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Sonoma County’s Luther Burbank Savings being sold to Washington Federal in $654 million deal

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Santa Rosa-based Luther Burbank and its wholly-owned subsidiary, Luther Burbank Savings, is being acquired by Seattle-based Washington Federal in an all-stock transaction valued at approximately $654 million.

Conducting business mostly as Washington Federal Bank, as of Sept. 30, Washington Federal had total assets of $20.8 billion, total loans of $16.3 billion and total deposits of $16 billion with 201 branches in eight Western states.

California-chartered Luther Burbank Savings reported total assets of $7.9 billion, total loans of $6.9 billion and total deposits of $5.8 billion. It has 10 California branches, a branch in Washington, six loan production offices in California and one loan production office in Oregon.

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