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.