Luther Burbank Corporation is a bank holding company headquartered in Santa Rosa, Sonoma County, California. The company operates primarily through its wholly owned subsidiary, Luther Burbank Savings, a California banking corporation. Its mission is to improve the financial futures of its customers, employees and shareholders. Its goal is to enhance franchise and shareholder value by achieving significant growth in assets and profitability while maintaining strong asset quality and exemplary customer service.
The company specializes in real estate secured lending in attractive metropolitan areas along the West Coast. It has developed special expertise in multifamily residential lending and in jumbo, nonconforming single family residential lending.
The Bank was chartered in 1983 in Santa Rosa, California as a California savings and loan association, and converted to a federal savings association charter in 1998. The Bank converted to a California commercial bank charter in 2016. The Company was formed as the holding company for the Bank in 1991. Its success is built upon the strategic development of strong relationships with depositors, who view the Bank as a sound, secure and trustworthy depository for their savings; and with commercial real estate investors, primarily in multifamily residential real estate, who recognize its expertise, understanding of the dynamics of the multifamily industry, and clear and comprehensive credit underwriting practices.
Luther Burbank (LBC) IPO details
|Subscription Dates||To be updated|
|Price Band||USD10.5 - 12.5 per share|
|Core IPO Size||11,350,000 shares (USD119.2 - 141.9 million)|
|Over-allotment option||1,702,500 shares (USD17.9 - 21.3 million)|
|Total IPO size||13,052,500 shares (USD137.1 - 163.2 million)|
|Listing On||NASDAQ: LBC|
|Luther Burbank's consolidated financial performance (in USD mil.)|
|Total interest income||131.3||127.6||144.2||129.7|
|Net interest income||94.0||84.9||94.6||83.4|
Source: Luther Burbank's S-1 Filing
Earnings Per Share (EPS): USD1.24
Price/Earnings (P/E) ratio: 8.46 - 10.08
Book Value: USD9.63 per share
IPO Date: To be updated
Listing Date: To be updated
Listing Price on NASDAQ: To be updated
Closing Price on NASDAQ: To be updated