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November 15, 2022

Washington Federal

Washington Federal and Luther Burbank jointly announced the signing of a definitive merger agreement. Washington Federal will acquire Luther Burbank and its subsidiary Luther Burbank Savings in an all-stock transaction valued at approximately $654 million. The transaction is anticipated to close as early as the second calendar quarter of 2023, and will expand Washington Federal's franchise into California. The combined institution will have approximately $29 billion in total assets, $23 billion in total loans and $22 billion in total deposits with over 210 locations in Washington, California, Oregon, Idaho, Utah, Nevada, Arizona, Texas and New Mexico. Washington Federal was advised in the transaction by Keefe, Bruyette & Woods, A Stifel Company as financial advisor and Davis Wright Tremaine as legal counsel. Luther Burbank was advised by Piper Sandler & Co. as financial advisor and Holland & Knight as legal counsel. Washington Federal is headquartered in Seattle. Luther Burbank is headquartered in Santa Rosa, California.




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