Miraculous transformation? WaFd Bank intends to build on West 6th in TD
The former Miracle on 6th Street car dealership building may not be destined for this world much longer. WaFd Bank or Washington Federal Bank intends to construct a new single-story bank at this site, 1014 W. Sixth Street. An application for the building has been submitted to the City of The Dalles.
By Tom Peterson
Washington Federal Bank, better known as WaFd Bank, has purchased the former car dealership building and property on West Sixth Street in The Dalles and intends to build a brand new 2,300 square-foot bank on the site, according to city planning documents and Wasco County records.
Michael Wannick submitted the application for the single-story bank with a drive-through and parking at 1014 W. Sixth Street, across the street from the Barbecue Restaurant earlier this month. The application is pending for comment and final decision.
Room to spread out - the .32 acre lot leaves considerable space for parking and a drive through if a bank is constructed.
The new bank would sit across the street from First Interstate Bank.
Written comments for or against the proposal are being accepted at The Dalles Community Development Department until Nov. 28 at 5 p.m.
Prior to the application, Decka Enterprises, Inc. of Gresham Oregon, a rental property business, sold the .32 acre property with the single building with a Wasco County real market value of $213,610 for $600,000 to WaFd, according to a statutory deed submitted July 14, 2023.
No word was available on Wednesday, Nov. 15, about whether the existing WaFd branch at 115 E. 4th Street will remain open or not if a new bank is built, as tellers were not permitted to speak about it.
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Washington Federal (WaFd) Bank is a regional bank with headquarters in Seattle. It has more than 250 branches and employes more than 2,000 employees in 8 western states from Washington to Texas.
“Our net interest margin climbed from a near-record low of 2.88% a year ago to 3.64% at the end of the latest quarter,” according to the company’s 2022 shareholder annual report. “That represents our highest net interest margin since 2005. We also grew loans outstanding over the past year by $2.3 billion, or 17%, further capitalizing on our margin expansion.”
WaFd Inc. is traded on the U.S. Nasdaq exchange and had a listed price of $27.71 per share at the end of the day on Wednesday, Oct. 15.
Struggling with the name WaFd? - Like me. Here’s some help. It’s pronounced Wah-Fed.
