Luther Burbank Approves Merger with WaFd, Inc.

Luther Burbank (LBC) has released an update.

Luther Burbank and WaFd, Inc. have announced the receipt of necessary regulatory approvals for their merger, which involves Luther Burbank merging into WaFd with the latter being the surviving corporation, and Luther Burbank’s subsidiary, LB Savings, merging into WaFd’s subsidiary, WaFd Bank. As part of the merger agreement, WaFd will reconstitute its board to include two new directors recommended by Luther Burbank. Appointees Bradley M. Shuster and M. Max Yzaguirre from Luther Burbank will join the boards of WaFd and WaFd Bank, with their roles and compensation aligning with current directors’ terms and conditions.

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For a comprehensive understanding of the announcement, you can read the full document here.