Regional President for California. Borrecco brings more than 27 years of banking experience to this new role as WaFd anticipates the acquisition of Luther Burbank Savings in California sometime later this year. Prior to his role at Great Western Bank, Mark served as President and Chief Executive Officer of Rabobank in Roseville, California from 2015 through 2019 and guided them through the sale to Mechanics Bank. Before that Mr. Borrecco held various leadership roles at other financial institutions. He holds an Economics degree from California State University Fresno.

Mark commented, “I’m excited to join the WaFd team to build a first-class team of bankers as we enter California for the first time in their successful 105-year history. California is my home state, which will allow me to hit the ground running and be a productive part of this growing regional bank.” WaFd President and Chief Executive Officer, Brent Beardall said, “We are excited to welcome Mark to the WaFd team. The most important attribute we can hire for is culture. Mark’s experience, leadership, and successful track record in commercial banking in California is a perfect fit for the culture we are building at WaFd Bank. We look forward to delivering on our promise to support the clients and communities we serve for years to come.”

Washington Federal Bank, a national bank with headquarters in Seattle, Washington, has more than 200 branches in eight western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. WaFd Bank uses its website to distribute financial and other material information about the Company.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230301005107/en/

Brad Goode

Chief Marketing & Communications Officer

Washington Federal, Inc.

425 Pike Street, Seattle, WA 98101

(206) 626-8178

Source: Washington Federal, Inc.

FAQ

What is Mark Borrecco's experience before joining WAFD?

Mark Borrecco served as President and CEO at Great Western Bank and Rabobank, bringing over 27 years of banking experience.

Why is WAFD expanding into California?

WAFD is expanding into California to establish its presence for the first time, aiming to leverage growth opportunities.

What impact could Borrecco's appointment have on WAFD's operations?

Borrecco's appointment could positively impact WAFD's operations by enhancing leadership and supporting the acquisition of Luther Burbank Savings.

When is WAFD expected to acquire Luther Burbank Savings?

The acquisition of Luther Burbank Savings by WAFD is anticipated to occur later this year.