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Washington Federal, Luther Burbank Announce Shareholder Approval for Merger

May 08, 2023, 07:07 AM
Filed Under: Mergers & Acquisitions

Washington Federal, Inc., the parent company of Washington Federal Bank (WaFd Bank), and Luther Burbank Corporation (Luther Burbank), the parent company of Luther Burbank Savings, jointly announced that, at special meetings of their respective shareholders held, Washington Federal shareholders approved the issuance of shares of Washington Federal’s common stock to the shareholders of Luther Burbank pursuant to that certain Agreement and Plan of Reorganization, dated as of Nov.13, 2022 (the “Merger Agreement”), by and between Washington Federal and Luther Burbank, and Luther Burbank’s shareholders approved the Merger Agreement, the merger of Luther Burbank with and into Washington Federal, with Washington Federal as the surviving corporation (the “Merger”), and the compensation payable to the named executive officers of Luther Burbank in connection with the Merger. The final results on the proposals voted on at the special meetings of each company’s shareholders held on May 4, 2023 will be set forth in the companies’ separate Form 8-Ks to be filed with the U.S. Securities and Exchange Commission after certification by each company’s inspector of election.

The consummation of the Merger remains subject to customary closing conditions, including receipt of required regulatory approvals.

Brent Beardall, President and Chief Executive Officer of Washington Federal, said, “We are pleased to have received approval of our shareholders and Luther Burbank’s shareholders in connection with our pending acquisition of Luther Burbank. These voting results affirm our belief that the combination of Washington Federal and Luther Burbank will create significant opportunities to enhance the banking experience for our customers and drive increased long-term value for our shareholders. Upon receipt of regulatory approval, we will be prepared to efficiently execute on our integration plan and begin extending our diversified banking products and services into our new communities in California.”

Simone Lagomarsino, President and Chief Executive Officer of Luther Burbank, said, “We are very pleased to have received shareholder approval in connection with the merger. We continue to firmly believe that combining with Washington Federal is in the best interests of all of our stakeholders, including our shareholders and the communities we serve. We are working collaboratively with Washington Federal on expeditiously pursuing regulatory approval so that we can begin executing on our closing and integration processes.”

Washington Federal is headquartered in Seattle, WA, and has 199 branches in eight western states. As of March 31, 2023, Washington Federal had total assets of $22.3 billion, total loans of $17.3 billion and total deposits of $15.9 billion. Washington Federal conducts its business primarily through its wholly owned subsidiary, WaFd Bank.

Luther Burbank is headquartered in Santa Rosa, CA, and operates 10 full-service branches in California, one full-service branch in Washington, and several loan production offices located throughout California. As of March 31, 2023, Luther Burbank had total assets of $8.3 billion, total loans of $7.0 billion and total deposits of $5.6 billion. It operates primarily through its wholly owned subsidiary, Luther Burbank Savings, an FDIC insured, California-chartered bank.

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