Brief: Washington Federal Signs Merger Pact With Luther Burbank

WaFd

14/11/2022 02:07

Nov 13 (Reuters) - Luther Burbank Corp  LBC.O :
    * WASHINGTON FEDERAL, INC. AND LUTHER BURBANK CORPORATION
ANNOUNCE
DEFINITIVE MERGER AGREEMENT TO FORM A $29 BILLION ASSET WESTERN
US BANK
    * TRANSACTION VALUED AT APPROXIMATELY $654 MILLION
    * WASHINGTON FEDERAL WILL ACQUIRE LUTHER BURBANK AND ITS
WHOLLY-OWNED SUBSIDIARY, LUTHER BURBANK SAVINGS
    * LUTHER BURBANK- CO'S SHAREHOLDERS WILL BE ENTITLED TO
RECEIVE
0.3353 SHARES OF WASHINGTON FEDERAL COMMON STOCK FOR EACH SHARE
OF LUTHER BURBANK
    * LUTHER BURBANK  - TRANSACTION, WHICH IS ANTICIPATED TO
CLOSE AS
EARLY AS SECOND CALENDAR QUARTER OF 2023, WILL EXPAND WASHINGTON
FEDERAL'S FRANCHISE INTO CALIFORNIA
    * AS PART OF TRANSACTION, WAFD BANK IS COMMITTING $1 MILLION
TO
SUPPORT COMMUNITIES IN LUTHER BURBANK'S CALIFORNIA FOOTPRINT

Source text for Eikon:  ID:nGNX97S1FN 
Further company coverage:  LBC.O 
 ((Reuters.Briefs@thomsonreuters.com;))