Another major bank is entering Orange County’s competitive banking industry.
WaFd Bank recently announced OC banking veteran Timothy Chelf has joined the Seattle-based bank as its regional president of California.
“We’re looking to grow in the commercial business space,” Chelf told the Business Journal.
“The goal is to continue to service our customers—be best in class.”
WaFd is the latest in a long line of banks trying to crack the Orange County market. Washington-based Columbia Banking on Sept. 2 closed its $2.4 billion acquisition of Pacific Premier Bancorp Inc., once the largest bank with headquarters in Orange County.
New York-based Flagstar Bank in January hired U.S. Bank Managing Director Michael Aceves to oversee its Southern California operations. Pittsburgh-based PNC Bank in 2021 named long-time OC banker Jarrod Ingle as its regional president.
Chelf was previously the California president of Sunwest Bank from 2023 to 2025. Chelf, whose expertise includes asset-based, hybrid cash flow and senior cash flow structures, has also had executive roles at PNC, U.S. Bank and Wells Fargo since 2006.
Chelf will be responsible for leading strategic growth, financial performance and community engagement in California. This includes managing commercial and branch banking teams, overseeing loan and deposit portfolios, driving revenue and serving as a statewide representative of the bank across the California footprint.
He will oversee community partnerships to support WaFd’s mission of relationship-based banking.
WaFd Bank, which traces its history to 1917, has 208 branches across nine western states and $26.7 billion in assets as of June 30. The bank, pronounced “Wah-fed” after its ticker, has a $2.5 billion market cap (NASDAQ: WAFD).
The bank entered California in 2024 by acquiring Luther Burbank Savings, which has 10 branches in the state.
Business Banking Focus
WaFd recently exited the home mortgage business to focus on business banking, Chelf said.
Chelf aims to provide a “consigliere” type service where customers can contact the bankers during off hours like nights and weekends.
“That is a way to add more value to the community that we serve,” Chelf said.
“We’re all looking for a value proposition. It comes down to our people and being out in front of our customers.”
The bank, which is hiring, is currently looking for an office in Orange County and plans to have a hybrid model of a branch with an upstairs lending office.
“That’s our footprint in other 10 branches in California,” he said.
Chelf graduated from the University of Southern California, where he earned an undergrad degree in business and an MBA in finance. He now resides in Newport Beach with his wife and three kids. He enjoys boating, spearfishing, deep-sea fishing, snow skiing, pickleball, traveling, playing the piano and history.
