WaFd, Inc. competitors
and the alternatives

Last updated Oct 19, 2026 · 7 peers · 67 sources cited

Who are WaFd, Inc.'s competitors, and what are the alternatives?

WaFd's fiscal 2025 10-K, filed November 18, 2025, says its competitors include other banks, savings associations, community banks, credit unions, fintech companies and new market participants. Its risk factors single out national banks whose 'greater resources' let them run more locations and launch new technologies. With 208 branches across nine Western states, it is a mid-sized player everywhere. FDIC data for June 30, 2025 rank it seventh in Washington with $8.7 billion of deposits in 74 offices. Bank of America ($42.2 billion), JPMorgan Chase ($30.6 billion), U.S. Bank ($22.6 billion), Wells Fargo ($20.9 billion), Umpqua ($15.8 billion) and KeyBank ($11.2 billion) are ahead of it. Banner is just behind with $7.3 billion. In Oregon it ranks eighth, after U.S. Bank, Umpqua and the national banks. In Idaho Glacier and Zions are larger, in Arizona Western Alliance holds $45.9 billion against WaFd's $1.7 billion, and in New Mexico WaFd ranks sixth. Its 10-K calls California, entered through Luther Burbank in 2024, 'highly competitive'. The rival set is about to change. On September 7, 2026 WaFd agreed a reverse merger with EverBank that would create a bank of about $75 billion. Among non-banks, Chime had 10.4 million active members in June 2026, and Block lists banks among the competitors of Square and Cash App.[1][2][3][4][5][6][7][8][9]

Data as of Oct 19, 2026 · WaFd Bank profile updated Oct 19, 2026 · computed tables recalculate from the 140 bank profiles on this site · Markdown

What does WaFd Bank say about its competition?

"We operate in a highly competitive environment. Our competitors include other banks, savings associations, community banks, credit unions, fintech companies and other financial intermediaries, and new market participants offering services similar to those that we offer. We compete with some competitors within our geographic market area, and with others on a product specific basis. Our ability to compete effectively depends on our ability to provide first-rate, friendly and professional customer service and deliver the banking solutions that our customers want and need."[1]

From the risk factors: "In particular, our competitors include national banks and major financial companies whose greater resources may afford them a marketplace advantage by enabling them to maintain numerous banking locations, launch new technologies and mount extensive promotional and advertising campaigns. The effective use of technology increases efficiency and enables financial institutions to better serve customers and to reduce costs. Many of our competitors have substantially greater resources to invest in technological improvements than we do."[1]

On California: "The banking and financial services business in California is highly competitive and we compete for loans, deposits and customers for financial services with other commercial banks, savings and loan associations, securities and brokerage companies, mortgage companies, insurance companies, finance companies, money market funds, credit unions, fintechs, and other nonbank financial service providers. Many of these competitors are much larger in total assets and capitalization, have greater access to capital markets and offer a broader array of financial services than the Company."[1]

On branches: "Advances in technology, as well as changing customer preferences for accessing our products and services, are requiring us to change our retail distribution strategy. As a result of the current market environment and customer behavior, we have undertaken a branch optimization strategy that has led to the closure, consolidation or sale of certain branches in our network." (Fiscal 2025 Form 10-K, filed November 18, 2025.)[1]

Who competes with WaFd Bank in each of its businesses?

Business lineCompetitorTypeWhy it competes
Home region: the Pacific Northwest and Mountain WestColumbia Banking System (Umpqua Bank)BankUmpqua Bank was fifth in Washington ($15.8 billion) and second in Oregon ($16.8 billion) by deposits at June 30, 2025, well ahead of WaFd's $8.7 billion and $2.9 billion.[2][3]
Home region: the Pacific Northwest and Mountain WestBanner BankBankEighth in Washington by deposits at June 30, 2025, with $7.3 billion in 67 offices, just behind WaFd, and seventh in Oregon, one place ahead; it completed its Pacific Financial acquisition in September 2026.[2][3][10]
Home region: the Pacific Northwest and Mountain WestU.S. BankBankThird in Washington ($22.6 billion) and first in Oregon ($21.8 billion) and Idaho ($6.7 billion) by deposits at June 30, 2025.[2][3][4]
Home region: the Pacific Northwest and Mountain WestKeyBankBankSixth in Washington by deposits, with $11.2 billion in 139 offices at June 30, 2025, and sixth in Oregon.[2][3]
Home region: the Pacific Northwest and Mountain WestWestern Alliance BancorporationBankSecond in Arizona by deposits at June 30, 2025, with $45.9 billion in nine offices, against WaFd's $1.7 billion in 28.[5]
Home region: the Pacific Northwest and Mountain WestZions BancorporationBankFifth in Arizona ($6.8 billion) and in Idaho ($2.6 billion) by deposits at June 30, 2025, ahead of WaFd in both; WaFd ranks 14th in each.[5][4]
Home region: the Pacific Northwest and Mountain WestGlacier BancorpBankThird in Idaho by deposits at June 30, 2025, with $3.2 billion in 37 offices, after buying Bank of Idaho in 2025.[4][11]
Home region: the Pacific Northwest and Mountain WestFirst Interstate BankBankNinth in Oregon ($2.5 billion) and ninth in Idaho ($1.6 billion) by deposits at June 30, 2025, close to WaFd in both states.[3][4]
Retail deposits, checking and everyday digital bankingBank of AmericaBankFirst in Washington by deposits at June 30, 2025, with $42.2 billion, nearly five times WaFd's; one of the national banks WaFd's 10-K says have greater resources for technology.[2][1]
Retail deposits, checking and everyday digital bankingJPMorgan ChaseBankSecond in Washington ($30.6 billion) and first in Arizona ($49.1 billion) by deposits at June 30, 2025; 74.6 million active digital customers in 2025.[2][5][12]
Retail deposits, checking and everyday digital bankingWells FargoBankFourth in Washington ($20.9 billion) and first in New Mexico ($9.0 billion) by deposits at June 30, 2025, where WaFd ranks sixth.[2][6]
Retail deposits, checking and everyday digital bankingChimeFintechA fintech of the kind WaFd's 10-K says offers 'the same types of loan and deposit services'; Chime's 10-K claims a cost advantage over traditional banks, and it had 10.4 million active members at June 30, 2026.[1][13][8]
Retail deposits, checking and everyday digital bankingCash App (Block)FintechBlock's 2025 10-K lists banks among Cash App's competitors in peer-to-peer payments and debit cards; Cash App had 59 million monthly transacting actives in December 2025.[9]
Commercial and business bankingWestern Alliance BancorporationBankA Phoenix-based commercial bank with more than $90 billion of assets and national specialty lines such as innovation banking (a $5 billion portfolio with 1,800+ clients, May 2026).[14][15]
Commercial and business bankingBanner BankBankIts new loan origination system lifted commercial originations 85% in the second quarter of 2026 from the first, in markets that overlap WaFd's in Washington and Oregon.[16][2][3]
Commercial and business bankingColumbia Banking SystemBankA $66.0 billion bank whose loan originations rose 38% year on year in the first quarter of 2026; the largest regional bank in WaFd's Washington and Oregon markets by deposits.[17][2][3]
Commercial and business bankingZions BancorporationBankChose nCino for commercial and small-business origination in April 2025, the vendor whose AI agent WaFd is piloting; Zions holds more deposits than WaFd in Arizona and Idaho.[18][19][5][4]
Small business banking and paymentsBank of AmericaBankCalls itself the number one small business lender in the US, citing FDIC data, serving 4 million small businesses; WaFd added Fiserv's CashFlow Central payables and receivables tool for small businesses in 2024.[20][21]
Small business banking and paymentsSquare (Block)Payments companyBlock's 10-K lists 'banks that provide payment processing, checking, savings, loans, and payroll' among Square's competitors.[9]

How do the AI and digital offerings of WaFd Bank's competitors compare?

WaFd Bank first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.

CompanyAI or digital offeringOn the record (our profiles)Latest dated AI move
WaFd, Inc. (this page)Build 2030 digital focus: next-generation mobile app and planned AI call-centre agent[22][23][24][25][26]Index 52.3 (#55); 13 use cases, 9 in productionQ4 FY2026 call: EverBank merger, no AI update (Oct 16, 2026)[27]
Columbia Banking System (Umpqua Bank)AI agents answering seven client messages per human response (September 2026)[28]Index 63.3 (#45); 16 use cases, 15 in productionBarclays conference: AI answers most client messages (Sep 15, 2026)[28]
Banner BankBanner Virtual Assistant, available 24/7[29]Index 36.7 (#80); 12 use cases, 9 in productionPacific Financial acquisition completed (Sep 1, 2026)[10]
U.S. BankIn-house tools from the AI Center of Excellence[30][31][32][33]Index 81.3 (#18); 18 use cases, 16 in productionVenkatachari: from proving AI to industrializing it (Oct 7, 2026)[34]
KeyBankConversational AI in the contact centre and 'cognitive banking' in the app[35][36][37]Index 80 (#21); 16 use cases, 10 in productionGessner ranked No. 3 in American Banker's Most Powerful Women in Banking NEXT (Oct 1, 2026)[38]
Western Alliance BancorporationEnterprise AI program: 150,000+ hours saved (May 2026)[15]Index 71.8 (#32); 17 use cases, 16 in productionAI team first used to defend against Mythos (Sep 16, 2026)[39]
Zions BancorporationGemini-based enterprise AI platform; 56% of staff using generative AI[40][41]Index 59.6 (#48); 16 use cases, 10 in productionQ2 2026 10-Q lists AI among emerging-technology risks (Aug 6, 2026)[42][43]
Glacier BancorpNot disclosedIndex 2 (#117); 10 use cases, 7 in productionGlacier Bank invests in the Cari tokenised-deposit network (Sep 2, 2026)[44]
First Interstate BankFiserv agentOS commercial loan-onboarding agent pilot (May 2026)[45]Index 51.3 (#56); 11 use cases, 5 in productionJeff Lee named chief operations officer (Aug 21, 2026)[46][47]
Bank of AmericaErica virtual assistant: more than 24.6 million clients helped[20]Index 97.3 (#1); 18 use cases, 16 in productionTreasury, FinCEN and OCC impose $1.21 billion in AML and sanctions penalties (Oct 13, 2026)[48][49][50]
JPMorgan ChaseSmart Cash AI cash tool in a targeted pilot (October 2026)[51]Index 89 (#6); 15 use cases, 8 in productionQ3 2026 call: outside AI agents stay blocked; AI spend put near $700 million (Oct 13, 2026)[52][51][53]
Wells FargoFargo virtual assistant: more than 1 billion interactions (March 2026)[54]Index 88.8 (#7); 16 use cases, 13 in productionQ3 2026 call: AI agents in code, marketing, cyber, underwriting (Oct 13, 2026)[55][56]
ChimeJade, an in-app AI financial partner available to some members[57]8 use cases, 6 in productionAgreement to acquire Stride Bank (Sep 8, 2026)[58]
Cash App (Block)Moneybot consumer agent: over 1 million weekly engaged accounts (June 30, 2026)[59]7 use cases, 6 in productionQ2 2026: Moneybot passes 1 million weekly engaged accounts (Aug 5, 2026)[59]
Columbia Banking SystemAI next-best-offer 'Smart Leads' with about a 50% close rate (July 2025)[60]Index 63.3 (#45); 16 use cases, 15 in productionBarclays conference: AI answers most client messages (Sep 15, 2026)[28]
Square (Block)Managerbot, an AI business agent for Square sellers[61]7 use cases, 6 in productionQ2 2026: Moneybot passes 1 million weekly engaged accounts (Aug 5, 2026)[59]

Who should look beyond WaFd Bank, and where?

If you areLook atWhy
People who need branches outside WaFd's nine Western statesJPMorgan Chase or Bank of AmericaWaFd's 208 branches are in Washington, Oregon, Idaho, Arizona, Utah, Nevada, New Mexico, California and Texas. Chase reported 5,083 branches in 2025, and Bank of America runs 3,500 financial centers.[1][12][20]
Customers who want a widely used AI assistant in the appBank of America (Erica) or Wells Fargo (Fargo)WaFd's bots handle balances and transfers, and its announced AI call-center agent had no reported launch by October 2026. Erica helps more than 24.6 million clients, and Fargo passed 1 billion interactions in March 2026.[62][63][20][54]
Arizona businesses that want a bank with a large local deposit baseWestern Alliance or ZionsWaFd ranks 14th in Arizona by deposits, with $1.7 billion (June 30, 2025). Western Alliance holds $45.9 billion there and Zions $6.8 billion.[5]
Customers who want a branchless, app-only checking accountChimeWaFd is a branch-based bank. Chime's model avoids branches and ATMs, it had 10.4 million active members at June 30, 2026, and some members can use Jade, its AI financial partner.[1][13][8][57]
Wealth clients who want a large established wealth platformZions or Columbia, or a national firmWaFd Wealth managed just under $450 million in April 2026 and targets $1 billion within two years; its AI-assisted planning tool was still being built in October 2025.[64][65]

Where does WaFd rank by deposits in its main states, and who is bigger?

FDIC Summary of Deposits data as of June 30, 2025: deposits booked in each bank's offices in the state, summed by institution, national banks included. Figures are rounded.

StateWaFd deposits (offices)WaFd rankLarger banks in the state
Washington$8.7 billion (74)7th of 66Bank of America $42.2 billion, JPMorgan Chase $30.6 billion, U.S. Bank $22.6 billion, Wells Fargo $20.9 billion, Umpqua $15.8 billion, KeyBank $11.2 billion[2]
Oregon$2.9 billion (36)8th of 37U.S. Bank $21.8 billion, Umpqua $16.8 billion, Bank of America $14.5 billion, Wells Fargo $12.5 billion, JPMorgan Chase $11.5 billion, KeyBank $6.0 billion, Banner $3.0 billion[3]
New Mexico$1.7 billion (18)6th of 55Wells Fargo $9.0 billion, Bank of America $5.6 billion, UMB $2.5 billion, BOKF $2.4 billion, U.S. Bank $2.4 billion[6]
Arizona$1.7 billion (28)14th of 62JPMorgan Chase $49.1 billion, Western Alliance $45.9 billion, Wells Fargo $38.9 billion, Bank of America $33.0 billion, Zions $6.8 billion and others[5]
Idaho$1.0 billion (21)14th of 31U.S. Bank $6.7 billion, Wells Fargo $6.5 billion, Glacier $3.2 billion, D. L. Evans $2.8 billion, Zions $2.6 billion and others[4]

How does the EverBank merger change WaFd's competitive position?

On September 7, 2026 WaFd agreed a $3.9 billion all-stock reverse merger with EverBank Financial Corp. WaFd, Inc. is to be renamed EverBank Financial Corp, WaFd Bank is to merge into EverBank, N.A., and EverBank's Greg Seibly is to be CEO, with Brent Beardall as president. The combined bank would hold about $75 billion of assets, and closing is expected in the first quarter of 2027.[7][66]

That would put the combined bank above Columbia's $66.0 billion of assets and into the size range of Zions and Western Alliance, the two Western banks that disclose the most about AI in WaFd's group. The merger deck says 27 integration workstreams have launched and that decisions on the core, accounting and HR systems have advanced. Those systems, not AI, will dominate technology spending until the conversion is done.[66][17]

Who are WaFd Bank's biggest competitors?

In Washington, Bank of America, JPMorgan Chase, U.S. Bank, Wells Fargo, Umpqua (Columbia) and KeyBank all hold more deposits than WaFd, and Banner is just behind (FDIC, June 30, 2025). In Oregon, U.S. Bank and Umpqua lead; in Arizona, Chase and Western Alliance; in Idaho, U.S. Bank, Wells Fargo, Glacier and Zions. Its 10-K adds fintechs and credit unions.[2][3][5][4][1]

Is Columbia Bank (Umpqua) a competitor of WaFd?

Yes, the most direct regional one. Umpqua Bank held $15.8 billion of Washington deposits and $16.8 billion in Oregon at June 30, 2025, against WaFd's $8.7 billion and $2.9 billion. Columbia says its AI agents answer seven client messages for every human response; WaFd's announced AI call-center agent had no reported launch by October 2026.[2][3][28][63]

Is Chime a competitor of WaFd?

In deposits, yes by category: WaFd's 10-K says fintech companies offer the same types of loan and deposit services it does, and Chime's 10-K says its digital-first model gives it a cost advantage over traditional banks. Chime had 10.4 million active members at June 30, 2026. Neither company names the other.[1][13][8]

Who competes with WaFd in Arizona?

JPMorgan Chase ($49.1 billion of Arizona deposits), Western Alliance ($45.9 billion), Wells Fargo ($38.9 billion), Bank of America ($33.0 billion) and Zions ($6.8 billion) all hold far more than WaFd's $1.7 billion, which ranks 14th (FDIC, June 30, 2025).[5]

What are alternatives to WaFd for small business banking?

Bank of America calls itself the number one US small business lender, citing FDIC data, with 4 million small-business clients, and Square sells payments, point-of-sale software and banking to sellers. WaFd offers Fiserv's CashFlow Central payables and receivables tool, built with Melio, inside its digital banking.[20][9][21]

Does WaFd compete in California and Texas?

Yes, on a small scale. WaFd entered California through the Luther Burbank merger in March 2024, adding ten branches, and its 10-K calls the state 'highly competitive', with many larger rivals. It also has branches in Texas, where FDIC data put its deposits at about $0.5 billion in five offices at June 30, 2025.[1][67]

WaFd vs Banner Bank: how do they compare?

They are close rivals in Washington, with $8.7 billion of deposits for WaFd and $7.3 billion for Banner at June 30, 2025, and in Oregon, where Banner ranks seventh and WaFd eighth. Banner completed its Pacific Financial acquisition in September 2026; WaFd agreed its EverBank merger the same month. On AI, WaFd scores 52.3 on this site's disclosure index and Banner 36.7.[2][3][10][7]

Who competes with WaFd in Oregon?

U.S. Bank ($21.8 billion of Oregon deposits), Umpqua ($16.8 billion), Bank of America, Wells Fargo, JPMorgan Chase, KeyBank and Banner ($3.0 billion) all hold more than WaFd's $2.9 billion, which ranks eighth; First Interstate is ninth with $2.5 billion (FDIC, June 30, 2025).[3]

What does WaFd's 10-K say about competition and technology?

It says many competitors, including fintech companies, offer the same loan and deposit services, and that national banks' greater resources let them maintain more locations and launch new technologies. It adds that many competitors have 'substantially greater resources to invest in technological improvements' and that changing customer preferences led WaFd to close, consolidate or sell some branches.[1]

Is Western Alliance a competitor of WaFd?

Yes, mainly in Arizona and in commercial banking. Western Alliance held $45.9 billion of Arizona deposits at June 30, 2025, second in the state, against WaFd's $1.7 billion, and it runs national commercial lines such as innovation banking. It also discloses far more about AI: 150,000+ employee hours saved and $10 million+ of productivity value (May 2026).[5][15]

Is U.S. Bank a competitor of WaFd?

Yes, across the Northwest. U.S. Bank was first in Oregon and Idaho and third in Washington by deposits at June 30, 2025, with $21.8 billion, $6.7 billion and $22.6 billion respectively, against WaFd's $2.9 billion, $1.0 billion and $8.7 billion. It is one of the national banks WaFd's 10-K says have more resources for locations and technology.[3][4][2][1]

  1. WaFd, Inc. Annual Report on Form 10-K for the fiscal year ended September 30, 2025
    WaFd, Inc. (SEC filings) · Nov 18, 2025
  2. FDIC Summary of Deposits, Washington branches, deposits aggregated by institution (June 30, 2025)
    FDIC · Jun 30, 2025
  3. FDIC Summary of Deposits, Oregon branches, deposits aggregated by institution (June 30, 2025)
    FDIC · Jun 30, 2025
  4. FDIC Summary of Deposits, Idaho branches, deposits aggregated by institution (June 30, 2025)
    FDIC · Jun 30, 2025
  5. FDIC Summary of Deposits, Arizona branches, deposits aggregated by institution (June 30, 2025)
    FDIC · Jun 30, 2025
  6. FDIC Summary of Deposits, New Mexico branches, deposits aggregated by institution (June 30, 2025)
    FDIC · Jun 30, 2025
  7. WaFd, Inc. Enters into a $3.9 Billion Reverse Merger Transaction with EverBank Financial Corp (Form 8-K, Exhibit 99.1)
    WaFd, Inc. (SEC filings) · Sep 7, 2026
  8. Chime Reports Second Quarter 2026 Financial Results
    Chime · Aug 5, 2026
  9. Block, Inc. Annual Report 2025 (Form 10-K)
    Block, Inc. via SEC EDGAR · Feb 26, 2026
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    Banner Corporation (SEC filings) · Sep 1, 2026
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    American Banker · Jan 14, 2025
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    JPMorgan Chase & Co. (SEC filings) · Feb 13, 2026
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    Chime via SEC EDGAR · Mar 6, 2026
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    Business Wire via FT Markets · Jul 24, 2026
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    Investing.com · Jul 23, 2026
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    nCino (GlobeNewswire) · Apr 15, 2025
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    nCino · Sep 10, 2026
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    Bank of America Newsroom · Oct 19, 2026
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    Fiserv · May 8, 2024
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    WaFd, Inc. · Jul 27, 2026
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    StockStory (Yahoo Finance) · Apr 17, 2026
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    The Motley Fool (Yahoo Finance) · Apr 17, 2026
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    Investing.com (earnings call transcript) · Oct 16, 2026
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  29. Banner Virtual Assistant
    Banner Bank · Sep 24, 2026
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    U.S. Bank · Mar 30, 2026
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    American Banker · Jan 15, 2026
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    U.S. Bank · May 26, 2026
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    U.S. Bank · Nov 18, 2025
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    Forbes (Yahoo Finance) · Oct 7, 2026
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    PYMNTS · Jan 23, 2026
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    Banking Dive · Jun 23, 2026
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    American Banker · Aug 1, 2025
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    Banking Dive · Oct 13, 2026
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    Banking Dive · Oct 13, 2026
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    PYMNTS · Oct 13, 2026
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    Chime · Sep 23, 2026
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    earnings call transcript (The Motley Fool) · Jul 24, 2025
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    Square · Apr 28, 2026
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    Amazon Web Services · Feb 6, 2023
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    Investing.com (earnings call transcript) · Jul 17, 2026
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    The Motley Fool (earnings call transcript) · Apr 17, 2026
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    FDIC · Jun 30, 2025

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