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Washington Federal, Inc. to Acquire South Valley Bancorp, Inc.

April 4, 2012

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SEATTLE – Washington Federal, Inc. (the “Company” or “Washington Federal”) (NASDAQ: WAFD) and South Valley Bancorp, Inc. (“South Valley”) announced today the signing of a definitive merger agreement.  The merger agreement calls for the merger of South Valley with and into the Company, followed by the merger of South Valley’s wholly owned subsidiary, South Valley Bank & Trust, into the Company’s wholly owned subsidiary, Washington Federal.  The aggregate merger consideration consists of shares of Washington Federal common stock having a value of approximately $33.7 million, and contingent cash earn-out payments of up to a maximum of approximately $39 million based on collections of a specific pool of South Valley’s assets. After consummation of the merger, the combined Company will have 190 offices in eight western states with total assets of approximately $14.4 billion and total deposits of approximately $9.6 billion, based on financial results as of December 31, 2011.


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