Luther Burbank Priced, Nasdaq: LBC

California commercial thrift focused on single and multifamily residential loans.

Industry: Financials

Latest Trade: $12.01 0.00 (0.0%)

First Day Return: +9.3%

Return from IPO: +11.7%

Industry: Financials

We are a bank holding company headquartered in Santa Rosa, CA, and the parent company of Luther Burbank Savings, a California-chartered commercial bank based in Manhattan Beach, CA with $5.3 billion in assets at September 30, 2017. Our principal business is providing high-value, relationship-based banking products and services to our customers, which include real estate investors, professionals, entrepreneurs, high net worth individuals and commercial businesses. We generate most of our revenue from interest on loans and investments. Our primary source of funding for our loans is retail deposits and we place secondary reliance on wholesale funding, primarily borrowings from the FHLB. Our largest expenses are interest on deposits and borrowings along with salaries and related employee benefits. Our principal lending products are real estate secured loans, primarily on smaller, existing multifamily residential properties, with stabilized rent rolls, and catering predominantly to low and middle income renters who are unable to afford to purchase a single family residence or condominium unit in the high demand, low supply residential markets of the West Coast, and purchase money mortgages on higher end single family residential properties.
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IPO News for Luther Burbank
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IPO Data
IPO File Date 11/09/2017
Offer Price $10.75
Price Range $10.50 - $12.50
Offer Shares (mm) 12.2
Deal Size ($mm) $131
IPO Data
IPO Date 12/07/2017
Offer Price $10.75
Price Range $10.50 - $12.50
Offer Shares (mm) 12.2
Deal Size ($mm) $131
Underwriters
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Company Data
Headquarters Santa Rosa, CA
Founded 1983
Employees 267
Website www.lutherburbanksavings.com