secwatch.observer — SEC 8-K summary
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Issuer:     WAFD INC (WAFD)
CIK:        0000936528
Form:       8-K
Filed at:   2022-11-14T23:59:59+00:00
Accession:  0000936528-22-000129
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/936528/000093652822000129/0000936528-22-000129-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/936528/000093652822000129/wfsl-20221113.htm
  HTML page:      https://secwatch.observer/filing/0000936528-22-000129

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer