Luther Burbank Corporation Launches IPO Of Common Stock
SANTA ROSA, Calif., Nov. 9, 2017 /PRNewswire/ -- Luther Burbank Corporation ("the Company"), a holding company that operates primarily through its wholly owned banking subsidiary, Luther Burbank Savings, announced today that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The offering will total $150 million, inclusive of the underwriters' overallotment option. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The Company has applied to list its common stock on the NASDAQ Global Select Market under the ticker symbol "LBC."
Keefe, Bruyette & Woods, Inc. and Sandler O'Neill + Partners, L.P. are acting as the joint bookrunners, Piper Jaffray & Co. is acting as a lead manager, and D.A. Davidson & Co. is acting as a co-manager in the proposed offering. The offering will be made only by means of a prospectus. A copy of the preliminary prospectus related to the offering may be obtained, when available, from Keefe, Bruyette & Woods, Inc., A Stifel Company, 787 Seventh Avenue, Fourth Floor, New York, NY 10019, Attention: Equity Capital Markets, or by calling (800) 966-1559; or from Sandler O'Neill & Partners, L.P., 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, Attention: Syndicate, or by calling (866) 805-4128.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Luther Burbank Corporation
Luther Burbank Corporation is a bank holding company headquartered in Santa Rosa, California, and operates primarily through its wholly owned subsidiary, Luther Burbank Savings, a California-chartered bank. We currently operate in California, Washington and Oregon, from our nine branches in Northern and Southern California and nine lending offices in California, Seattle, Washington, and Portland, Oregon. We have developed specialized expertise in multifamily residential lending and in jumbo, nonconforming single family residential lending.
This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as ''may,'' ''could,'' ''should,'' ''will,'' ''would,'' ''believe,'' ''anticipate,'' ''estimate,'' ''expect,'' ''aim,'' ''intend,'' ''plan,'' or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.
Luther Burbank Savings
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SOURCE Luther Burbank Corporation