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February 2, 2024
WaFd, Inc., the parent company of Washington Federal Bank, and Luther Burbank Corporation, the parent company of Luther Burbank Savings, jointly announced that they received the required regulatory approvals from the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions for Luther Burbank Savings to be merged with and into Washington Federal Bank, and from the Board of Governors of the Federal Reserve System for Luther Burbank to be merged with and into WaFd, Inc. This merger will expand WaFd Bank's footprint to nine western states with the addition of ten California branches of Luther Burbank. The merger is expected to be completed by February 29, 2024, subject to the satisfaction or waiver of the remaining closing conditions set forth in the Merger Agreement. System and brand integration efforts are expected to be completed in the first week of March 2024 so that Luther Burbank customers can access the WaFd Bank platform and service offerings. As previously announced, two directors from Luther Burbank, Brad Shuster and Max Yzaguirre, will join the WaFd, Inc. and WaFd Bank Boards of Directors following the closing. Luther Burbank is headquartered in Santa Rosa, California.