Washington Federal (NASDAQ:WAFD) is keeping its dividend level even as it effects a corporate transformation by the end of next month. The company has declared a quarterly distribution of $0.09 per share, to be paid on July 19 to shareholders of record as of July 5. That amount matches the firm's previous distribution, which was paid in April. Prior to that, it handed out a penny less at $0.08 per share.

The just-declared dividend annualizes to $0.36 per share. That yields 2% at Washington Federal's most recent closing stock price of $17.61.

The company also announced that it has won approval from the Office of the Comptroller of the Currency to convert to a national bank charter. Connected with this is approval from the Federal Reserve Bank of San Francisco to transform into a bank holding company.

The firm says its customers will be unaffected by the move.

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