Holland & Knight advised Luther Burbank Corporation (formerly Nasdaq: LBC), the bank holding company for Luther Burbank Savings, in its merger with WaFd Inc. (f/k/a Washington Federal Inc.) (Nasdaq: WAFD). The merger was effective on March 1, 2024, after receiving regulatory approval on January 30, 2024. The all-stock transaction was valued at approximately $654 million at announcement.
Luther Burbank Corporation was headquartered in Santa Rosa, California, and, through Luther Burbank Savings, operated 10 full-service branches in California, one full-service branch in Washington and loan production offices in California and Oregon. As of December 31, 2023, Luther Burbank had total assets of $8.2 billion, total loans of $6.8 billion and total deposits of $5.8 billion. Prior to the merger, Luther Burbank Savings was among California's most active banks, underwriting multifamily and single-family residential loans in low- and moderate-income tracts. Through its innovative Grow and Daisy loan programs, Luther Burbank Savings provided affordable home loan options to first-time homebuyers.
Based in Seattle, WaFd Inc. is the bank holding company for WaFd Bank, which was founded in 1917 and has grown strategically and organically into a diversified regional bank with more than 200 branches in eight western states. As of December 31, 2023, WaFd Inc. had total assets of $22.6 billion, total loans of $17.6 billion and total deposits of $16.0 billion.
Shawn Turner, co-chair of Holland & Knight's Capital Markets Group, commented: "We were very fortunate to work with Luther Burbank and its advisers on this significant transaction. Our multidisciplinary Financial Institutions team takes great pride in playing a small part in bringing together two mission-driven organizations focused on delivering effective banking products and services to the diverse communities they serve across the western United States."
Holland & Knight Partners Shawn Turner and Jeffrey Haas led the firm's representation of Luther Burbank. They were assisted by Partners Kerry Halpern, Ross Tuminello and Linda Alderdice and Associates Mary Ellen Stanley, Amelia Occhino, Emma O'Connell, Nicole Martini and Bryce Klein.
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