WaFd in Seattle has finally secured regulatory approval to buy Luther Burbank in Santa Rosa, Calif.
The $22.6 billion-asset WaFd said in a press release that the Federal Reserve, Federal Deposit Insurance Corp. and the Washington State Department of Financial Institutions have approved the deal.
WaFd agreed to buy the $8.2 billion-asset Luther Burbank in November 2022 for $654 million. The companies recently extended the deadline for closing the deal after the approval process took longer than expected.
The approval “affirms WaFd Bank’s position as an important financial resource for the communities we serve,” Brent Beardall, WaFd’s president and CEO, said in the release.
“A lot has transpired in the 14 months since we announced … but the more we have worked with the Luther Burbank team, the more convinced we are our combined bank will create significant opportunities for current and future customers and shareholders,” Beardall added.
The companies expect to complete the merger by Feb. 29. The system and brand integration efforts are expected to be completed during the first week of March.