Washington

Blue Lion Capital, which has been a vocal critic of the Seattle company's strategy, also wants management to consider selling its MSR portfolio.

The Seattle company is firing 127 people, or a tenth of its mortgage staff, after enduring months of slow activity.

The city wanted to sever its relationship with the bank, but it ran into a big obstacle.

An activist investor, which opposed two director nominees, failed to obtain the legally required approval from the Seattle company's state bank regulator before launching its challenge.

With the acquisition Timberland would add $187 million in assets in the Puget Sound area.

An effort to oust two directors at the Seattle company was nullified after the investor failed to seek the required approval from the bank's state regulator.

The Renton, Wash., company, which has acquired or opened nine branches since 2015, has filed a shelf registration to raise the funds through the sale of various securities.

The northern Virginia company will also gain more branches around Washington as part of the $33 million deal.

The Seattle company has faced criticism from an investor over its commitment to the business, which lost money in the first quarter.

The Seattle bank's improved loan yields offset higher expenses tied to Bank Secrecy Act remediation. Washington Federal had to delay a pending acquisition after issues emerged with its anti-money-laundering compliance.