Washington Federal Acquires Luther Burbank to Create a $29 Billion Western US Bank
May 5, 2023
Washington Federal, Inc. signed a definitive, all-stock merger agreement to acquire Luther Burbank Corporation and its wholly-owned subsidiary Luther Burbank Savings. The deal is valued at approximately $654 million based on Washington Federal’s Nov. 11, 2022 stock price and is intended to expand Washington Federal’s footprint into California, subject to shareholder and regulatory approvals.
- Buyers
- Washington Federal, Inc.
- Targets
- Luther Burbank Corporation, Luther Burbank Savings
- Industry
- Financial Services
- Location
- California, United States
- Transaction Type
- Buyout
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