---
schema_version: "secwatch.filing_event.v1"
accession: "0000936528-22-000129"
form_type: "8-K"
ticker: "WAFD"
cik: "0000936528"
company_name: "WAFD INC"
filed_at: "2022-11-14T23:59:59+00:00"
generated_at: "2026-06-21T21:59:05.663144+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000936528-22-000129
- form_type: 8-K
- ticker: WAFD
- cik: 0000936528
- company_name: WAFD INC
- filed_at: 2022-11-14T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/936528/000093652822000129/0000936528-22-000129-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/936528/000093652822000129/wfsl-20221113.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000936528-22-000129
- JSON: https://secwatch.observer/filing/0000936528-22-000129.json
- Plain text: https://secwatch.observer/filing/0000936528-22-000129.txt

## Key facts
- Material Agreements
  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
  source text: 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 ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/936528/000093652822000129/0000936528-22-000129-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.