Washington Federal to acquire Luther Burbank in ~$654M all-stock deal; combined bank to have $29B assets

WAFD INC

All-stock deal valued at ~$654M; each LBC share converts to 0.3353 WAFD shares.
Combined institution: ~$29B assets, $23B loans, $22B deposits, 210+ branches across 9 states.
Transaction unanimously approved by both boards; expected to close Q2 2023 subject to approvals.
WAFD to assume LBC debt: ~$95M senior notes + ~$61.9M subordinated debentures; termination fee $26.17M.
Key shareholders (~23.16% of LBC) agree to vote in favor; two LBC directors to join WAFD board post-close.

item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WAFD INC entered into Agreement and Plan of Reorganization with Luther Burbank Corporation (effective 2022-11-13).

Action: entry
Agreement: merger
Counterparty: Luther Burbank Corporation
Effective: 2022-11-13

Exact text from the filing

On November 13, 2022, Washington Federal, Inc., a Washington corporation (“ WAFD ”), and Luther Burbank Corporation, a California corporation (“ Luther Burbank ”), entered into an Agreement and Plan of Reorganization (the “ Merger Agreement ”)

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WAFD INC filing history →

Source: SEC EDGAR

accession 0000936528-22-000129

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