WAFD INC (WAFD): M&A transaction — WaFd Bank sells $2.8B multifamily CRE loan portfolio to Bank of America at 92% of principal

WAFD INC

Sold ~$2.8B multifamily CRE loans to Bank of America for $2.6B (92% of principal) at no loss.
Transaction provides immediate liquidity for debt paydown, new lending, or share repurchases.
Loans originated from the Luther Burbank Savings acquisition completed in March 2024.
CEO says discount reflects interest rates, not credit risk; calls it the largest non-FDIC assisted CRE loan sale.

item 2.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

WAFD INC completed a disposition involving Bank of America, N.A. for $2.6 billion (closed 2024-06-21).

Action: disposition
Counterparty: Bank of America, N.A.
Consideration: $2.6 billion
Closing: 2024-06-21

Exact text from the filing

On June 21, 2024, Washington Federal Bank, dba WaFd Bank, a wholly owned subsidiary of WaFd, Inc. (the “Company”) finalized the previously announced sale to Bank of America, N.A. (the “Purchaser”) of approximately 1,800 commercial multi-family real estate loans (the “Loans”) pursuant to an Agreement for Purchase and Sale of Loans dated May 14, 2024 (the “Purchase Agreement”). The aggregate purchase price for the Loans was $2.6 billion

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Source: SEC EDGAR

accession 0000936528-24-000092

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