---
schema_version: "secwatch.filing_event.v1"
accession: "0000936528-24-000055"
form_type: "8-K"
ticker: "WAFD"
cik: "0000936528"
company_name: "WAFD INC"
filed_at: "2024-03-01T23:59:59+00:00"
generated_at: "2026-06-05T06:00:43.262090+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# WaFd completes merger with Luther Burbank; issues ~17.1M shares

## Summary
- Luther Burbank shareholders received 0.3353 WaFd shares per LBC share.
- Total consideration ~17,088,993 shares of WaFd common stock issued.
- WaFd assumed $41.2M and $20.6M in junior subordinated notes due 2036/2037.
- Also assumed $95M of 6.50% senior unsecured notes maturing Sept 2024.
- Bank subsidiary merger completed; combined institution operates as WaFd Bank.

## SEC filing metadata
- accession: 0000936528-24-000055
- form_type: 8-K
- ticker: WAFD
- cik: 0000936528
- company_name: WAFD INC
- filed_at: 2024-03-01T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/936528/000093652824000055/0000936528-24-000055-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/936528/000093652824000055/wfsl-20240229.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000936528-24-000055
- JSON: https://secwatch.observer/filing/0000936528-24-000055.json
- Plain text: https://secwatch.observer/filing/0000936528-24-000055.txt

## Key facts
- Debt Financings
  WAFD INC incurred senior notes of initial principal amount of $41,238,000 with Holders of Luther Burbank 2036 Notes at fixed/floating rate maturing June 15, 2036.
  - Instrument: senior notes
  - Principal: initial principal amount of $41,238,000
  - Counterparty: Holders of Luther Burbank 2036 Notes
  - Rate: fixed/floating rate
  - Maturity: June 15, 2036
  - Event: incurrence
  source text: Luther Burbank’s fixed/floating rate junior subordinated deferrable interest debentures due June 15, 2036, with an initial principal amount of $41,238,000, dated March 30, 2006 (the “2036 Notes”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/936528/000093652824000055/0000936528-24-000055-index.htm
- Debt Financings
  WAFD INC incurred senior notes of initial principal amount of $95,000,000 with Holders of Luther Burbank senior unsecured term notes at 6.50% maturing September 30, 2024.
  - Instrument: senior notes
  - Principal: initial principal amount of $95,000,000
  - Counterparty: Holders of Luther Burbank senior unsecured term notes
  - Rate: 6.50%
  - Maturity: September 30, 2024
  - Event: incurrence
  source text: Luther Burbank’s 6.50% senior unsecured term notes maturing September 30, 2024, issued with an initial principal amount of $95,000,000 (the “Senior Debt”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/936528/000093652824000055/0000936528-24-000055-index.htm
- M&A Transactions
  WAFD INC completed an acquisition involving Luther Burbank Corporation for 0.3353 shares of WaFd Common Stock per share of LBC Common Stock, totaling approximately 17,088,993 shares of WaFd Common Stock (closed 2024-03-01).
  - Action: acquisition
  - Counterparty: Luther Burbank Corporation
  - Consideration: 0.3353 shares of WaFd Common Stock per share of LBC Common Stock, totaling approximately 17,088,993 shares of WaFd Common Stock
  - Closing: 2024-03-01
  source text: at the Effective Time, each share of common stock, no par value, of Luther Burbank (“LBC Common Stock”) outstanding immediately prior to the Effective Time converted into 0.3353 shares of the Company’s common stock, par value $1.00 per share (“WaFd Common Stock”), with cash (without interest) paid in lieu of fractional shares (the “Merger Consideration”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/936528/000093652824000055/0000936528-24-000055-index.htm

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