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Article: Washington Federal shows throwback can win. (success with traditional products)
- Article from:
- American Banker
- Article date:
- June 28, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SEATTLE -- Cars used to have fins, but no more. Stock market tickers used to have tape, but no longer.
Thrifts used to make money by investing deposits in fixed-rate loans. Not any more - unless you're talking about Washington Federal Savings and Loan, Seattle, which still makes profits the old-fashioned way.
"We look at ourselves as being a little different," said Charles R. Richmond, Washington Federal's executive vice president and secretary, "We have never really changed our business."
It's noteworthy that Washington Federal is still operating - profitably - as though deregulation never happened.
Is management hopelessly out of date? Hardly. "It's ...