WAFD - Washington Federal to acquire Luther Burbank for ~$654M in all-stock deal

• Washington Federal ( NASDAQ: WAFD ) to acquire Luther Burbank ( NASDAQ: LBC ) and its wholly-owned subsidiary, Luther Burbank Savings, in an all-stock transaction valued at ~$654M.
• The move to expand Washington Federal’s franchise into California.
• Per the terms, Luther Burbank shareholders will be entitled to receive 0.3353 shares of Washington Federal common stock for each share of Luther Burbank common stock they own.
• The deal is anticipated to close as early as the second calendar quarter of 2023.
• Pursuant to the deal, the combined institution will have ~$29B in total assets, $23B in total loans and $22B in total deposits with over 210 locations operated through its community bank subsidiary and ~ 2,400 full time employees.

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