New signs erected at former Luther Burbank Savings in Santa Rosa marking WaFd’s buyout

New signs in downtown Santa Rosa are signaling the change in ownership from the former Luther Burbank Savings to WaFd Inc. (Nasdaq: WAFD).

The merger, amounting to an all-stock, $654 million transaction announced in November 2022, officially closed Feb. 29. The two banks had waited for regulatory approvals, which were announced in January.

The Seattle-based financial institution kicked off the weekend conversion, with window decals placed at the Santa Rosa branch at Third and B streets where the subsidiary of Luther Burbank Corporation (Nasdaq: LBC) based its offices. Like other branches, signs at the San Rafael location were set to go up over the weekend.

These signs are temporary. Permanent ones are due to be installed in the next few weeks at all branches, according to WaFd bank officials.

With a combined 208 branches and total assets between the Western banks adding up to over $30 billion, WaFd’s stock closed at $27.49 Friday. Luther Burbank Corp’s ended at $9.15 per share.

WaFd spokesman Brad Goode noted all Luther Burbank Savings branches will remain operating under the WaFd umbrella, with 120 of the 225 employees remaining on staff.

Executives such as President and CEO Simone Lagomarsino have departed, with Lagomarsino expressing confidence in the change.

“This is going to be a great merger for our customers and employees. They have so many more products, and Brent is truly an amazing human being,” she said of WaFd President and CEO Brent Beardall. “He’s been like the brother I never had.”

Beardall and Lagomarsino maintained close ties through the banks’ negotiations and challenges, including Beardall’s surviving a deadly plane crash in Utah last year.

“I prayed for him,” said Lagomarsino, who has no official career plans at the moment, except to “take some time off.”

Luther Burbank Savings had operated in California and Washington since it opened in 1983.

WaFd employed about 2,400 staffers before the merger and manages locations in nine western states including California, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. The financial institution has been around since 1917.

Susan Wood covers law, cannabis, production, tech, energy, transportation, agriculture as well as banking and finance. She can be reached at 530-545-8662 or susan.wood@busjrnl.com