- 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.
For further details see:
Washington Federal to acquire Luther Burbank for ~$654M in all-stock deal