The Bank Slate

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WaFd, Luther Burbank extend deadline to complete merger

WaFd in Seattle and Luther Burbank in Santa Rosa, Calif., have extended the deadline to complete a merger they announced a year ago.

The $22.5 billion-asset WaFd agreed in November 2022 to buy the $8.1 billion-asset Luther Burbank for $654 million. The deal has yet to be approved by the Federal Reserve and the Federal Deposit Insurance Corp.

The companies extended the expiration date from Nov. 30 to Feb. 29. The deal was originally expected to close in June.

Both parties “are fully committed to the merger and continue to make significant progress in planning for its closing and the integration of the companies,” Luther Burbank said in a regulatory filing.

Shareholders of each company approved the deal in May. The Washington State Department of Financial Institutions granted the merger conditional approval last month.

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