Washington Federal, Inc. WAFD announced its plan to enter the lucrative and "fast-growing" California market. The company signed an agreement to acquire Luther Burbank Corporation LBC and its wholly owned subsidiary, Luther Burbank Savings, for $654 million. Washington Federal is expected to use the deal as "a platform for growth in attractive California markets." The company intends to enhance multi-family loan origination capabilities and expand commercial banking activities to Northern and Southern California. At present, LBC operates in California, Washington and Oregon through 11 full-service branches and seven loan production offices.