Shareholders of Washington Federal, the parent company of Washington Federal Bank (WaFd Bank), and Luther Burbank Corporation, the parent company of Luther Burbank Savings, approved the issuance of shares of Washington Federal’s common stock to the shareholders of Luther Burbank pursuant to their previously signed agreement and plan of reorganization and approved the merger of Luther Burbank with and into Washington Federal, with Washington Federal as the surviving corporation. The shareholders also approved the compensation payable to the named executive officers of Luther Burbank in connect with the merger. The consummation of the merger remains subject to customary closing conditions, including receipt of required regulatory approvals.
“We are pleased to have received approval of our shareholders and Luther Burbank’s shareholders in connection with our pending acquisition of Luther Burbank,” Brent Beardall, president and CEO of Washington Federal, said. “These voting results affirm our belief that the combination of Washington Federal and Luther Burbank will create significant opportunities to enhance the banking experience for our customers and drive increased long-term value for our shareholders. Upon receipt of regulatory approval, we will be prepared to efficiently execute on our integration plan and begin extending our diversified banking products and services into our new communities in California.”
“We are very pleased to have received shareholder approval in connection with the merger. We continue to firmly believe that combining with Washington Federal is in the best interests of all of our stakeholders, including our shareholders and the communities we serve,” Simone Lagomarsino, president and CEO of Luther Burbank, said. “We are working collaboratively with Washington Federal on expeditiously pursuing regulatory approval so that we can begin executing on our closing and integration processes.”
